It’s easy to become self-employed in the UK. All you need to get started is a business idea and a bit of courage. The one-person business does require registration with the HMRC and there are a few other requirements you will need to fulfil. It’s important to understand the risks and costs that could arise when you’re registering as a sole trader.
Sole traders or sole proprietors are the most popular business form in the UK. Compared to other enterprise structures, the set-up costs are low and start-up funding can be low depending on your business. Registering as a sole trader makes it easy to become self-employed. However, if you’re planning to start your own business, you should be aware of the steps and risks involved.
Starting a social enterprise can be a great way to give back to the community or support a cause that you are passionate about. More and more charitable start-ups are considering the business structure because of associated benefits such as limited liability protection, a flexible company structure, tax breaks and access to certain forms of finance. But if your annual business income exceeds...
For social entrepreneurs and individuals looking to start-up their own social or charitable companies, choosing the right legal form for their business matters greatly. Registering as a charity or charitable incorporate organisation (CIO) offers plenty of advantages including tax exemption, limited liabilities, access to grants and the prestige of a formal structure. But what exactly is a social...
Finding a company name has caused many a headache: How can you choose a name that’s compelling and imaginative, and at the same time succinctly describes your line of business? What’s more, it needs to comply with legal requirements. We explain how to choose an ideal business name and what you should keep in mind.
Whenever you have contact with HMRC for tax reasons, you are required to provide a tax identification number, known in the UK as your UTR number. It can seem like a lot of administrative work to apply for a UTR, but just give yourself a bit of time, and you’ll crack it! Here’s a step by step guide to getting for your UTR.
Before registering a business overseas, every UK entrepreneur is faced with the same question: Which business structure should I choose? So that you can answer this question with confidence, it’s best to know the difference between a corporation and a partnership. Here, we’ll introduce you to the many different types of corporations in the United States and how they differ in their rights and...
Around the world, hundreds of thousands of companies exist without the purpose of producing a profit. What defines these so-called nonprofit organisations (NPOs)? Here, we explain what a NPO is and explain the various areas of activity of nonprofit organisations, as well as why managing one is so special. Read on to also learn more about the challenges NGOs are currently facing.
Finding trustees, legal structure, governing documents: The jargon around starting a charity can sometimes be overwhelming. In this guide, we’ll look at how to set up a charity, and why it could be one of the most rewarding things you could do, but potentially also one of the most time-consuming.
When starting a business that aims to educate people or help them with religious guidance, the appropriate form for your business may be a charity. Charitable organisations are types of businesses that have a clear aim, and that are funded publicly. This article explains what a charity is and what differentiates it from other types of businesses.
Starting a business can be challenging. In this category, prospective entrepreneurs will find everything from coming up with a sustainable idea and creating a strong business plan, to funding, legalities, and the key steps required to get a project off the ground.