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Starting a Part-Time business - Things to do one month on...

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by Startacus Admin

Business practicals checklist

Have you chosen the legal structure of your business?  It is most likely that you will elect to be a ‘sole trader’ but have you examined the options of business practicals checklist‘ordinary business partnership’ or ‘limited company’.  Incidentally you can find lots of info on choosing your legal structure by clicking here

Have you registered your business with HMRC? You will need to do this as soon as possible after starting your business to ensure that you are fully compliant with the government's taxation regulations.  We have a great guide on getting ready for your first year of self-assessment tax filing which should help to clear up any questions about you may have.

Have you registered as an employer with HMRC? If you will be employing anyone (even yourself) you will usually need to register as an employer well in advance of your employee’s first payday. In many cases this can be completed via email or over the phone. You can find all the specifics via the HMRC ‘How to register as an employer’ page.

Have you set up a business bank account? If you are planning to operate as a sole trader you do not necessarily need a business bank account and having one may even leave you out of pocket due to the service charges which are normally tied to them. But on the other hand, there are a number of advantages of having one which may be of great benefit to your business.  These will vary depending on which bank you are with, but generally a business bank account will;

  • Create a more professional appearance

  • Allow you to make a clear distinction between your personal money and that of your business

  • Make it easier to establish your tax liability

  • Accept payment methods which your personal account may not e.g. electronic payments

Are you keeping stringent records? Not surprisingly this is something that can fall by the wayside in the hustle and bustle of starting your own business, but mind-numbingly dull as it is, it’s really important. Keep a log of your outgoings and income as proof that your tax return is correct… it will take a bit of extra time now but could save you an huge amount of hassle come April!

Have you applied for/received any necessary permits or licences?  What is required will vary from council to council so it’s a good idea to investigate if there are any which you need (note that these can sometimes apply even if you are trading from your own residence).

Hopefully you have found this quick guide on things to do once your business is one month old useful. Dont forget to check out some of our other tips and advice posts on the subject of starting a part-time business;

Starting a Part-Time business while working - Beginner’s advice

How to start a part-time business - Week 1 Concept

How to start a part-time business- Week 2 - Approaching the launch

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Published on: 27th February 2014

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