With the idea of starting my own company being the eventual focus of my action plan, I thought it a good idea to find out exactly how to go about starting up my own business.
When looking into this it's important to keep in mind the type of business that I'll be starting. I intend to work from home at first, until I have need for a larger premises, such as if I require a staff or storage space.
A quick google search later and I find out that the simple way to go is to register as a 'sole-trader' or 'freelancer', which is basically a person who works for themselves from home, and requires considerably less paperwork than starting up an official 'company'. This registration has to be done within 3 months of beginning to work as a 'sole-trader' or 'freelancer'. This registration has to be done regardless of income, so even though you may not earn enough to pay tax, you still have to register with HMRC (Her Majesty's Revenue & Customs (THE TAXMAN)). What this means for me is that as soon as I get my first freelance commission (for which I receive payment) I should register as a 'freelancer' within 3 months.
Not registering in the 3 month window can result in a £100 fine as well as paying any tax that was due before registration... Seems surprisingly reasonable...
This website has been extremely helpful and has quite a lot of information on starting up a business, as a private company or as a freelancer: http://www.startups.co.uk
Once registered I suppose I'll technically have 'started my business' but it's actually a very simple and tiny step. The real work is in getting the clients and reputation to make any money. Building a decent website will be the first important step, and then creating an impressive portfolio to show on that website is the next, and will be built upon continuously.
I'll have a look into starting up a website next...
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