Starting home based business is easy and more and more people are doing it. There are 2.9 million businesses based in the UK and they contribute 300 billion pounds to the economy.
As part of a long-term business support plan, the government started home business even more easily.
These are some of the most important things you need to know and do when starting a home business.
I will explain the process of starting home business and dispelling common myths. Important business elements such as tariffs, insurance, health and safety aspects are included.
Normally, there is no plan permission necessary to complete a home business. Local planning authorities will decide this based on the individual benefits of the case.
Small business price
Please check if your business is for business purposes. In general, business fees should not be paid for marginal commercial use of the household.
Support for SMEs
If you use only one property and taxation of property is less than 12,000 pounds you can get the discount rate of SME
Health and safety
The Occupational Health and Safety Guide is designed to help you confirm that your home business meets health and safety requirements.
Determine the legal structure of your company
Home business still needs to determine the legal structure of your business. Individual merchants, business partnerships and individual partners need to register for HM revenue and customs (HMRC) for self assessment.
Register the business of the house
Limited liability company and limited liability partnership (LLP) must register with Companies House.
Simpler income tax: cash basis
If you are earning less than £ 81,000 with a very small entrepreneur or partnership you can simplify taxes using the new accounting infrastructure.
Sample contract for individual tenants
You need to inform the landlord that you want to run a business at home and ask for approval. The government confirmed that social tenants can start and execute business at home. If you own a rental property, you need to check the constraints of the lease contract.