Regulatory Issues

You now have an ongoing plan; a means to support your business financially, what then is next? Well in the United Kingdom, there are laws that have to be followed in order to ensure that your business has a somewhat good start. The HM Revenue & Customs (HMRC) has a website that provides a lot of guidance and support on how to do this properly. Nonetheless, we will provide just a basic list in order for you to be aware of what is needed.

 

What to do:

  1. Register your company with HM Revenue & Customs.
  2. Get legal advice
  3. Deal with tax if you will be liable to pay tax
  4. If you have anyone on your payroll, you have to ensure there is PAYE.
  5. Are you liable to pay VAT?
  6. Don’t forget to ensure that the right records are kept.