To help make things simpler, HMRC has published a collection of guidance pages for small businesses, sole traders, and limited companies that covers everything from getting started to running your business day-to-day.
Here’s a summary of what’s included:
Before you dive in, it’s worth understanding the different ways you can set up your business, and how each one affects your tax and responsibilities.
HMRC’s new guides and videos explain:
The difference between being a sole trader and setting up a limited company
How to decide whether you actually need to register as a business
Step-by-step walkthroughs for setting up as a sole trader or limited company
You can watch a short video about choosing your business structure, which breaks down the pros and cons of each approach: click here to watch.
Once your business is up and running, there are a few regular tasks to keep on top of. HMRC’s guides make it easier to stay compliant from day one.
You’ll find help with:
VAT and Corporation Tax
Keeping proper business records
Reporting extra income (e.g. from a side hustle)
Completing your Self Assessment or Corporation Tax return
If it’s your first time filing, there are also handy YouTube videos to walk you through tax returns step by step.
Running a business doesn’t mean doing it all alone. HMRC’s resources also cover how to:
Get help with your taxes directly from HMRC
Appoint someone to deal with HMRC on your behalf (like your accountant!)
Access email updates, videos, and webinars designed for new and growing businesses
And don’t forget, we’re always here to help!
You can call us on 01872 267 267, email us contact@whyfield.co.uk, or message us via WhatsApp (0777 49 39 111) or our socials (@whyfield).
You can read the full article on the GOV.uk website: GOV.UK: Help setting up and running a small business
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