Toolkits for businesses

When setting up a new business there are various things to consider.

You can set up a business in three different ways:

Sole Trader

As a Sole Trader, you are personally responsible for your business debts. You need to keep records of your business sales and expenses. Do a self-assessment tax return every year and pay income tax on your business.

Find out more about setting up as a Sole Trader on GOV.UK..

Limited company

By setting up a Limited company the finances are kept separate from your personal finances. You will need to register the company with Companies House. As a director, you have the responsibility to keep company records, file your company tax return and pay corporation tax.

Find out more about setting your business up as a limited company.

Partnership

A partnership is a simple way that two or more people can set up a business together. You share the responsibility for your business debts and you have accounting responsibilities.

Find out more about setting up a business as a partnership.