How to Register with HMRC – The Stress-Free Guide
Setting up a business is a fun and exciting time for you. After all, it could be the start of a new life! But, if you want everything to go without a hitch you’re going to need to register your business with HMRC. Unfortunately, not everyone knows how to register with HMRC. They leave it and end up landing themselves in hot water. Consider this a little guide to help you do that in the most stress-free way imaginable.
Understand Your Business
Before we even get into how to register with HMRC, let’s touch on the basics. The first thing you need to do is to make sure you understand your business. This may seem a bit hokey, but it’s something you have to make sure you capitalise on. So many people try to register their business, and they don’t really understand it. This may not affect the actual registration process, but it will certainly affect the future of the company. Your company will lack vision and direction, and will most likely fail before it has a chance to succeed. Don’t let this happen. Make sure you understand the business before registering and making it official. We definitely recommend putting together a business plan as your starting point.
Becoming a Sole Trader
There are a couple of things you can do when registering your company and the easiest is to become a sole trader. This means you and you alone run the business, and you can hire people to work for you. It’s very different in lots of ways to a limited company; these are a little more complex, and we’ll touch more on them later. Registering as a sole trader is one of the easiest ways to get started, if it’s just yourself running the business. A partnership is set up in a similar way to a sole trader, but is for two or more company owners. Consider which one works best for you before registering with HMRC.
How to register with HMRC – Next up: Registering yourself and getting help…