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If you're planning to start a business in the UK, chances are you have tons of questions and concerns on your mind. Starting a Business: A Complete Guide 15 min read Beginner's Guide Table of Contents Categories Planning a business idea Researching your business idea and market Writing your business plan Financing your business Setting up a business bank account Do I need an accountant? Choosing your legal structure Registering your company Understanding your legal responsibilities Business Insurance Do I need business insurance? How much does business insurance cost? Choosing your business brand Designing a logo and brand identity Creating a Website Ensure your business can be contacted Strategising your growth Have a sales and marketing plan Need support? We can help Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office If you're planning to start a business in the UK , chances are you have tons of questions and concerns on your mind. You’re probably reading lots of blog posts and watching loads of videos to make sure you don’t miss anything. From creating a business plan , to finding investors and registering with HMRC, launching a business can feel overwhelming, but with some guidance and practical advice, it doesn't have to feel like hard work In this guide, we'll take you through the process of starting up a successful new venture from scratch – no matter what sector or niche you're looking to tap into. Planning a business idea The idea forms the foundation of your venture and sets the stage for its future success. But how do you generate that brilliant concept that will drive your business forward? You can solve a problem, identify a market gap, make something cheaper, or leverage your personal interests or hobbies into something new. For example, busy people crave healthy, tasty, home-cooked meals but struggle to find the time to make them. You could offer a subscription-based meal delivery service for them and solve their everyday problems. If you're looking for more inspiration and want to dive deeper into business ideas, we've put together a guide to motivate you on starting a busines s. Researching your business idea and market So, you've got an amazing business idea, and you may want to register right away and build your website and branding. But before you jump in, it's time to do some research. Trust us, it's a crucial step that is often overlooked, but doing so will provide you with certainty and confidence. Here’s how to do it: Understand your target audience: To make your business shine, you need to know who you're serving. Dive into the minds of your potential customers. Learn their needs, desires, and pain points. This knowledge will guide you in creating products and services that truly resonate with them. Remember, happy customers are the fuel that keeps your business running. Spot market opportunities: The market is like a treasure trove waiting to be discovered. Research unveils hidden gems and untapped niches. Keep an eye out for gaps in the market where you can swoop in and shine. Find those opportunities where others might have missed the mark. It's your chance to bring something fresh and exciting to the table. Check market viability: Will your business idea fly or flop? Research helps you find out. Peek into the market and gauge the demand for your offerings. Look at trends, conduct surveys, and gather feedback. This way, you can ensure that there's a hungry crowd waiting for what you're about to serve. Keep an eye on competitors: Hey, it's good to know who you're up against. Look at what your competitors are doing, how they're pricing their products, and what customers are saying about them. Learn from their successes and mistakes. This knowledge empowers you to stand out in the crowd and offer something truly unique. Find your market hotspots: Location, location, location. Research helps you find the sweet spots where your target market is hanging out. Understand the geographical nuances, cultural preferences, and local regulations that might affect your business. This way, you can tailor your approach and ensure you're hitting the bullseye with your marketing efforts. Remember, research is an ongoing adventure. Keep your finger on the pulse of your industry, especially your customers. Stay curious and adapt as needed. Writing your business plan Having a well-crafted business plan is like having a business blueprint by your side. It's not just a document to satisfy potential investors or lenders; it's a tool that guides your every move and sets you up for success. We’ve got a complete guide on how to write a business plan here, but here is a quick summary: Executive summary: This is a short summary of your business, including what it does and what makes it special. It's like a snapshot of your business that grabs people's attention. About your business: Here, you'll provide more details about your company, its structure, and what it offers. Think of it as introducing your business to someone new. Market analysis: This section is all about understanding your market and competition. You'll explore who your customers are, what they want, and how your business can stand out. Organisational structure: Here, you'll explain how your business is organised and who's in charge. It's like introducing the team behind your business. Products or services: Describe what you're selling and why people should buy it. Share the features and benefits that make your offerings unique. Marketing and sales strategies: Explain how you plan to promote and sell your products or services. It's like sharing your game plan for getting customers interested. Financial projections: This part is all about the numbers. You'll forecast your sales, expenses, and profits. It helps you see if your business can make money. Funding request: If you need money to start or grow your business, you'll explain how much you need and what you'll use it for. It's like asking for support to make your dreams a reality. Appendix: This is where you include any extra documents that support your business plan, like resumes, research data, or legal agreements. Keep in mind that although you might need to present a business plan for investors or lenders, it doesn't need to be long or complicated. It’s for yourself and it can even be in the form of bullet points. Don’t worry about simplifying your business plan. In fact, a shorter, more focused business plan can be much more effective. Regularly review and update it as your business evolves and market conditions change. Financing your business Whether we like it or not, money will always be a factor. However, you won't need to worry because of these options for raising money for your business: Bootstrapping: Use your own savings or resources to fund your business. It lets you stay in control and keep costs low, like starting a garden from seeds you already have. Friends and family: Turn to your loved ones who believe in your business idea. They can provide the initial capital and support, like a friendly hand to give you a boost. Business loans: Seek loans to start a business from banks or financial institutions. Present them with a solid business plan and show them your repayment ability. Crowdfunding: Engage with a community of backers through online platforms. They can contribute funds in exchange for rewards or a stake in your business, like a group of friends chipping in to help you achieve your goals. Angel investors: Attract investors who believe in your vision and are willing to invest their own money. They can provide not only capital but also guidance and connections, like having a wise mentor by your side. Venture capital: Tap into the world of venture capital firms that invest in high-growth startups. They can provide substantial funding and industry expertise to fuel your growth, like having a rocket booster for your business. Government grants: Explore grants to start a business , subsidies, or tax incentives offered by governments to support entrepreneurs. These programs can provide financial assistance and encouragement, like getting a special grant to kick-start your business. Speak to us: Here at Startup A-Z (SUAZ), we understand the challenges faced by startups when it comes to financing their dreams. That's why we offer our startup finance service , designed to help entrepreneurs navigate the complex world of financing a business. Consider important financial aspects such as break-even analysis and running costs when deciding on your financial decisions. In that way, you will have a rough idea how much capital you will need for your dream business. Setting up a business bank account To trade as a business, you’ll need to set up a business bank account. Plus, it adds a professional touch to your brand and enhances credibility when dealing with clients, suppliers, and investors. Let's explore some popular banking providers known for their features and benefits: Barclays : Barclays offers comprehensive business banking services, including online banking, mobile apps, and access to business loans and credit cards. They are a trusted choice for entrepreneurs seeking a wide range of banking solutions. Zempler : Zempler Bank is a popular alternative banking provider offering business accounts with features like online banking, prepaid cards, and expense management tools. They provide accessible banking solutions for businesses of all sizes. NatWest : NatWest provides business banking solutions with a wide range of features, including online banking, international payments, and business planning tools. They have a wealth of banking expertise and tailored services to meet your business needs. Mettle : Mettle, backed by NatWest, offers a digital bank account designed specifically for small businesses. Their real-time bookkeeping, invoicing, and expense tracking features simplify financial management, helping you stay on top of your business finances. Monzo : While primarily a personal banking provider, Monzo offers business accounts with intuitive budgeting tools, real-time notifications, and integrations with popular accounting software. They focus on user-centric features, making financial management straightforward. Remember to consider the fees, customer support, and additional services offered by each provider before deciding. Choose the one that aligns with your business's financial needs and long-term goals. Do I need an accountant? It depends on your circumstances. For most UK startups, hiring an accountant right away may not be necessary. In the early stages, when your business is still small and simple, you can handle basic financial tasks yourself or with the help of accounting software. This allows you to keep costs down and maintain control over your finances. However, as your startup grows and becomes more complex, it's advisable to consider bringing in an accountant. They can provide expert advice, ensure compliance with tax laws, and help you navigate the financial intricacies of scaling your business. An accountant can also help you make informed financial decisions and assist with strategic planning. Ultimately, it is highly recommended but the decision of when to hire an accountant depends on your specific circumstances. Assess the complexity of your finances, your knowledge of accounting, and your comfort level in managing financial tasks. Consulting with an accountant can provide valuable insights and guidance tailored to your startup's needs. Remember, even if you don't hire an accountant right away, it's crucial to research, keep accurate records, stay organised, and familiarise yourself with basic financial management principles. As your startup progresses, you can reassess your needs and determine the optimal time to bring in professional accounting assistance. Choosing your legal structure Choosing the right legal structure for your business is like finding the perfect fit for a pair of shoes. You want something that suits your needs and provides the right level of comfort and protection. Let's look at some common options and how they could work for you: Sole Trader: Being a sole trader is a popular choice for one-person businesses like freelance artists and photographers. It's straightforward – you have complete control over your business, and everything you earn is yours to keep. Just remember, as a sole trader, you're personally responsible for any debts or legal issues that may come up. So, it's important to stay on top of your finances and be aware of potential risks. Private Limited Company (LTD): If you're thinking of starting a limited company, you're stepping up your game! With a LTD, your business becomes its own separate legal entity. That means your personal assets are generally protected if your business faces any financial or legal troubles or what we call limited liability . But keep in mind, running an LTD involves more paperwork and formalities. You'll have to deal with things like annual financial statements and filing requirements. Taking care of these responsibilities ensures your company stays compliant and ready for success. Partnership: Partnerships are formed when two or more individuals come together to run a business. Partnerships allow for shared responsibilities, decision-making, and the combination of different skills. But here's the catch – partners have unlimited liability. That means you're personally responsible for the partnership's debts and legal obligations. The key is to establish clear partnership agreements and maintain open communication to tackle challenges together. Limited Liability Partnership (LLP): LLPs are a great choice for professional service firms like law or accounting practices. They give you the best of both worlds – the flexibility of a partnership and the limited liability protection of a company. While LLPs shield partners from personal liability for the actions of other partners, you still need to be responsible for your own mistakes. So, it's important to maintain professionalism and follow best practices to manage any potential risks. Public Limited Company (PLC): PLCs are large companies that are allowed to sell shares to the public. They are for the big players and aren’t realistic for most startups. Going down the PLC route can give you access to public fundraising and opportunities for expansion. However, be ready for more legal requirements, regulatory oversight, and higher compliance costs compared to other structures. For non-profit organisations: Unincorporated association: Unincorporated associations are like informal groups of individuals with a common goal. They're easy to set up and operate, but here's the thing – members have unlimited personal liability, and there's no legal separation between the association and its members. To navigate this, it's important to have clear governance structures and communication channels to ensure accountability and manage any potential risks effectively. Charitable trust: If you're all about doing good and managing charitable assets, a charitable trust might be the way to go. Trustees have legal responsibilities, and funds must be used solely for charitable purposes. So, working closely with trustees and following best practices is key to making a positive impact and maintaining transparency. Charitable Incorporated Organisation (CIO): CIOs are like the superheroes of the nonprofit world. They provide limited liability protection for their members while focusing on charitable activities. It's like having the best of both worlds – a company structure with a strong focus on doing good. Just remember to stick to governance requirements and manage your resources wisely to navigate the charitable landscape successfully. Company limited by guarantee: Companies limited by guarantee are commonly used by non-profit organisations, including charities. Members guarantee a specific amount in case the company winds up, providing a level of protection. By ensuring everyone understands their commitments and adopting solid financial practices, you can confidently carry out your mission. Charitable company: Charitable companies are formed for charitable purposes and come with compliance obligations and reporting requirements. By dedicating resources to meet these requirements and fostering transparency, you can effectively carry out your noble objectives. Community Interest Company (CIC): CICs are all about making a positive impact on the community. They aim to benefit society and reinvest their profits for community purposes. With a CIC, you're combining social objectives with the entrepreneurial spirit. It's like doing well by doing good! Just remember to keep your community-focused vision alive and make a difference. Remember, it's important to seek professional advice and carefully consider your specific circumstances before deciding on a legal structure. Each has its own pros and cons, and it's crucial to consider your specific situation and seek professional advice to make an informed decision. Registering your company Selecting a legal structure: First things first, let's figure out the best legal structure for your business. Whether you're leaning towards being a sole trader, forming a partnership, or setting up a limited company, each option comes with its own set of benefits and things to consider. At SUAZ, we specialise in helping entrepreneurs like you register limited companies . It's a simple process that we're well-versed in. For other legal structures, we recommend checking out the relevant government websites for specific guidance. Choosing a company name: Now comes the fun part - choosing a name that captures the essence of your business. A great name can make a lasting impression. We'll gladly assist you in checking if your desired name is available and guide you through the registration process. Handling the paperwork: We know paperwork can feel daunting, but don't worry, we're here to help. Our team will provide guidance on the necessary documents, such as articles of incorporation or partnership agreements, ensuring everything is in order and saving you from any last-minute headaches. Registering with Companies House: Companies House is the go-to place for officially registering your company in the UK. We'll help you prepare and submit the required documents, making sure everything is in tip-top shape. Consider it one less thing on your plate. Additional registrations: Depending on the business nature, there may be additional registrations to take care of, like VAT or PAYE for payroll purposes. We'll inform you about any additional registrations that apply to your specific situation and guide you through the process, step by step. For detailed guidance on how to register a limited company, we've put together a handy step-by-step guide on how to register a company . For other legal structures, we suggest checking out the relevant government websites, as they provide comprehensive guidance tailored to each structure. Here at SUAZ, our expertise lies in helping entrepreneurs like you with the registration of limited companies, and the best part? Our services are completely free. While we may not have all the answers for forming other types of companies, we're here to provide the support and guidance you need throughout the limited company formation process. Understanding your legal responsibilities When you run a limited company, it's important to know your financial and legal responsibilities to keep things running smoothly and stay on the right side of the law. Here's what you need to keep in mind: Record Your Financial Transactions: It's a legal requirement to keep track of your business's money matters. That means jotting down your income, expenses, and other financial transactions. By keeping your records up to date, you'll be ready to file your accounts and hand them over to your accountant without any last-minute stress. Prepare & File Annual Accounts: As a limited company, you'll need to submit your annual accounts. These accounts show how your business performed financially during the year, including all the ins and outs of your transactions. They're also used to calculate your corporation tax. If you're organised and your records are in good shape, preparing these accounts can be a breeze with the help of your accountant. File a Confirmation Statement: Once a year, you'll need to send a confirmation statement to Companies House. This statement is like a little check-up to ensure all the information they have about your business is accurate. If anything needs updating, make sure to let them know. Register for Self-Assessment: If you're a sole trader, company director, or part of a limited liability partnership, you'll need to register for self-assessment. It's a way for the tax authorities to assess the tax you personally need to pay based on your business's income. Don't worry, it's not as scary as it sounds! Just make sure you understand the ins and outs of PAYE and dividends if you're a company director. Register for VAT (Value Added Tax): If your business is going to hit the annual VAT threshold (£85,000) you'll need to register for VAT. This means adding a little extra tax on top of your goods or services and filing VAT returns. On the bright side, once you're VAT registered, you can claim back VAT on business purchases. Register for Corporation Tax: If your limited company is up and running, you'll need to register for corporation tax within three months of starting or trading . This tax is based on your business's profits, as reflected in your annual accounts. It's a flat rate tax, and the amount you pay depends on your profits. Understand Business Rates: Business rates are taxes imposed on commercial properties by the government through local authorities. If you own or rent a shop, office, or warehouse, you'll likely need to register for and pay business rates. But if you're running your business from a small part of your home, you can breathe a sigh of relief as you might not have to worry about business rates. Keep Companies House and HMRC in the Loop: If something important changes in your business, like your registered address, it's crucial to let Companies House and HMRC know as soon as possible. Remember, while this gives you a solid overview of your financial and legal responsibilities, it's always wise to seek professional advice or check out Company House’s website for the nitty-gritty details. Staying in the know and fulfilling your obligations will keep you on the right track and away from any unnecessary fines or penalties. Business Insurance Business insurance is like a safety net for your business, offering protection and peace of mind. It's there to shield you from potential risks and liabilities that could arise during your operations. Whether it's covering damages to your property, compensating for legal claims, or safeguarding against accidents, having the right insurance is crucial. Do I need business insurance? Yes, but the type depends on what you do. In the UK, common types of business insurance include public liability insurance, professional indemnity insurance, employer's liability insurance, and property insurance. Each type serves specific purposes and helps businesses navigate potential challenges. Public liability insurance: Covers you against claims made by third parties for injury or damage caused by your business. Employer's liability insurance: Required by law if you have employees, it provides coverage for workplace-related injuries or illnesses. Professional indemnity insurance: Protects you from claims of professional negligence or errors in your services. Property insurance: Safeguards your physical assets, such as buildings, equipment, and inventory, against damage or loss. It's important to assess your business's unique risks and consult with an insurance professional to determine the most suitable coverage for your specific needs. How much does business insurance cost? Business insurance is a must-have for your business. It helps protect you from unexpected risks and provides financial support when you need it most. The cost of business insurance can vary depending on factors like the size of your business, the type of coverage you need, and the industry you operate in. For small businesses in the UK , the cost typically falls in the range of £100 to £1,000 per year, but this can vary. When considering insurance for a limited company, keep in mind the added liability protection it offers. To get an accurate cost estimate, it's best to reach out to insurance providers who specialise in small business coverage and request personalised quotes. They can give you a better idea of the specific costs based on your unique needs and circumstances. Choosing your business brand Having a professional brand is crucial for your business. It creates a strong and memorable identity that builds trust and credibility with your target audience. A well-established brand sets you apart from competitors and effectively communicates your values and unique selling points. Your brand includes your company name, logo, tagline, visual elements, and messaging. Consistency in branding across all touchpoints is key for a cohesive and recognisable brand identity. Designing a logo and brand identity You can either hire professional design services, hire a freelancer, buy stock logos , or create a logo yourself. A professionally designed logo represents your brand effectively and becomes the face of your brand. It is highly recommended to hire a professional for this but if you have design skills, you can use vector-based tools to create your own logo. Don't forget the brand strategy and brand identity which includes the colour schemes and assets as they are what make up your visual brand. Creating a Website Most businesses today have a website to establish credibility with their customers. An online presence can help your business to reach a wider audience. Define your website's purpose, target audience, and desired functionalities. Choose a relevant domain name and a reliable web hosting provider. Design your website with a user-friendly interface and compelling content. You can use website builders or content management systems if you're comfortable or hire a web developer/designer for a more professional touch. Optimise your website for search engines and ensure it's mobile-friendly. Ensure your business can be contacted Set up a dedicated business phone and email address to establish professionalism and facilitate customer communication. Use social media platforms that align with your business to further connect with customers. Being accessible through multiple channels enhances your brand's visibility and engagement. Remember to choose phone numbers, email addresses, and social media handles that reflect your business name and brand. Strategising your growth Now it's time to plan your sales and marketing efforts to fuel your growth. The approach you take will depend on the nature of your business and target audience. Have a sales and marketing plan Running a business is an ongoing adventure, and your work has just begun. It's crucial to have a solid sales and marketing plan in place to ensure your success. This plan will help you attract customers and fulfill their needs through effective sales techniques and promotional strategies. Your sales plan should focus on understanding your target market, meeting customer demands, and finding creative ways to generate sales. Meanwhile, your marketing plan should outline how you'll spread the word about your products or services, whether it's through digital advertising, social media engagement, content creation, partnerships, or good old-fashioned networking. Keep in mind that creating and implementing a sales and marketing plan is a continuous process. Stay alert to market trends, listen to customer feedback, and keep an eye on your competition. By adapting and optimising your strategies along the way, you'll drive ongoing growth for your business. Need support? We can help Now, here's the secret ingredient: balance thinking with action. While brainstorming and dreaming up your business idea is exciting, it's crucial to put your plans into motion. Take those calculated risks, validate your ideas through market research, and adapt along the way. Here at SUAZ, we understand that starting a new business can be overwhelming. That's why we're here to support you every step of the way. Whether you need assistance with registering your company, developing a sales and marketing plan, or accessing valuable resources, we've got you covered. Our team specialises in limited company formations, making the process simple and hassle-free. Register a limited company with us for free and you'll benefit from our expertise and guidance to ensure you meet all the legal requirements and set a solid foundation for your business. But that's not all. We also partnered with an online small business platform where you can access a wealth of tools, resources, and support to help you navigate the challenges of running a business. From business planning and accounting software to legal documents and expert advice, the Business Support Club (BSC) platform is designed to empower you on your entrepreneurial journey. Recommended Readings

Starting a business is exciting, and the process doesn't have to be complicated. In this guide, you can get your company up and running quickly. How Long Does It Take to Set Up a Limited Company? 4 min read Company Formations Table of Contents Categories What do you need to set up a company? Registering a limited company Register a limited company yourself Use a company formation agent How quickly can you register a company? How can you speed up the process? What to do after registering your company Your duties as a director Setting up a limited company with SUAZ Our formation packages Set up your limited company today with us Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Decided you’re ready to make your business dreams a reality? The next step in getting the ball rolling is registering your company. Starting a business is an exciting time, so it’s understandable that you’ll want to get things moving as quickly as possible. While setting up a company may sound complicated, the process shouldn’t take long. So, how long does it take to set up a limited company? Here, we’ll explore the usual timeline for getting your business registered and how working with a company formation agent can speed up the process. What do you need to set up a company? When setting up your company, there are some details you’ll need to provide about yourself and the nature of your business. Here’s the information you’ll need to include in your application: Your company name Your office address - if you’re looking to avoid the cost of renting an office space, a virtual office address may suit you Details of the company director - their full name, date of birth and address The industry your business will operate in Your contact information You’ll also be asked for the details of people with significant control (PSC) of your company, and your Standard Industrial Classification (SIC) code, which is used to describe the nature of your business to Companies House. It’s also important to note that at SUAZ, we ask that you have only one company director, who is also the shareholder. Registering a limited company While you may assume that registering your limited company will be complicated and time-consuming, the registration process is relatively straightforward. Provided you have all your details to hand, you’ll be surprised how quickly you can get your new business ready to go. In the UK, all companies need to be registered by Companies House - the executive agency of the government. You can choose to register your limited company yourself, or with the help of a company formation agent. Register a limited company yourself You can submit your application online through Company House’s website for a £50 fee. If your application has no issues or delays, your new company should be incorporated within 24 hours. If you choose to submit your application by post, this will cost £71 and will usually take longer to be processed. Use a company formation agent To take some weight off your shoulders, you may prefer to use a company formation agent to register your company. They can form your limited company with Companies House on your behalf (with the registration fee included in your company formation package , and completely free with SUAZ), and offer you professional assistance every step of the way. Once your company is all set up, they’ll be there as and when you need support, whether you have a question about your business, have misplaced a document or simply need a helping hand. How quickly can you register a company? How quickly you can register your company will depend on the route you take. If you choose to register your company by yourself, aim to register your limited company first thing in the morning on a weekday to avoid delays. Most online applications are processed within 24 hours, while postal applications usually take over a week. With a company formation package, it will depend on when your submission is sent and if there are any extra checks that need to be made. On average, submissions sent before midday usually come back the same day, though this can’t be guaranteed. Here at SUAZ, we aim to get all applications back within 36 hours. If there are issues with your application, such as your company name being flagged, this can delay the process. How can you speed up the process? Looking to get your limited company set up as quickly as possible? It’s often small mistakes on your application that delay the process. Here are some common errors to watch out for, to improve your chances of success: Your company name is already taken or is too similar to an existing company - don’t worry, we’ll let you know straight away if your company name is available when you apply through us Your company name contains a ‘sensitive’ word, such as a swear word or discriminatory language Your company director is under 16 years of age You’ve misspelt something like your name or address You’ve provided your initials rather than your full name However, sometimes delays are out of your control. Companies House often has a backlog, particularly on Monday mornings due to weekend applications. Looking to skip the queue? Our Quick Formation package includes the Companies House filing fee and pushes your application to the top of our pile. What to do after registering your company Once your company has been registered, you can breathe a sigh of relief knowing your business is official. You’ll be sent your Certificate of Incorporation which confirms your company’s existence, your company number and the date your company was formed. Soon after your company has been set up, you’ll receive a letter from HMRC which will let you know your tax obligations and requirements. It’s important that you register for Corporation Tax within three months of starting to do business to avoid a penalty. Your duties as a director Becoming a company director is both a big achievement and a big responsibility. But by taking things one step at a time, you should settle into your role. As company director, you’re legally responsible for the day-to-day running of your company. You’re also in charge of filing accounts and your confirmation statement with Companies House each year. Here are just some of your duties as company director for you to bear in mind: You need to follow the company’s constitution and its articles of association - both are written rules about running the company, as agreed by its members. The constitution covers what powers you have as director. You must act in the company’s best interests at all times, including acting fairly to all members of the company and considering the consequences of your decisions You must avoid conflicts of interest and avoid any situations where your loyalties as director may be divided. For more information on your duties as a director, you can take a look at the Companies Act 2006 for some light reading! Setting up a limited company with SUAZ Starting your own business can be life-changing, but getting things sorted out can feel like hard work. There are a lot of boxes to tick, making it easy to miss a step or forget something important. That’s where we can help. Setting up your limited company with SUAZ means everything is taken care of. With our company formation process, we’ll submit your application to Companies House on your behalf for free and you’ll have our support every step of the way. We’ve streamlined the application process so you can get your company set up in as few clicks as possible. Company formation doesn’t need to feel daunting or be time-consuming. Instead, you can leave the complicated side of things to us, so you can focus on your exciting new venture. Our formation packages Our formation packages group together everything you need to start your business, with expert support at every stage of your journey. All our packages form your limited company with Companies House for you, to save you the hassle. You can choose a company formation package that best suits your needs. Our Free Formation offers exactly what the name suggests - free company formation, with our experts’ support as and when you need it. For only £5, our Quick Formation package pushes your application to the top of the pile on Companies House’s submission list. If you’re looking to start your company on the right foot, a Privacy Package may be right for you - you’ll get several benefits such as a virtual office address which can help you avoid renting an office space, and give your professional image a boost. Our Privacy Plus package includes tax registrations and a printed certificate of incorporation to alleviate your admin worries. If you’re looking for a package that covers all bases, including a year of Trilogy Banking to keep your business’ finances organised, our Company Pro package may be just what you’re looking for. Set up your limited company today with us There’s no feeling quite like starting your own business. Being your own boss can open the door to financial freedom, flexible working hours and job satisfaction. If you’re looking to start your own business, why not let us take care of the hard work? Our company formation service can deal with the complicated stuff so you can focus on exciting new beginnings. We've given you one less reason to wait - apply to form your company today. Recommended Readings

Going freelance? It’s important to know what tax you’re liable to pay, how much and when it’s due. Find out how to manage freelancer tax in our helpful guide. Paying tax as a freelancer: a guide 10 min read Beginner's Guide Table of Contents Categories What type of tax do freelancers pay? How much can you earn freelance before tax? How to pay tax as a freelancer Do freelancers charge VAT? Claiming tax relief as a freelancer Tax allowable expenses for limited companies What expenses can I claim as a sole trader? Balancing tax as a freelancer Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Becoming a freelancer opens the door to creative and financial freedom, but it can also bring new challenges, especially when it comes to your taxes. If you’re looking to start freelancing, you may wonder how tax will work and what you’re expected to pay. As a freelancer, you can operate as either a sole trader or limited company, and many freelancers prefer to register as a limited company due to the financial protection that comes with limited liability . Tax on freelancers may sound confusing, but it doesn’t need to be. We’ve put this guide together to break down exactly how to pay tax as a freelancer and how freelancer tax deductions work, so you can focus on growing your freelance business without the worry of tax standing in your way. What type of tax do freelancers pay? As a freelancer, the type of tax you’ll pay will depend on your business structure - whether you operate as a sole trader or a limited company. As a sole trader, it’s your responsibility to pay the right tax on time. How much tax you’ll pay will depend on your profits and how much you earn each year. You’ll pay tax on anything you earn over your tax-free Personal Allowance which is currently £12,570. As a sole trader, you’ll pay between 20-45% income tax and National Insurance Contributions (NICs), which for the 2024-25 tax year are the following: 6% on profits of £12,570 up to £50,270 2% on profits over £50,270 Depending on your earnings, operating as a limited company may be more tax-efficient than being a sole trader. This is because you’ll pay corporation tax, which is usually less than the income tax you’d otherwise pay. If your business earns over £250,000, you’ll pay the main rate of corporation tax at 25%. If your profits are less than £50,000, you'll pay 19% corporation tax - the small profits rate. You’ll also pay two types of National Insurance as director of your business. Your company will pay NIC if it's an employer, and you’ll also pay National Insurance on your salary. Take a look at our guide on self employed vs limited company for more details. How much can you earn freelance before tax? As a freelancer, how much tax you’ll pay will depend on your income and the tax band you’re in. You won’t pay tax on the first £12,570 of your income, known as your Personal Allowance. Your Personal Allowance decreases by £1 for every £2 you earn over £100,000, and if your income is over £125,140 you don’t receive a Personal Allowance. Your income will affect the percentage of Income Tax you’ll pay: Up to £12,570: You won’t pay tax on the first £12,570 of your income, known as your Personal Allowance. So, if you earn less than this as a freelancer you won’t pay Income Tax. £12,571-£50,270: You’ll pay 20% Income Tax. £50,271-£125,140: You’ll pay 40% Income Tax. Over £125,140: You’ll pay 45% Income Tax. How to pay tax as a freelancer So, when do freelancers pay tax in the UK? First, you’ll need to submit an annual self assessment tax return with HMRC. You must register with HMRC by the 5th October after the end of the tax year you became self-employed. You’ll need to submit your self assessment tax return and pay any tax you owe for the previous tax year (known as a balancing payment) by 31st January. Your second payment on account will be due on 31st July. Should you miss a deadline, you may face financial penalties, so it’s best to get it out of the way as soon as possible. In fact, 300,000 people filed their tax returns in the first week of the tax year. You can pay your tax bill online through the government’s website. If you operate as a limited company, you’ll need to pay corporation tax and the deadline will depend on your taxable profits. If your taxable profits are up to £1.5 million, you’ll need to pay your corporation tax to HMRC 9 months and 1 day after the end of your accounting period, which is usually your financial year but you may have two accounting periods in the year you set up your company. The government explains your limited company’s first accounts and tax return here . You can pay your corporation tax through your online banking, through direct debit or online through the government’s website. You can’t pay your corporation tax by post. Do freelancers charge VAT? Regardless of whether you’re a sole trader or limited company, you’ll need to register for VAT if your turnover is over £90,000 or you expect it to go over this amount in the next 30 days. Most goods and services are charged at the standard rate of 20%. You’ll then need to complete a VAT return to let HMRC know how much VAT you’ve charged and how much you’ve paid to other businesses. Claiming tax relief as a freelancer Paying tax on your hard-earned income can feel disheartening as a freelancer. You’ll be pleased to know that you can claim freelancer tax deductions, known as ‘allowable expenses’. These are business costs that HMRC allows you as a self-employed person, sole trader or freelancer to claim as tax expenses against your profits. Your expenses will only be approved if they’re ‘wholly and exclusively’ for business purposes, and HMRC can ask for proof of all allowable expenses that you claim. Some costs you may claim as allowable expenses include: The cost of buying stock and/or the materials you need to carry out repairs and maintenance work Rent or mortgage interest (not capital repayment) on commercial premises Computers, mobile devices, printers and other equipment that you buy and keep within your business, as long as you use ‘cash-basis accounting’ (meaning you record your income/costs in your financial records when you’re paid or make payments) Equipment repairs, office furniture, business stationery Tax allowable expenses for limited companies You may also be able to claim business expenses for your limited company, as long as the expenses you claim have been incurred wholly and exclusively during the running of your business. For example, if your employees use computer screens as a key part of their role, they can claim eye tests as well as health checks as limited company expenses. Other tax allowable expenses may include claiming the cost of accommodation while on a business trip, business insurance costs, and a portion of your household costs and utility bills if you work from home. What expenses can I claim as a sole trader? As a sole trader, you can use HMRC’s simplified expenses to calculate your business expenses, which use flat rates instead of working out your actual business costs. This can save you from needing to carry out any complex calculations. Alternatively, you can calculate your expenses by working out the actual costs. Costs you can claim as allowable expenses include things like office costs (such as stationery and equipment), travel costs, staff costs and financial costs like insurance. Usually, as a sole trader, you can claim expenses once a year when completing your self assessment tax return. You can use the government’s simplified expenses tool to see which method would work best for you. Balancing tax as a freelancer How you’ll navigate tax as a freelancer will largely depend on how you run your business - either as a sole trader or limited company. Your business structure also affects the tax relief you’re entitled to, which can also lower your tax bill. Knowing how to pay tax as a freelancer can feel daunting, and you may worry about submitting the wrong form or misunderstanding the tax relief you’re entitled to. Working with an accountant can alleviate any pressure or anxiety you may have, knowing you can rely on a professional to take care of things for you. Once you’ve formed your business with SUAZ you’ll gain exclusive access to BSC’s business marketplace. BSC can match you with the right accountant for your business needs, so you have your tax queries taken care of. Ready to kick start your freelance journey? Form your company with SUAZ today . Recommended Readings

Discover the ideal age to launch your dream business with Start Up A-Z. Expert insights on the age to start a business journey. Read more. What Age is Best to Start a Business? 7 min read Beginner's Guide Table of Contents Categories What the data says Why do so many studies show different ages? At what age can you start a business? Am I too old to start a business? Ready to start your business? What business owners have to say Paddy Moogan - Co-founder and CEO, Aira Digital - founded his first business at the age of 21 Steve Blood - Personal Trainer and Sports Injury Therapist - founded his business at the age of 19 Ben Grace - Founder of Eco-Luxe skincare brand SBTRCT - founded his business at the age of 44 Rebecca Heald - Workplace, Wellbeing and Leadership Consultant - founded More Than Nutrition in her 40s Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Whether you’re a fresh-faced graduate just entering the working world, or you have decades of business experience under your belt, entrepreneurial inspiration can strike when you least expect it. If your gut feeling is telling you to become your own boss, you shouldn’t let your age stand in your way. Wondering what the best age to start a business is? We’ll explore the average age of starting a business and dispel some myths along the way to give you the motivation and confidence to leap into entrepreneurship. What the data says Let’s turn to the data to see what the best age to start a business is. According to Beahurst, certain age demographics are more likely to have launched a successful business in the UK than others. Over 90% of founders in London are within the 20-49 age bracket - a broad range of almost thirty years, but this isn’t to say you shouldn’t start a business once you reach 50. You really can become your own boss at any age - Ray Kroc, the former CEO of McDonalds, was aged 52 when he started his entrepreneurial journey, whereas Mark Zuckerberg was only 19 when he started Facebook. With this in mind, it seems age is just a number when it comes to following your dream. With the mindset to succeed, there’s little stopping you from starting your own business, no matter where you are in life. While the ages of the world's greatest entrepreneurs differ greatly, what they all have in common is determination and perseverance. We know you’ve got what it takes. Another factor to consider is that while you may start your company at a younger age, it may not take off until later in life. Take Jeff Bezos as an example, who was 35 when Amazon began selling more than just books, and 41 when Amazon Prime launched. The most successful businesses have experienced periods of slow growth and challenges along the way - so stay persistent and have patience. Why do so many studies show different ages? You may be wondering why the age to start a business varies widely. This is because there really is no ‘right’ age to make your business dream a reality. We spoke to author, founder and psychotherapist, Eloise Skinner who added; “ I don't think there’s a ‘right age’ to start a business. I think it's completely dependent on the individual, and on the particular circumstances and situation of each founder. Of course, when we're a little younger we might have a higher tolerance for risk, but being older comes with benefits as well - for example, more experience, resources or connections.” Another factor to consider that can affect the age you start your business is gender. It seems that men start their entrepreneurial journey before women, with 40% of men starting businesses before the age of 35 , compared to 33% of women. This may be due to other responsibilities taking priority, which might include caregiving or family commitments. Another consideration is the funds to get the ball rolling. For example, you may have come up with your business idea aged 20, but not have the funds to get started until you’re 30. With this in mind, it’s never too late to become a business owner, especially considering a 60-year-old startup founder is three times more likely to launch a successful startup compared to a 30-year-old startup founder. So, what are you waiting for? At what age can you start a business? Wondering how to start a business as a teen? If you’ve put together a small business idea that could take the world by storm, it’s definitely possible to start a business under the age of 18. But you’re likely to need sign-off from a parent or guardian to make it happen. This is because you’ll need them to co-sign anything that involves a contract, such as legal documents. Those under 18 are considered minors, meaning they can’t open a business bank account, borrow money or have a credit card. This means you’ll need to find alternative ways to fund your new venture. Perhaps you’ll borrow money from a family member, or start your business with an adult who can access business funding . Am I too old to start a business? You’re never too old to start a business! All you need is an idea you’re passionate about and the motivation to get you where you want to be. We spoke to therapist and business coach, Amanda Brenkley , about why entrepreneurs may feel they’re too old to start a business and she responded; “There are several reasons why people might feel they're too old. Many individuals, regardless of age, fear the potential failure of a new business venture and sometimes we’re prepared to tell ourselves any story to stay in our comfort zone. But little worthwhile comes from staying in our comfort zone! Perceived age-related discrimination can be a concern for some people, but again this can also just be an excuse not to do the things you actually want to do. Experience, wisdom, and a strong work ethic can be significant advantages for older entrepreneurs.” In fact, waiting until later in life to start your business may stand you in good stead for the future. Considering that 42 is the average founder age of all S-corporations, C-corporations and partnerships registered in the U.S. between 2007 and 2014, it seems older entrepreneurs aren’t just more common than you may think, they’re more likely to succeed too. The average age of a startup owner as of 2021 is 35 years old , proving that you don’t need to be in your twenties to kickstart your entrepreneurial journey. Ready to start your business? It’s never too late to fulfil your business dreams. Starting a business can be life-changing, so you shouldn’t let self-doubt stand in your way. Eloise Skinner highlighted “The most important thing is to get clear on your ‘why’ - why do you want to start this business, or pursue this new venture? Once you're certain and clear on your motivations, you might find that energy and determination naturally follows.” If you’re feeling hesitant, our company formation service could be just what you need to restore your confidence. We offer several company formation packages to suit your needs, and can form your company with Companies House on your behalf, so you have less to worry about. Apply to form your company today - we’ve given you one less reason to wait. Still feeling unsure? Read on to hear from other business owners, as they uncover the age they started their businesses and any words of wisdom they have to share. What business owners have to say Paddy Moogan - Co-founder and CEO, Aira Digital - founded his first business at the age of 21 Do you think there were benefits to starting your business at a young age? If so, what were they? Definitely. For me, it was probably being chucked in at the deep end which was really hard, but it forced me to learn a lot of stuff very quickly. When I was young, I had a bit of naivety about me which ultimately meant that I didn’t overthink things like I would now. I just saw a problem or something that needed to be done, then got on with it without worrying too much. Weirdly, I probably had far less fear when I was younger running a business compared to now! What tips/advice would you give to 18-21 year olds considering starting a business? One thing I’d suggest is to get a very good, early grasp on the basic mechanics of how a business works, then apply this to the business that you’re thinking of starting. I started with zero clue about things like taxes, balance sheets, business assets, expenses etc. While I got by because I knew my product and business really well, I’d have almost certainly had an easier time maintaining and growing the business if I had learned the basics of running one. I’d also recommend finding people who you can ask for advice regularly on the aspects of running a business. Most experienced business owners will have no problem helping out a young person, so ask around or think about who you can approach for help and then do it. I didn’t really have anyone at the time and I know that it would have helped a lot if I did. Is there anything you would have done differently? I sold my first business after 12 months of running it and while it was a happy sale in the end, it was partly driven by me running myself into the ground with the hours and days that I worked. I’d never do that again because I know how important mental and physical health are to my own performance. So if I could go back, I’d tell myself the importance of these things and find a better work-life balance. Steve Blood - Personal Trainer and Sports Injury Therapist - founded his business at the age of 19 Do you think there were benefits to starting your business at a young age? If so, what were they? As a personal training and sports injury therapist, starting my own business early has meant that nearly 10 years on I've got a very well-established client base across both sides of my role. It meant that during more testing times to be a business owner, such as during the pandemic, a lot of my clients were more than happy to continue to invest in personal training over Zoom. There's a risk that if I was just starting out, it would have been much easier for clients to disengage. What tips/advice would you give to 18-21 year olds considering starting a business? It's true when they say age is just a number, but when you're just starting out - it's really easy to look at people older than you in your industry and talk yourself out of following your dream. It's important to try and keep imposter syndrome at bay and consider networking and mentoring sessions to broaden your interactions with people who do have more experience. But ultimately, remember you can do this! Is there anything you would have done differently? Looking back at the early years, I set the prices for my services deliberately low in order to try and build a client base - it was great at drumming up interest. But, I probably wasn't quick enough at increasing them when my experience was starting to stack up, or I completed another qualification. There was a period of three years where I sat at the same fees and if I was in an office job, I'd have almost certainly seen an increase or two in my salary over that time period. Ben Grace - Founder of Eco-Luxe skincare brand SBTRCT - founded his business at the age of 44 Do you think there were benefits to starting your business in your 40s? I think anyone who decides to start their own business does so at a time that is right for them. For me that time was in my 40s. It meant I was starting out with an incredible network of people, best in class experience in my industry and a real understanding of what it takes to build a skincare business. For me I needed this experience to give me the confidence to make that leap and go for it. Something I don’t think I was ready for before that point. What is the one key tip or piece of advice would you give to people in their 40s considering starting a business? It’s taking that initial leap that is the hardest part. I was at a point in my career where I felt it was now or never. I imagined myself in my 50s and still not having done it and realised it would be one of my biggest regrets. That’s also when I realised that success is in doing it. It’s not whether you exit or build a multi-million pound business. If you have a business in you, then giving it a shot is the most important thing. Rebecca Heald - Workplace, Wellbeing and Leadership Consultant - founded More Than Nutrition in her 40s Do you think there were benefits to starting your business in your 40s? Starting a business in my 40s had lots of advantages. Firstly, I had a wealth of experience and industry knowledge which has been invaluable. My life experiences have also made me so much better at what I do. I understand myself much better so have been able to see my failures as lessons and have been far more resilient. More than anything, starting a business in my 40s has given me a rekindled confidence and helped me find my voice. I'm now as passionate and enthusiastic as I was at 18, reigniting my entrepreneurial spirit with a fire that's brighter and more purposeful than ever before. What is the one key tip or piece of advice would you give to people in their 40s considering starting a business? Leverage your experience and networks. Your age can be a powerful asset. Use your past work experiences and connections to identify gaps in the market or unique opportunities. Seek mentorship and guidance from those who've been down a similar path. Additionally, don't underestimate the importance of adaptability. Be willing to learn, unlearn, and relearn, as the business landscape is constantly evolving. Is there anything you would have done differently? I would’ve listened to my gut and trusted my instincts sooner. I would’ve been bolder and braver with my decisions instead of doubting myself. It's common to be inundated with advice from various business experts and gurus, but ultimately, you are the one who knows your business and its unique challenges best. Trusting your intuition and staying true to your vision can often lead to more authentic and successful outcomes. Recommended Readings

Find out where the most profitable buy-to-let locations are for starting a business. We’ve compared the average property costs across the UK’s biggest cities. The best buy-to-let locations for starting a business 15 min read Business Trends Table of Contents Categories Benefits of a buy-to-let limited company The UK’s most profitable buy-to-let hotspots Benefits of these locations What is rental yield? The difference between gross and net rental yield Why rental yield matters for investments What is considered a good rental yield? How to calculate rental yield How to maximise your rental yield What taxes are involved with buy-to-let? How much tax you pay on buy-to-let property income Stamp duty Capital Gains Tax Inheritance tax Real life case study from a property business owner Further costs associated with buy-to-let properties To wrap things up… Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office If you’re looking to take the buy-to-let property market by storm, choosing the right location is crucial. Perhaps you’re looking to expand your property portfolio, or you’re a newcomer to the real estate market. Whatever your circumstances, we’re here to help you make the right decision when choosing buy-to-let locations, to improve your chances of business success. In December 2023, average house prices were estimated to have fallen by 2.1% due to high mortgage rates and the cost of living crisis. But the market will likely pick up again, with 47% of landlords believing the Bank of England’s base rate will fall in 2024 - great news for those starting in the real estate industry. We’ve explored 50 of the biggest cities to uncover the best buy-to-let locations in the UK, looking at average property prices, rental costs and letting agent fees in each city to determine the net yield and potential returns on property investment. We’ve also reached out to current buy-to-let business owners who have shared insight into the property market and current considerations. So, what are you waiting for? Benefits of a buy-to-let limited company If the buy-to-let industry is calling your name, you’ll need to decide if you’d prefer to keep the properties in your name, as a sole trader, or if you’d benefit from forming a limited company . There are several benefits to starting a buy-to-let limited company , especially when it comes to business tax and legal protection. Let’s delve into the benefits of operating as a limited company: Limited liability: Should you face financial difficulties as a limited company, you’ll receive protection in the form of limited liability . This means your business is legally classified as an ‘individual’ and a separate legal entity. So, should you run into financial trouble as a business, the business itself is responsible, not you personally. You wouldn’t be obligated to pay any debts or personally cover any financial losses. Tax efficiency: Operating as a limited company can be more tax-efficient than working as a sole trader. As a limited company, you’ll pay 19-25% Corporation Tax on profits compared to the 20-45% Income Tax you’d pay as a sole trader. Professionalism: Choosing to operate as a limited company may give your professionalism and credibility a boost. Your potential customers are likely to perceive you as more trustworthy and established. The UK’s most profitable buy-to-let hotspots So, where is the best place for buy-to-let? We’ve uncovered the top UK cities for buy-to-let, based on their property prices, monthly rent prices, management fees and best net rental yield. Net yield is the return, or potential return, of a rental property after costs have been deducted such as letting and management fees. The top buy-to-let hotspots in the UK, coming out in joint first place, are Manchester, Glasgow and Aberdeen, all with a net yield of 6.9%. The average buy-to-let property price in Manchester is £251,557, with an average monthly rent of £1,713. Compared to the average UK house price of £290,000 in July 2023, Manchester’s property prices are significantly cheaper than the national average, making them a worthwhile investment for buy-to-let investors. Glasgow and Aberdeen’s average buy-to-let prices also fell significantly below the national average, at £230,619 and £189,633 respectively, making them attractive buy-to-let locations for those looking to invest in property. It seems that opting for cities in the North of England and Scotland are generally better for yields than cities in the South of England and London. This is true for Stoke-on-Trent and Birmingham which came out in second place for the most profitable, with net yields of 6.8%. Benefits of these locations These best areas for buy-to-let offer more than just profitability, they’re also prime locations known for their culture scene and business opportunities. As mentioned, Manchester ranked in first place for most profitable buy-to-let hotspots, alongside Glasgow and Aberdeen, and is a bustling city to consider. With an economy worth £62.8 billion , it has firmly cemented itself as a major business hub in the UK. If you’re a music buff, you’ll know what Joy Division, The Smiths and Oasis all have in common - Manchester! It’s renowned for its vibrant music scene and unmissable music venues such as the Warehouse Project. It’s safe to say Manchester is a worthy contender when searching for the best buy-to-let locations in the UK, with its high rental yields and job opportunities, and strong economy. The same can certainly be said for Glasgow, whose average house price in its West End area has risen by 27% since 2019 - great news for property investors. Glasgow is Scotland’s economic powerhouse, generating £19.3 billion GVA per annum . According to Rightmove, Aberdeen is the third cheapest city for first-time buyers , so if you’re new to the buy-to-let world, you could benefit financially from your investment. Local estate agents in Aberdeen have predicted that house prices will rise by 1-2% in 2024 , so you could make a significant profit on your investment should you choose to invest in Aberdeen’s housing market. The city is home to an array of green spaces, beaches and beautiful views, offering an excellent quality of life. Named one of the most affordable cities to own a home, Aberdeen is certainly worth considering, with the average cost of a mortgage, utilities and council tax being only 37% of the median monthly salary . What is rental yield? When starting a property business , there are two ways you can make money - either through an increase in the value of your property, or through the rent you receive as a landlord. When looking for buy-to-let hotspots in the UK, a key deciding factor for investing in property is the rental yield you can expect to receive. Rental yield is a metric used to assess the profitability and potential return of a property investment. It’s usually presented as a percentage. The difference between gross and net rental yield While gross rental yield and net rental yield are both used to assess the potential returns on property investment, they differ in the expenses they use to calculate profit. Gross rental yield takes the annual rental income generated by your property and divides it by its total cost or market value. Net rental yield also takes into account the various expenses that come with owning and maintaining a property, such as property management fees, insurance and maintenance costs. This means net rental yield offers you a comprehensive measure of your property’s profitability, by factoring in all the costs that come with a property, not just the cost of the property itself. Why rental yield matters for investments Rental yield is crucial for you to assess the potential return on your investment, which can help you make informed decisions about the property you choose to invest in. You can use rental yield to calculate the income a property will generate, and the level of risk a property may have. For example, lower rental yields may indicate a higher level of risk, while higher yields may suggest a better return on investment. What is considered a good rental yield? What is considered a good rental yield will depend on factors such as the location of the property, market conditions and whether the property is residential or student accommodation, for example. Generally speaking, a gross rental yield of 5 - 6% is considered ‘good’, while anything over 7% is seen as ‘very good’. How to calculate rental yield Calculating the rental yield of a property should be fairly straightforward once you know how. Here’s the calculation to use: (Annual rent / property value) x 100 = gross rental yield For example, if you purchased a property for £200,000 and charged £1050 per month, your gross rental yield would look something like: £1050 x 12 = £12,600 (£12,600 / £200,000) x 100 = 6.3% How to maximise your rental yield Typically speaking, the higher your rental yield, the stronger your property investment - so it’s often a key goal for landlords. Here are a handful of ways you could look to increase your rental yield: Choose the right buy-to-let location: Choosing a property in a high-demand location could increase your rental income. Consider transport links, business opportunities in the area, schools and local amenities when looking at potential areas. Upgrade the property: Could you add another bathroom or bedroom to the property? If you have a large living space that isn’t necessary, you could turn it into an extra bedroom to boost your cash flow. This may attract more tenants which could increase your profits. Pets: Many landlords say no to pets. After all, you’ve spent significant time and money on the property, you want to prevent damage. But rental properties that allow pets are hard to come by for tenants, so you may be able to increase your rental cost if you say yes to pets (and what harm will a furry friend do really?) What taxes are involved with buy-to-let? Tax can feel like a minefield for a new business owner, but it’s a crucial thing to get right. The last thing you want is to face a hefty fine. Here are some of the taxes involved with buy-to-let for you to consider: Income tax: For the 2023/24 tax year, basic taxpayers pay 20% tax on buy-to-let income. If you’re a higher-rate taxpayer, you’ll pay 40%. National Insurance: If your profits are more than £12,570 per year, you’ll need to pay Class 2 National Insurance contributions. You’ll pay this through Self Assessment. It’s important to note that you can get buy-to-let tax relief on income tax. This means you’ll pay tax on the profit you make, once your ‘allowable expenses’ have been deducted. These expenses include the money you spend on the day-to-day running of the property such as letting agents’ fees, buildings and contents insurance, accountants’ fees and Council Tax. You can find out more about these allowable expenses on the government’s website. How much tax you pay on buy-to-let property income The income you receive from charging rent on your property is taxable. This means you’ll need to declare any rent you receive to HMRC (once you’ve deducted the expenses or allowances explained above) when filling out your Self Assessment tax return. As mentioned, how much tax you’ll pay will depend on your income tax band (either 20% or 40%). If you make money from other sources, such as employment, your rental profits will be taxed at the same rates as your other income. Stamp duty You’ll pay stamp duty on your buy-to-let property if the purchase means you’ll own more than one property and the property is worth more than £40,000. This type of stamp duty is known as the Additional Stamp Duty Rate and is charged as an extra on top of your standard stamp duty bill. So, if your property purchase means you own more than one property, you’ll pay a 3% stamp duty surcharge. Capital Gains Tax You may need to pay Capital Gains Tax if you make a profit when you sell a property that isn’t your home, such as a buy-to-let property. To work out if you’re required to pay Capital Gains Tax, you’ll need to calculate the ‘gain’ you’ve made from selling the property. The Capital Gains Tax rate is 18% for basic rate taxpayers earning up to £50,000 per year. This rate then rises to 28% for higher-rate taxpayers earning more than £50,000 per year. But like income tax, you’re entitled to a tax-free allowance which can reduce your tax bill. Until April 2025, the Capital Gains Tax tax-free allowance is £12,300. Inheritance tax If you’re a landlord or property business owner, you may look to pass on your property to loved ones once you’ve passed away. To do this, you must understand how Inheritance Tax (IHT) works and how it may affect your property portfolio. Should you pass away owning property, your beneficiaries (those in line to receive inheritance from you following your death) may need to pay IHT on your estate. IHT is charged at 40%, but everyone is entitled to the nil-rate-band allowance of £325,000 which they won’t pay tax on. Anything above this threshold is subject to the 40% tax rate. Real life case study from a property business owner We asked Michelle Niziol, estate agent, mortgage broker, property investor and director of IMS Property Group about her experiences with buy-to-let and any key takeaways she can share with new property investors. “The biggest challenge of starting a buy-to-let portfolio is usually the capital to put down as a deposit. You typically need at least 25% deposit of the value of the property. “Then understanding the local property market is critical, you need to be able to identify areas with potential for rental income and property appreciation and this can be challenging, especially for beginners. “You need to be careful with your property selection, ensure that the property you choose aligns with your investment goals, budget, and target tenant market, you need to consider factors such as location, property condition and potential rental yield.” When it comes to long-term success as a buy-to-let business owner, Michelle shared the following tips: “Ensure that you secure a property in the right location, near public transport routes, good schools and ensure that when the tenant moves in, the property is refurbished to a high standard. Make sure you deal with maintenance issues promptly, and enlist a reputable letting agent to fully manage your property.” Further costs associated with buy-to-let properties When investing in property, it’s important to consider any ongoing costs that may affect the returns on your investment. Once you’ve purchased a property, there are several ongoing expenses you’ll need to cover, including: Property maintenance costs: The cost of regular upkeep for your property, including cleaning, gardening and ensuring the property is kept in good working order. Agency fees: If you choose to rent out your property through a letting agent, you’ll need to pay letting agents’ fees. How much this will cost depends on the tasks the letting agent provides. You may choose to pay a one-off fee for a let-only service, which is usually around four weeks’ rent. If you choose full property management, the agent will deal with any day-to-day issues such as damage to the property or a tenant leaving without giving notice. This could cost you up to 20%. Repairs: We’re talking about repairs that go beyond your day-to-day maintenance. Unexpected repairs may crop up occasionally, such as a boiler breaking or something structural that needs fixing. Making sure you have a pot of money set aside for repairs can help. Insurance: You can take out buy-to-let landlord insurance, a more specialised type of home insurance, to protect you against risk when renting out your property. You may find that some home insurance providers won’t cover you if you aren’t living in your property, so make sure you take out the right cover for your needs. Insurance can protect you financially should the unexpected happen, such as a fire or flood, or even a tenant is injured due to a fault in the property and takes legal action. To wrap things up… If you’ve always wanted to start a business, what are you waiting for? Nothing compares to the feeling of being your own boss, and the property industry is a thriving one to be a part of. Now you know the most profitable buy-to-let hotspots, there’s no reason to wait. Form your company with SUAZ today - we’re excited to help kickstart your new venture. Recommended Readings

When starting a business, often coming up with an idea is the hardest part. We've gathered X ideas, and some tips on how to come up with the perfect one. Want to start a business but have no ideas? Here’s some inspiration 12 min read Company Formations Table of Contents Categories How to come up with a business idea on your own Mistakes to avoid when looking for good business ideas Business ideas for you to consider How do you know if your business idea is a good one? What happens now you have your business idea? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Perhaps you’ve always wanted to start a business, or maybe entrepreneurship is a goal you’ve only recently added to your bucket list. Whatever your circumstances, scoring a good business idea is the first step in your journey. If the words, ‘I want to start a business but have no ideas’ have played on your mind, we like to think we’ve got you covered. After all, a winning business idea may be just under your nose - you just need to find it. In this blog, we’ll cover how you can find ideas for starting a business to kickstart your new adventure. From reflecting on your strengths and weaknesses, to common mistakes you should avoid, our tips will help you uncover a business idea that aligns with your interests and makes the most of your skills. You’ll be saying ‘eureka!’ in no time. How to come up with a business idea on your own Have you ever wondered what is a good business to start? Perhaps being an entrepreneur has always been your dream but self-doubt has crept in. Or maybe you’re simply stuck for an idea that you truly care about. After all, your business is likely to take up a lot of your time, so you’ll want to feel passionate about it. Try to choose something you care about, not just what you think will make the most profit. A successful business idea is often generated by market awareness, some creativity and identifying your interests and skills. We’ve put together some considerations to help you find your business idea below. Reflect on yourself: What can you offer? Self-reflection can not only help you with your business idea, it can also allow you to identify your motivation for starting a business too. Why exactly do you want to start a business? Try to picture yourself in those entrepreneurial shoes and think of what motivates you. Maybe it’s to help others, become financially independent or fill a gap in the market. Having this self-awareness can guide you towards a business concept that aligns with your values and aspirations. Maybe you’re an avid cook, or try to live as sustainably as possible - your passions could be the building blocks of a business idea that takes the market by storm. Next, assess your skills and background - we’re not just talking about your education or qualifications, but the skills you have in your personal life too. Would your friends describe you as a good listener? Maybe you’re great at giving advice, and mentoring others for a living could be your calling. Your skills could open the door to new opportunities when you least expect them. Are there any hobbies that you can monetise? Your business idea may be closer to home than you initially thought. You may have a hobby that fills you with joy in your personal life, that could be the perfect business opportunity. Some hobbies that may have earning potential include: Crochet: Crocheting is a creative way to calm your mind, with 78.5% of people reporting that crocheting helps them to relax . But have you ever thought of the earning potential of crocheting? Your talent could earn you a loyal customer base, and you could get paid for doing what you love. Writing: Been praised for your way with words? If magic happens when you put pen to paper, starting a writing business could be your calling. Perhaps you’ll help businesses market their products as a copywriter, or help others improve their writing as a proofreader or editor. The options are endless. Baking: If the kitchen is your happy place, why not make your apron your uniform? Starting your own baking business will put your skills to good use and you’ll get to taste test your hard work! Sounds pretty good to us. Photography: Prefer to see life through a lens? If capturing the perfect shot makes your heart sing, starting a photography business could tick all the boxes. What skills do you have? Make a list of your key skills, and any expertise you possess, even if you doubt your ability. Has a colleague praised your problem-solving skills? Maybe you’re great at communicating with others and getting your message across. Once you’ve put your list together, you can research the market to identify gaps or problems that your skills could solve. Maybe you’re a skilled programmer or developer, and you’ve noticed a gap in the market for a particular tool - what’s stopping you from building that tool yourself? If you’re currently working a side hustle, an additional job you do for some extra cash, have you considered the possibility of making this your full-time occupation? This could work especially well if you currently have freelance clients, as you’ll already have several customers who know you and the value of your work. Think about common problems you could solve Your new business could be the solution to several problems across the market. Here are just some examples of how solving a problem can secure your business growth in different industries: Technology: Such as offering tech support to local businesses, developing software or an app to improve efficiency, or building websites to help brands grow online. Health: Introducing fitness classes to the local area, starting a counselling or mentoring service to support those struggling with their mental health, or creating natural toiletry products to reduce skin irritation. Retail or Ecommerce: Introducing a certain product or service online that isn’t currently available or using AI to offer personalised shopping experiences. Finance: Building a budgeting app for a specific age group, offering financial advisory services in your local area, or becoming a finance writer whose blog offers financial advice. Trade: Offering skilled workers in craftsmanship or fixing people’s homes such as plumbing and installation. If you’re considering starting a business in a trade, be sure to check out our guide on the best trade to start a business . Remember the key to solving customer problems is market research. Asking your target market or potential customers about their circumstances can ensure you develop a product or service that resonates with them and meets their needs. Think about what’s trending right now. Could you do it better? Look, we’re not saying create a direct replica of a product or service that already exists (the last thing you want is to be labelled a copycat!). But there may be something that’s trending right now that you could capitalise on. After all, if there’s already high demand for a particular product or service, you may find it easier to attract customers. Is there a popular product or service out there that you could do better? Maybe you’ve found a way to offer something similar for a cheaper price or better quality. Do your own research If you’re stuck for a business idea, research could unlock ideas you hadn’t even considered. Getting to grips with the market, your potential competitors and market niches and trends can prepare you for life as an entrepreneur. You’ll gain an understanding of your target market so you can identify customer needs and address them. You can also identify what others in your potential industry are doing well, and what they’re missing for you to develop your own competitive advantage. You could read books written by entrepreneurs, attend conferences to introduce yourself to the industry, or even explore online courses - many of which are free. Brushing up your knowledge doesn’t need to break the bank! You may stumble across a business idea when you least expect it. Learn from others Don’t be afraid to reach out to like-minded people - those successful entrepreneurs you admire were once in your shoes. Perhaps you have a mentor, colleague or local business owner that you look up to - why not reach out to them? Soak up their knowledge and ask how their business journey evolved. There’s no harm in brainstorming business ideas with someone you trust - they may think of something you haven’t, or offer their advice on how to make your concept even better. Mistakes to avoid when looking for good business ideas So, we’ve covered what you should do when searching for good business ideas. But what about the mistakes you should look to avoid? Considering 35% of failed businesses went wrong due to a lack of market need, and 19% failed due to a flawed business model, you’ll want to set yourself up for success from the get-go. Here are some common mistakes you should watch out for when deciding on your business idea: Don’t rush your idea What good ever came from rushing? You wouldn’t buy a house without going to see it first! Taking the time to research your industry, understand the needs of your potential customers and weigh up the pros and cons of each idea could save you significant time and money in the long run. Not only does rushing often lead to unnecessary stress and anxiety, but the more you’re prepared, the better chances you have of success. Take the time to get to know your industry, flesh out your idea and learn as much as possible. Don’t steal from others While other businesses may inspire you, try not to overtly copy them or steal their ideas. The business may spot your efforts to replicate their work, and customers are likely to see it too - which won’t show you in a good light! Don’t be afraid to ask those you admire questions about their business for inspiration, but make sure you avoid copying what they do. Your own ideas are just as special, so try not to doubt yourself! Perfectionism While it’s often easier said than done, you should try to avoid striving for perfection when fleshing out your business idea. Perfectionism could even cost you a winning business idea, due to self-doubt. One way to avoid perfectionism when it comes to trialling different business ideas is to seek feedback from your network early. Share your business ideas with your most trusted friends, family or even potential customers. From there, you can make changes to your idea from the valuable insights you gain, with the reassurance that others responded well to your business model. Above all, learning to let go is all part of the process of becoming an entrepreneur. Mistakes do happen, and instead of dwelling on them, you can use them as opportunities to make your business idea the best it can be. Not starting One of the biggest mistakes when it comes to business ideas? Not following through with your idea and making your business come to life. With 43% of aspiring entrepreneurs not believing they’ll set up their business, you’re not alone in feeling apprehensive. Many people get to the research stage of their business idea, but fail to get their business started, often due to a fear of failure. Remember, if you’ve got your business idea mapped out but are hesitant to press ‘go’, our friendly team are always at hand to help you, whether you need to voice your ideas or simply have a question about how company formation works. Business ideas for you to consider Feeling stuck for inspiration? We’ve put together a list of potential business ideas for you to explore. Start a dropshipping business When selling goods online, the seller is usually responsible for sourcing the products, as well as renting a warehouse space and then shipping the products to customers. With dropshipping, the seller uses a third-party supplier to ship the product instead - allowing you to cut the costs of storing your products. In some cases, the dropshipper also takes care of handling your inventory and stock-taking, so you can focus on the fun stuff like taking care of your customers, improving your products and building your brand. By starting a dropshipping business you can usually get your business up and running quicker than other types of businesses. You won’t need to keep products in stock or worry about your inventory. Instead, you’ll sell your products and pass the order on to a third-party supplier, who ships the order to your customer. The downside to consider, however, is the low profit margins that are often associated with dropshipping. You’ll likely have to put a lot in to keep your business running and generate profits, as a lot of the money you make will go to the supplier. It can also be tricky to differentiate your products from others also being sourced from third parties. To stay competitive, you may choose to lower your prices, but this can threaten your ROI. 2. Start a dog walking business You’re sure to wake up every morning feeling paw sitive as a professional dog walker. Not only will you get paid for taking care of precious pups (the dream, right?), starting a dog walking business will also keep you fit and active. While there aren’t any qualifications you’re legally required to have to start a dog walking business, there are several costs to keep in mind. You’ll need to have dog walking insurance in place, to protect not only your reputation but to cover the cost of your equipment and the cost of medical treatment should a dog face injury or death while you’re working. You’ll also need to factor in the cost of branding and getting your business’ name out there - you may choose to set up a website to boost your professionalism. 3. Start a cleaning business There are around 66,500 cleaning companies in the UK, making it a popular industry to be a part of! If you’re looking for a rewarding career that offers flexible hours and financial freedom, starting a cleaning business may be right for you. Of course, there are some safety considerations to keep in mind such as slipping over and potentially hazardous cleaning products, but provided you keep safe, it’s a job you’re sure to love. 4. Start a crafting business from home Always been the creative type? Let your imagination run wild and get paid for it by starting a crafting business. First, you’ll need to identify your craft. Perhaps you’re a natural with woodwork, love making jewellery or decorating spaces for parties. Whatever you’re drawn to, there’s nothing stopping you from monetising your talents. Be sure to research your target market to understand who your potential customers are, their pain points and how much they’d pay for your service. From there, you can get to work bringing your crafting business to life. Even better? Provided you have the space, you may be able to work from home. 5. Start a gardening or landscaping business Put your green fingers to work by starting a gardening or landscaping business. If you feel most at home when you’re outdoors, this could be the perfect business idea for you. You’ll experience the joy of bringing your customer’s gardens to life, as well as the financial freedom being your own boss brings. Perhaps you’ll specialise in a certain area such as lawn care or landscape design, or maybe you’re versatile enough to offer all types of gardening services. Make sure you invest in quality equipment and take out the right insurance to protect you and your business’ reputation. How do you know if your business idea is a good one? So, you’ve found a business concept that you feel passionate about - how do you know if it’s a good one? To make your business the best it can be, critiquing your idea and asking for feedback from others is vital. Use your market research to gauge the demand for your product or service to assess its profitability. Also ensure you have a unique selling proposition (USP) to give your business a competitive edge. But as well as profitability, you’ll need to ensure you have the passion and drive to succeed. Does your business idea make you excited for the future? Is it something you could see yourself doing long term? Ultimately, a thorough assessment of your business idea, along with others’ opinions, can help you decide if your plans have the potential for success. What happens now you have your business idea? Ready to turn your business idea into a fully-fledged company? We believe you have what it takes to thrive. Starting your own business can be truly lifechanging. All you need is some self-belief, a great idea and the determination to get you where you want to be. Once you’re ready to form your company, our professional company formation service is there to guide you through the process. What are you waiting for? Form your company today with SUAZ. Recommended Readings

Learn how to start a pet shop business in the UK with our comprehensive guide. Discover essential steps, tips, and strategies for success with SUAZ. How to Start a Pet Shop Business: A Complete Guide 12 min read Beginner's Guide Table of Contents Categories Is it profitable to enter the pet business market? Steps to starting a pet business Step 1: Consider your brand and positioning and find your niche Your branding Step 2: Consider legal requirements and regulations Am I allowed to sell pets? Step 3: Create a solid business plan Step 4: Choose a solid business location Step 5: Come up with a marketing strategy Step 6: Have a plan for financing and funding How much does it cost to start a pet shop business? Create your pet shop business with SUAZ Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office It’s estimated that pet owners in the UK spend more than £8 billion annually on supplies for their furry friends. During the pandemic, it’s thought that 3.5 million dogs were purchased, which means annual spending is only likely to increase. Needless to say, with so many pet owners in the UK, there’s a huge demand for pet shops. If you have the love, passion, drive, experience and animal know-how, it’s a wonderful time to start a pet shop business in the UK. In a world where it’s easy to order pet supplies at the click of a button, pet shops still play an important role. Unlike online retailers, pet shops offer a personalised service and can help owners and potential owners with questions and concerns and offer advice. This helps build trust with your customers and ensures they keep coming back to you again and again. Today, pets aren’t just a part of a family – they are family – and owners will often go to great lengths to make sure they’re well looked after. If being a pet shop proprietor sounds like something you’d be barking mad to pass up, then this article is for you. We’re going to explain how to start a pet shop business in the UK, so you can take the first steps to making your dreams a reality. Is it profitable to enter the pet business market? Before you start, you need to answer, is a pet shop a good business to open right now? It’s thought that between 2022 and 2031, the pet shop market will increase by 5.2% . In the past 20 years, the amount we spend on our pets has increased by more than 150% . This shows that the boom in pet ownership isn’t showing any signs of slowing down and there’s plenty of money to be made by pet shops. It is, of course, a competitive market – just like any other business. High-street pet supply chains and supermarkets offer a wide range of pet products and services, but they often lack that personal touch and expertise. That’s where your pet shop can step in to raise the bar for pet care. Whether you’re looking to open a general pet shop or a niche pet shop (such as a shop focusing on exotic animals such as reptiles or tropical fish) so long as you approach it carefully and thoughtfully, it can absolutely be profitable. Steps to starting a pet business Ready to become the next hottest thing in pet supplies? Here’s our step-by-step guide for how to start a pet shop business in the UK. Or, for more general information, we also have a complete guide to starting a business . Step 1: Consider your brand and positioning and find your niche As any business owner will attest, there’s a lot of competition out there. You may have the skill, knowledge and passion, but it doesn’t count for much unless you stand out from the crowd. The first thing to do is think about what your pet shop business will do differently. What will stop pet owners from heading to the supermarket or a high-street brand and choosing to walk in through your doors instead? Maybe you’ll start selling trendy dog accessory and clothing for the fashion-savvy fur parents. Maybe your pet shop will specialise in cats. Maybe it will have the biggest selection of dog food in the UK. Maybe you’ll theme it to look like customers are trekking through the jungle. Or what if you have a king cobra on display in the back (so long as you have a dangerous wild animal licence, of course)? Your unique selling point (USP) should revolve around what you do best. What are you passionate about? What do you know loads about? What pet-owning pain point do you want to solve to ensure customers keep coming back? Because you’re interested in opening a pet shop, you presumably know a thing or two about pet care already. Think about the types of questions pet owners ask, the products they buy most regularly and the problems they face, and focus your USP around those. It’s also important to back this up with market research. Data can help you identify gaps in the market and show you how you can fit in to make your business a success. But, however you choose to position yourself, the most important thing is to do it well. Your branding Once you know more about what your niche and brand values are, you can start thinking about branding. This includes: A name A logo A mission statement Your vision Your tone of voice and messaging If you have experience with these you can work on them yourself, or lean on professional help by hiring a branding consultant or a freelancer. Make sure you have a very clear idea of what you want your business to look like so you can accurately brief designers who can help bring your vision to life. If you’re not very creative, there are ways to come up with pet shop business name ideas that are unique and memorable. Here are just a few: Use alliteration: e.g. Peter’s Pets Use puns: Barking Mad Pet Shop Lean into your niche: Reptile Ssssupplies Use a name generator, like the one offered by Shopify Take a name from literature, mythology or history These are just a few suggestions. Don’t hold back and let your creativity run wild! Step 2: Consider legal requirements and regulations There are several strict requirements and regulations to abide by when setting up your pet shop business. Firstly, there are the laws every business owner must comply with, including those related to paying tax. If you plan to employ staff, you must have employers’ liability insurance and it’s recommended that you at least have public liability insurance too. The last thing you want is for someone to accuse your store of causing illness or injury and you don’t hold a valid policy. It’s recommended that you register your business as a limited company to protect yourself and your business – here at SUAZ, we can help do that for you . If you plan on selling pets you must also obtain a licence from your local authority. If you're considering transporting animals as part of your pet shop business, be sure to check out our guide on how to start a pet transport business for essential information on licensing and regulations. This authorises you to legally operate your business and it mu st be renewed every one, two or three years. If you don’t have a licence, you can be fined and even face imprisonment. To be granted a licence you must make sure that: Animals are kept in suitable housing Animals receive the food and water they need Mammals aren’t sold when they’re too young Animals are visited and offered exercise regularly Effort is made to prevent pain and stop the spread of diseases There’s an appropriate plan in place in the event of an emergency Staff are trained to properly care for the animals It’s also vital that you don’t sell an animal to any customer under the age of 16. This is a criminal offence in the UK. And while it’s not a particularly exciting regulation, data protection and privacy laws must be adhered to at all times. So, when you collect and process customer data, ensure you comply with all regulations. Am I allowed to sell pets? Whether or not you choose to sell pets at your pet shop is entirely up to you, but you can only do so if you obtain a licence from your local authority. A licence allows you to sell animals such as rabbits, guinea pigs, gerbils, non-venomous reptiles, insects, and hamsters. However, there are certain considerations to be aware of, as a pet shop license doesn’t mean you can automatically sell any type of animal. Restrictions include: You can only sell puppies and kittens if you’ve bred them yourself Mammals cannot be sold if they’re under eight weeks old You cannot sell venomous or dangerous animals (this requires a separate licence) There are many ethical considerations to think about when making the decision to sell pets at your pet shop. Only if you’re able to properly house, feed and look after them should this be something you consider. Not only from an ethical point of view, but if you don’t meet satisfactory standards you may fail to be granted a licence and you could face receiving a fine. Step 3: Create a solid business plan You know where you want to position your business and you know the legal requirements, so now it’s time to get a solid understanding of your business’ goals and how you’re going to achieve them. Writing a business plan is tough, but it’s an essential part of the process. It’s something you can turn back to again and again to make sure you’re on track. It’s also imperative if you’re going to seek investors, as it tells them how you’re going to make sure you don’t lose their money. We’ve covered how to write a business plan before, so you should have a full read of our guide before you pick up a pen or open Word. But, here’s a condensed version so you have a good idea about where to start: Your executive summary – this is a summary of around one page that’s designed to tempt people into reading the rest. It should include the key points around your goals, stakeholders and opportunities for growth. Company description – Highlight your business, values and what’s important to you. It’s a chance to tell your story. Analyse the market – outline your market research and understanding of the pet supply industry, your competitors and your target audience. This shows why you’re the one to open this pet shop and how you’re going to sell your products to your customers, including marketing strategies. Your structure – This outlines your team and structure and what everyone’s responsibilities and experiences are. Your products and services – This explains what you’ll offer your customers, including your USPs, and how you fill a gap in the market. Financial plan – This outlines how your business will make money. It’s the main section investors will look at so you understand how your business will grow. SWOT analysis – This outlines your strengths, weaknesses, opportunities and threats - aka SWOT. Appendices – This includes additional information and documents that are relevant and add value. Step 4: Choose a solid business location Choosing where to base your pet shop is vital. You need to strike the right balance to ensure customers can easily get to you, the space itself and the cost. When looking for a location, you should ask the following questions: Is the space big enough for all your products and the services you want to offer? If you plan on selling animals, is it suitable so that you’ll get your pet shop licence without any problems? Does it comfortably fit within your budget (also ask about hidden costs)? Is there any competition in the area? Is there vehicle access? Is there a high level of foot traffic? Are there any regulations to be aware of? What is the condition and are there any maintenance issues to be aware of Is there room to grow? What are the terms of the lease? Does it meet health and safety requirements? Only when you have satisfactory answers to all of your questions that align with your business plan should you go ahead with your chosen location. This is one of the biggest stages in starting your pet shop business, so consider it carefully and go with your head, not your heart. Step 5: Come up with a marketing strategy Once you’ve chosen your location, it’ll hopefully have a high amount of passing foot traffic, which will naturally draw customers to you. But, this and the subsequent word of mouth aren’t likely to be enough, no matter how low your prices are or how amazing your service is. That’s why you need to come up with a marketing strategy that will tell your customers who you are and why you’re the one to help them overcome their problems, whether that’s by offering the products or services they need, low prices, a wide selection or something else. The only thing is, marketing takes time or money – and often both. The first thing you need to do is define your audience. What type of pet owners are your ideal customers? Look at age, gender, interests, lifestyle, values, income… the more specific you can be, the more targeted you can make your marketing. You should set yourself clear SMART goals, which are specific, measurable, achievable, relevant and timely. You should always refer to these to make sure your marketing efforts are on target and you’re not wasting your resources. Next, based on your target audience, choose the most relevant marketing channels. This could include: Social media Website Email marketing Online advertising Print media Networking Collaborations If you also have a website and sell products through it, you can help increase its visibility with an SEO and content marketing strategy, too. When it comes to marketing, there’s no magical winning formula and for newcomers, it can involve a lot of trial and error. You’ll be in a great position to do some marketing yourself, such as social media, but other forms can be tricky and time-consuming. It can be worth hiring a marketing agency or freelancer to do some of the more difficult marketing tasks for you, but this will, of course, come at a cost. However, this is a key part of starting a business, because it helps customers find and spend their money with you. Make sure to monitor spend and return on investment (ROI). When you know about what strategies work best for converting customers, focus your efforts on doing more of that. Step 6: Have a plan for financing and funding Starting a pet shop can be a hugely fruitful and rewarding experience, and if you have the right level of expertise, experience and dedication, you can no doubt make it a success. The only issue is, to get to that stage, it can be expensive. Some services can help keep costs down, like company formation packages , but there are still lots more to be aware of, including everything from deposits to insurance. Unless you have savings or you’re an entrepreneur with assets you can sell to pursue your next venture, you need a plan for securing financing and funding. There are several ways you can secure funding: A business loan Investors Crowdfunding Grants Not all options will be available to you, but to give you the best possible chance you’ll need to have followed the previous steps in this guide, specifically about writing a business plan. The only way to receive a business loan or the interest of an investor is by having a solid business plan with financial figures that shows them you know what you’re doing. Because if your business fails, they lose out, so they’re not ones to take risks. You always need to keep a close eye on your finances. Don’t be reactive – be proactive. Make adjustments to your financial plan when necessary and make sure you do what you can to stick to your budgets. For more detailed information, read our guide to startup loans and business financing . How much does it cost to start a pet shop business? The cost of starting a pet shop business can vary depending on a huge range of factors, but according to data, it will be approximately between £10,000 and £50,000 . This includes costs related to: Legal fees Insurance Deposits Licences Stock Leases Renovations Utilities Equipment Marketing Staff Create your pet shop business with SUAZ Opening a pet shop won’t be easy, but it can be rewarding and lucrative. If you have what it takes, then you absolutely can make your business a success and fill a gap in the market to attract a legion of loyal pet-owning customers. With the number of pets in the UK still on the up, now’s the time to follow through on your idea and open your dream pet shop. Ready to go? Forming a company with SUAZ is easy. Form a company for free, or view our packages for more information. Recommended Readings

Learn the key differences of paying tax, personal liability and more if you’re weighing up whether to run a business as a sole trader or a limited company. Self Employed vs Limited Company - What’s Best? 12 min read Company Formations Table of Contents Categories What’s the difference between a sole trader and a limited company? Tax differences between self-employed and a limited company Tax if you’re a sole trader How much can you earn self-employed before paying tax? Tax if you’re a registered limited company VAT Could I change from a sole trader to a limited company? Greater pension options Reduced risk of personal insolvency You could sell your business Weighing up your options to form a company Let SUAZ help you on your business journey Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office No feeling compares to taking the leap to start your own business. Financial freedom, flexible working hours and the ability to build a culture you care about - the list of benefits is endless. From doing your research, you’ll know there are several big decisions you’ll need to make as a business owner - and we’re not just talking about the paint colours of your new office. You’ll need to decide on the structure of your new business, and weigh up the pros and cons of a self employed vs limited company. Below, we’ll uncover the difference between a sole trader and limited company, so you can figure out which business structure works best for your new venture. What’s the difference between a sole trader and a limited company? While operating as a sole trader or limited company won’t change your role as a business owner, there are numerous differences to consider when you compare limited company vs self employed in the UK. We’ve put together this table to outline the differences between a sole trader and limited company, so you can match your needs to a business structure that works for you. Sole trader Limited company You’ll need to register with HMRC to let them know you’re self-employed Limited companies are treated as separate legal entities, meaning you aren’t personally responsible for your business’ losses or debts You’ll be personally liable for any business debts or financial losses Most limited companies are ‘limited by shares’, meaning they’re owned by shareholders. You can own 100% of the company, or a percentage of it depending on the weighting between shareholders If you’re sued, your personal assets may be at risk It will cost you money to register as a limited company (a £50 registration fee) but SUAZ covers the cost to make it more affordable for you to chase your dream It doesn’t cost you anything to get started as a sole trader - but remember, you’re personally liable should things go wrong financially When your business is registered you become a director of the company Tax differences between self-employed and a limited company A key difference between becoming self-employed and forming a limited company is tax. Below, we’ll explore some of the tax implications of a self employed vs limited company. Tax if you’re a sole trader As a sole trader, you’re responsible for keeping on top of your taxes. How much tax you pay will depend on the profit you make and how much income you earn each financial year (which runs April-April). Once your income exceeds the tax-free personal allowance threshold, which is £12,570, you’ll need to pay tax on anything you earn over that amount. Sole traders pay between 20-45% income tax, whereas limited companies pay only 19% corporation tax, making them more tax efficient. Those who are self-employed are also required to pay National Insurance Contributions (NICs) and the class you pay depends on the profit you make. If you make a profit of £6,725 or more a year, Class 2 contributions are treated as having been paid to protect your NI record, so you don’t need to pay Class 2 contributions. If you earn less than this a year, you don’t need to pay anything but can choose to make voluntary Class 2 contributions to protect your NI record, so you qualify for certain benefits and the state pension. Make more than £12,570 a year? You’ll need to pay Class 4 Contributions, which for the 2024-25 tax year are as follows: 6% on profits of £12,570 up to £50,270 2% on profits over £50,270 How much can you earn self-employed before paying tax? You’ll pay tax on anything you earn over the standard Personal Allowance, which for the 2024/25 tax year is £12,570. Tax if you’re a registered limited company As a limited company, you’ll pay corporation tax, which is typically less than the income tax you’d pay as a sole trader. If your business made more than £250,000, you’ll pay the main rate of corporation tax which is 25%. If your company’s profits were £50,000 or less, you’ll pay the small profits rate of 19%. As a company director, you may choose to pay yourself a mix of salary and dividends, meaning your salary amount is smaller, and in turn, you’ll pay less tax. Dividends are taxed at a lower rate , allowing you to maximise your take-home pay. This method also lowers the amount of National Insurance you’ll pay. As the director of your limited company, you’ll pay two types of National Insurance contributions - the company itself will pay NIC as an employer, and you’ll also pay it on your salary. You’ll be responsible for paying National Insurance through HMRC’s PAYE (Pay as You Earn) system, as part of your business’ payroll. Limited companies are also required to file annual reports to Companies House, which become available to the public. These accounts include details on your profits and losses, a balance sheet, a director’s report, an auditor’s report and your name and signature. VAT Whether you’re a sole trader or limited company, you’ll need to register for value added tax (VAT) if your turnover goes over £90,000 - the VAT threshold. You can also choose to register for VAT if your turnover is less than £90,000, known as voluntary registration. Currently, in the UK, the rate of VAT is 20%. A good way to think of it is your business isn’t paying VAT - instead, you’re charging your customer, for you to then pay HMRC. You’ll then complete a VAT tax return, usually quarterly, to let HMRC know how much VAT you’ve charged. You’ll need to include your total sales and purchases, the amount of VAT you owe, the amount of VAT you can reclaim and the amount of VAT HMRC owes you. You can submit your VAT return using compatible accounting software, through an agent or accountant, or by using your online VAT account . Could I change from a sole trader to a limited company? You have the freedom to operate as a sole trader initially while you find your feet, and later decide to register your business as a limited company. Just because you started out as a sole trader, it doesn’t mean you can’t change your mind further down the line. But, it’s important to be aware of the challenges many new businesses face. According to the UK’s self employed survival rates for 2025 , a significant number of sole traders close within the first few years. Understanding these survival rates can help you plan your business journey more effectively. Changing from a sole trader to a limited company could shield you from financial risk. This is because a limited company is treated as a separate legal entity from its director, meaning you won’t be personally liable should your business suffer financially. You may also benefit financially when it comes to business tax. Rather than paying between 20-45% income tax, you’ll pay corporation tax at 19%. As a director, you can also choose to take home a smaller salary and receive your additional income as dividends to help lower your tax bill. There are further benefits to registering as a limited company including: Greater pension options As a sole trader, you’ll only be eligible for a personal pension and you can’t deduct your pension contributions as an expense of your business. This means your contributions will need to come from your take-home pay after tax. You’ll still be eligible for the State Pension as long as you have ten qualifying years on your National Insurance record to get any state pension, and at least 35 years to receive the full State Pension. Operating as a limited company can unlock greater pension options. Your pension contributions can be treated as an allowable business expense if the payments are ‘ wholly and exclusively ’ for the purposes of the profession, trade or vocation. What does this mean exactly? Well, you can offset the pension contributions against your business profits and in turn reduce your corporation tax bill. As a limited company, you may also have the chance to join or provide a small self-administered scheme, known as an SSAS pension - a type of workplace pension that is independently managed by the company that sets it up. Reduced risk of personal insolvency As we mentioned earlier, as a limited company you have the legal protection that should your business face financial difficulties, you won’t be personally affected. This is known as limited liability , which protects you should your business ever struggle with debts, financial losses or liabilities, the business itself is responsible for them - not you individually. This is because, in the eyes of the law, your business is classed as an ‘individual’ and separate legal entity. You could sell your business You never know what the future holds - one day you may feel ready for something new and choose to sell your limited company. Remember, if you have more than one owner, all shareholders will need to agree to the sale first. You may also need to pay capital gains tax if you make a ‘capital gain’ when selling your business. Weighing up your options to form a company Deciding which business structure suits you best can feel tricky, especially when you consider the differences between a sole trader and limited company. To help you weigh up your options, we’ve put together this comparative table comparing a self employed vs limited company. Advantages Disadvantages Sole trader You’ll have full flexibility and control over your business without the input of shareholders You don’t need to register your business with Companies House, meaning you’ll have less paperwork to complete You keep all profits after tax You aren’t legally separate from your business, so you’ll be personally liable for any business debts Your personal assets are tied to your business The tax you pay will depend on your income (between 20-45%) Limited company As the owner of a limited company, you’re financially protected should your business suffer financially Your personal assets aren’t tied to your business Your limited company is treated as an ‘individual’ and is a separate legal entity You’ll pay corporation tax at a flat rate (19%) Control is shared between owners, known as ‘members’ You have to register your company with Companies House and pay a registration fee (unless you register with SUAZ - we’ll cover the registration fee for you) Your profits are taxed via corporation tax, income tax and National Insurance Let SUAZ help you on your business journey If you’re looking to start your own business, there’s no reason to wait. Why not let SUAZ help you on your road to success? We can help you form your limited company and even take care of the registration fee, completely free of charge. Apply to form your company and reap the rewards you deserve. Recommended Readings

Learn what public liability insurance is, why it's essential for UK businesses, and how it protects against claims for injury or property damage. What is public liability insurance and what does it cover? 12 min read Company Formations Table of Contents Categories What is public liability insurance? What does public liability insurance cover? What doesn’t public liability insurance cover? Why do you need public liability insurance? How much public liability insurance do you need? How to get public liability insurance in the UK Tips for managing your public liability insurance Ready to chase your dream? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Nothing compares to the feeling of starting your own business . You can bring your vision to life with endless opportunities to explore. But with that excitement comes several key responsibilities, and more so if you'll be dealing with the public. Chances are you’ve come across a lot of jargon in your business journey so far, especially when it comes to insurance. There are several types of business insurance out there to suit different business needs. While not a legal requirement, public liability insurance can offer significant protection, covering you if a member of the public has an injury or their property gets damaged because of your business. In this guide, we’ll answer exactly ‘what is public liability insurance?’, why it’s important and how to find the right policy for your needs. What is public liability insurance? Public liability insurance is a form of business insurance designed to cover you if a member of the public claims to have been injured, or had their property damaged, because of your business. Your insurance would then financially protect you against any legal proceedings that follow the claim, including any compensation that may be owed. While it’s not a legal requirement to have public liability insurance in place, some clients may ask that you’re covered for public liability before agreeing to work with you. So, in some cases it does more than protect your business - it could also secure you new opportunities too. What does public liability insurance cover? Should a member of the public claim to have been injured or had their property damaged as a result of your business activities, public liability insurance could cover the cost of compensation. Your insurance may cover the cost of compensation for personal injuries, loss of or damage to property and death. While policies can vary depending on the terms of your policy, most insurers will cover you for: Incidents that occur on your business premises Incidents that occur off-site, at events or activities organised by your business Your policy may also cover the cost of legal fees as a result of a claim against you. What doesn’t public liability insurance cover? What is and isn’t covered by public liability insurance will depend on the terms of your policy, but there are several common exclusions you need to be aware of. For example, claims made by an employee against you for damage or personal injury aren’t covered by public liability insurance - you’ll need employers’ liability insurance for that. Other circumstances that aren’t likely to be covered include: Pre-existing issues or claims: Your policy isn’t likely to cover any issues that occurred before you took out your policy. Usually, you’ll only be covered for claims that arise once you’re insured. Hazardous materials or substances: If an accident was caused by a dangerous substance such as asbestos, it’s not likely to be covered. Criminal acts: It may sound obvious, but insurers are unlikely to cover property damage or injuries that were a result of breaking UK laws or criminal behaviour. Why do you need public liability insurance? Becoming an entrepreneur opens the door to new, exciting opportunities but an equal amount of risks. As much as we can try to prepare for the unexpected, accidents do happen and can have legal and financial consequences. Public liability insurance is designed to protect your business should the worst happen and a member of the public claims they were injured or their property was damaged as a result of your business activities. Let’s say you open a retail business and a customer trips over a cable in your shop leading to a serious injury. Without public liability insurance, you could be liable for not just medical expenses but legal fees, which can add up quickly and significantly impact your business’ financial wellbeing. As we mentioned earlier, public liability insurance isn’t a legal requirement, but it can be a massive benefit. Some clients may even ask that you have public liability insurance as a condition of their trusting and working with you. With a policy in place, you’ll have the peace of mind that should disaster strike, you and your business won’t be financially liable. How much public liability insurance do you need? How much public liability insurance you need will ultimately depend on the nature of your business. After all, each business is unique and the amount of cover you need will depend on the types of clients you work with, how much you interact with the public and your level of risk. Different insurers will cover you up to different amounts, ranging from £1m to £10m. Your cover limit is the maximum amount your insurer will pay out should you need to claim (and that claim is covered). When deciding on the level of cover you need, you’ll want to consider the following: Your clients’ expectations: Depending on the industry you operate in, your clients may expect a level of cover as a condition of working with you. For example, a client may ask that their suppliers have at least £5 million of public liability cover. If you go ahead with the work but do not have it, you will be in breach of contract. Your level of risk: Will your business regularly interact with members of the public? If so, there is a higher chance of compensation claims, especially if you work in a higher risk industry such as construction . It’s also important to consider the repair costs involved should damage to property occur, for example. Trade bodies/associations: If you’re looking to join a trade body or association, you may be required to have a particular level of public liability insurance. How to get public liability insurance in the UK While insurance can sound complicated, taking out a public liability insurance policy in the UK is usually a straightforward process. Here’s how to find the right policy for you, step by step: Work out what you need: Assess the level of protection you need. This will largely depend on the industry you work in, how much interaction you have with the public and your level of risk. From there, you can decide on how much cover you need. Shop around: Use comparison tools to compare policies from different insurers. Read the fine print : Make sure your policy covers what you need it to and watch out for any exclusions. Complete your application: Once you’ve decided on your policy and insurer, you’ll need to fill out your application. You’ll usually be asked to provide your business details, including your annual turnover, your business’ industry and the number of the employees. Try to be as honest and accurate as possible so you aren’t left unprotected. Review annually: Make sure you review your policy on an annual basis, as well as whenever there’s any change to your business. That way, your policy will continue to protect you as your business grows. Tips for managing your public liability insurance Public liability insurance is more than just a formality. Rather than getting your policy and then forgetting about it, you’ll need to review your cover regularly to ensure it still provides the right level of protection. Here are some tips to help you manage your public liability insurance: Review your policy regularly: As your business evolves, your risks are likely to change too. Make sure you review your policy, especially if you go on to offer new services or operate in new, different locations, to ensure your coverage is enough to protect you. Keep records accurate: Make sure you keep your documentation up to date, such as any risk assessments, incident logs and contracts. That way, should you need to make a claim you’ll have all the information you need to hand. Prioritise risk management: Keep accidents to a minimum by implementing health and safety measures for your business. Invest in regular training for staff, clear signage and equipment checks to ensure everything is working safely and correctly. Doing so could reduce your need to claim and potentially lower your premiums. Ready to chase your dream? Sorting out your business insurance is a vital step in your business journey. Now you’ve got your head around how public liability insurance works, you’re one step closer to making your business dream a reality. Ready to get started? With SUAZ, you can form your company completely free of charge, and you’ll have professional advice and support to hand whenever you need it. Form your limited company today. Recommended Readings

Limited liability is a corporate structure and method of business protection when forming a limited company. Explore what it is and why it's important here. What is Limited Liability in a Business? 7 min read Company Formations Table of Contents Categories Why is limited liability important? What is a sole trader? Does it really make a difference if you’re a sole trader or a limited company? What is unlimited liability? What other types of businesses have limited liability? Public limited companies (PLCs) Limited liability partnerships (LLPs) Limited by shares vs limited by guarantee Limited by shares Limited by guarantee Are there any exceptions to limited liability? Form your limited company today Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office When starting a business, it’s likely you’ll come across a lot of jargon and legal terms that can leave you feeling out of your depth. If you’ve asked ‘What is limited liability?’ - we’ve got you covered. Here, we’ll cover how limited liability works, what the difference is between limited and unlimited liability, and the protection limited liability can give you when starting your own business. Why is limited liability important? Before we dive into why limited liability is so important, we need to answer the question ‘what is limited liability in business?’ Limited liability is the protection you receive as a limited company, should your business face financial difficulties. As a limited company, your business is legally classified as an ‘individual’ and separate legal entity to you and other owners. Limited liability is important to protect you against the unexpected. So, if your business ever struggles with debts, financial losses or liabilities, the business itself is responsible for them - not you personally. This means you wouldn’t be liable for these financial hardships and all your personal assets would be secure. You would be legally protected and wouldn’t be obligated to pay any debts or cover any financial losses, should your business fall through. The same protection applies for your shareholders too - they have no legal obligation to pay more than the nominal value of shares they hold. Take a look at the advantages and disadvantages of limited liability for more information. What is a sole trader? If you’re self-employed, run your own business as an individual and work for yourself, this is known as being a sole trader. As a sole trader you’re in control of your business, its profits after tax and any assets. But unlike a limited company, as a sole trader you are personally liable for your business’ debts, meaning if your business struggles financially your personal assets may be at risk - we’ll explore this in more detail below. Does it really make a difference if you’re a sole trader or a limited company? It’s easy to assume there aren’t many differences to being a sole trader or a limited company - they both involve running a business after all! But there are significant differences between forming a limited company and becoming a sole trader. Here are some of the biggest differences between being a sole trader and a limited company: Liability: As mentioned, as a limited company you gain limited liability meaning your personal assets are protected should your business suffer financially. A limited company is treated as a separate legal entity from its owners and shareholders are also protected. Whereas as a sole trader, you are personally liable for all your business’ debts. Company size: Sole traders are considered self-employed, whereas limited companies can vary in size. Decision-making: Sole-traders are personally responsible for business decisions as they operate as one individual. Whereas limited companies often have several decision-makers, such as shareholders. What is unlimited liability? By having unlimited liability you’re legally responsible for your business’ debts. This means there is no legal distinction between your business and you personally. If your business runs into financial difficulties, you’ll be financially responsible and creditors can seize your personal assets and property to repay your business’ debts. With this in mind, you may choose to form a limited company instead to mitigate risk to your new business. What other types of businesses have limited liability? As we’ve explained, a limited company limits the amount of liability taken on by its owners and shareholders. Limited liability serves as a form of legal protection and prevents you from being responsible for your company’s financial losses. Here are some other types of businesses that have limited liability: Public limited companies (PLCs) A public limited company is a type of business that is managed by directors and owned by its shareholders. A PLC can offer shares of stock to the public and the buyers of those shares have limited liability - so won’t be liable if the business struggles financially in excess of the amount they paid for the shares. Because PLCs are listed on the stock market, they need to be transparent about their financials and must make their financial reports public so potential shareholders can read up on them before investing. Limited liability partnerships (LLPs) Another type of business structure is a limited liability partnership. A LLP works in a similar way to a limited company in that it is treated as a separate legal entity and is incorporated with Companies House. As the name suggests, a limited liability partnership also offers limited liability to its members. LLPs must be profit-making businesses and be formed by two or more people. Unlike limited companies, there are no shareholders, shares or directors in limited liability partnerships. Limited by shares vs limited by guarantee As mentioned, limited companies provide their business owners with limited liability. But before you go ahead and register your new limited company , you’ll need to decide which type of limited liability best suits you - limited by shares or limited by guarantee. The type of limited liability you should choose will depend on the industry you’re looking to operate in and the type of business you’re striving to build. Here are the differences between limited by shares and limited by guarantee: Limited by shares A business limited by shares is set up with share capital, meaning you must divide your company into shares and choose shareholders. The value of shares owned by each shareholder represents the amount of control and ownership they have, and the limit of their personal liability for business debts. A limited-by-shares company must have at least one share and one shareholder - so you can choose to set up this type of business by yourself. But you also have the choice to divide the company into several shares and have multiple shareholders. Limited by guarantee You may choose for your company to be limited by guarantee. Limited-by-guarantee companies are usually not-for-profit organisations like charities. Instead of shares being issued, all profits are kept within the company. Rather than shareholders, limited-by-guarantee companies are owned by guarantors who pay a fixed amount of money, known as a guarantee, towards the business’ debts should the business struggle financially. This financial guarantee is the limit of a guarantor’s personal liability to the company, which is typically a nominal amount, often as little as £1. Both models of incorporation offer directors the protection of limited liability, if their business faces financial strain such as insolvency. Are there any exceptions to limited liability? While limited liability can offer you protection if your company struggles financially, there are some exceptions where you may be personally liable. The protection that comes with limited liability can be withdrawn should you commit negligence or other unlawful actions. Here are just some scenarios where you may be held personally liable for your company’s debts: Continuing to trade once your company has become insolvent. This includes paying dividends to shareholders and disposing of business assets below their market value Not filing your annual confirmation statement to Companies House Misusing company funds Breaching data protection, either deliberately or on account of negligence Ignoring court orders issued to your company Paying your employees less than the statutory minimum wage Evading tax Engaging in fraudulent activities Form your limited company today Always wanted to be your own boss? There’s nothing stopping you from chasing the life you deserve. Starting your own business can feel daunting - but it doesn’t need to be. Why not let us take care of things? Start Up A-Z can help you form your limited company in no time, so you have one less thing to worry about. Apply to form your company and prepare for your life-changing next chapter. Recommended Readings

If you are wanting to start a business but unsure of where to begin, our step-by-step checklist shows you everything you need to get started. Explore here. What Do You Need to Start a Business? 8 min read Company Formations Table of Contents Categories Why do you want to start a business? Things you need to start a business A solid concept A foundation of knowledge An understanding of your chosen industry A plan for financing An idea of who your audience is Plan for the future What are the easiest types of business to start? Ready to get started? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Starting your own business can be a life-altering decision. You’ll be your own boss, set your own working hours and have the freedom to run things however you like. There’s no denying that becoming an entrepreneur is exciting, but without proper preparation you can run into problems that may threaten your chances of success. So, what do you need to start a business? From generating a strong idea to putting together a financial plan to make sure your dream is realistic, there’s a lot to consider. But don’t worry, our complete list of things needed to start a business will cover everything you need to feel prepared. Why do you want to start a business? So, why do you want to start a business? What are your motivations? From financial independence, to simply sharing your passion with the world, having a reason for your work can give you the motivation to succeed. After all, starting a business requires you to step into the unknown and take a risk, so having a purpose can help you push through obstacles that may come your way. Some possible motivations for starting your own business include: Following your passion: Forget working a 9-5 for a company that doesn’t interest you. By starting your own company you can work in a field that you care about. Support non-profits: You may choose to set up your company to support non-profits, charities or the local community. Achieve financial independence: While getting your business off the ground can take hard work and patience, the financial rewards are potentially huge. With determination, you can build a valuable asset that continues to grow. Gain work-life balance: Say goodbye to the regimented working week. Starting your own business can give you a super-flexible lifestyle. You may choose to work from home, say no to meetings on Fridays or work a four-day week. As well as focusing on the reasons to start your own company, it can be worth acknowledging the potential risks and challenges you could face too. What could go wrong with your business and how would you resolve it? From financial struggles to employee retention, anticipating potential obstacles with a plan for how you’d resolve them can help you prepare for the unexpected. Things you need to start a business You can’t rush into the practical side of things like registering your company until you understand the legal requirements to start a business. Here, we’ll cover everything you need to have ready, from coming up with an idea to brushing up on your industry knowledge. A solid concept It all starts with an idea. Maybe you’re the artistic type and have been told your graphic design skills could easily make you money. Or perhaps you’ve found a gap in the market for a product you’re sure will be a hit. It’s important to know what business you want to run and why you want to run it. If you like the sound of being your own boss but you’re struggling for ideas, try bringing it back to basics. What interests you? Note down your hobbies and passions and brainstorm potential business ideas from them. For example, if you’re an animal lover you may want to start a dog-walking service, or open a cat cafe. Or maybe you’ve recently come across a business that you felt could be doing things better. To get yourself in the right headspace, try immersing yourself in the business world. You could read biographies from inspirational entrepreneurs to see where their bright ideas came from. Or you could ask your family and friends what they think you’re good at, to see if your strengths are something you could build on. Inspiration is sure to strike when you least expect it! A foundation of knowledge You can’t jump head-first into managing your own company without knowing the ropes, right? A great way to prepare for starting a business is to brush up on your knowledge. Read up on the legal terms often thrown around like limited liability so you aren’t left feeling out of your depth when your company is formed. You could attend seminars from business experts, take a management course to broaden your knowledge and even reach out to entrepreneurs through platforms like LinkedIn to ask questions. Alternatively, there are a wide range of free resources across the web to help you develop your expertise. An understanding of your chosen industry Depending on the type of business you choose to start, you may have to adhere to certain legal requirements, so it’s important you understand the ins and outs of your industry beforehand. For example, if you’re looking to start your own restaurant and are planning on serving alcohol, you may require an alcohol licence. Want to start a hairdressing business? There’s certain legislation that hairdressers must adhere to, including the Control of Substances Hazardous to Health law which applies to the use and storage of hazardous substances, such as peroxide. Being clued up on the legal requirements surrounding your chosen industry means you won’t be caught out or left unaware of certain regulations in your field. For example, as soon as you become an employer you need to take out employers’ liability insurance. This is to cover your business should a staff member claim they’ve suffered illness or injury from working for you. If you weren’t aware of this and weren’t insured, you could be fined £2,500 for every day you go unprotected. With this in mind, it’s important to be aware of industry regulations to avoid a fine or prosecution. A plan for financing It may be early days, but having an idea of how you’re going to fund your business can save you some stress further down the line. There’s no denying that starting a company can be expensive, but you shouldn’t let that stop you from chasing your dream. Planning ahead can help you work out if your business idea is affordable. Here are some options to consider to help you finance your company: Business loan: A business loan works similarly to other types of loans. You’ll apply for it through a bank and repay the amount through regular, usually monthly, repayments - with interest added. It’s important to make sure you can afford to take on the debt and that you’ll be able to keep up with your repayments. Start Up Loan: You could apply for the government-backed Start Up Loan of £500 to £25,000 to help you start or grow your company. You’ll be charged for your borrowing at a fixed interest rate of 6% per year. Crowdfunding: You could try crowdfunding to raise money for your business. This involves you getting others to fund your business. Different types of crowdfunding include donation-based funding where contributors donate money without receiving anything in return. With debt-based funding, your contributors will be repaid with interest. Your savings: Financing a business with your own money may sound impossible, but with time and determination, it can be achievable. Set yourself a savings goal, hold yourself accountable and cut back on your spending. Check out our guide on how much it costs to start a business for more information. An idea of who your audience is Understanding your ideal customer can help you grow your business and retain your customers long-term. To do so, you’ll need to identify your target market - the specific group of customers who are most likely to interact with and buy from you. They’re likely to share certain characteristics such as age, income, behaviour and gender. And they’ll usually have a problem that your business can help them solve. As you haven’t yet started your business, identifying your target market may feel tricky. A great place to start is looking at your potential competitors. What brands would you like your company to mirror? Where do they advertise and what messaging are they using? From there, you can understand who your competitors are targeting, to then go on to target the same group in a better way. Plan for the future You’ve not even started your business yet, so us telling you to think about what will happen to it in the future may sound irrelevant right now. But having an idea of the future of your new venture can help you feel prepared. Is this new business your planned career for life, or are you aspiring to start multiple companies? How will you measure success? Are you looking to eventually gift your business to your children? Try to break down your goals by time. Where do you want your business to be in two years time? Then map out your goals for the next five and ten years. Having an idea of what your company’s future will look like can keep you motivated to succeed. What are the easiest types of business to start? Some types of business are naturally easier to start than others. Those that have low startup costs and require little training are easier to get going than a company that needs a lot of investment and supply management, for example. While starting any business isn’t a walk in the park, using a platform like eBay or Etsy (or Business Support Club if you’re looking to sell to other businesses) to get your venture going can keep costs down and give you less to think about. Using an online marketplace costs very little upfront so if you decide your business idea isn’t working out, you won’t be left out of pocket. Looking to test the waters before you commit to your business full time? You could consider trialling your idea as a side hustle alongside your current job. This could mitigate the risk of failure further down the line, as you’ll be able to see if you’re making enough money to commit to it full time. Once you know your business is performing well, you can make the move to expand it by hiring employees, growing your brand and being your own (full time!) boss. Ready to get started? Once you’ve ticked off all the above, chasing your dream shouldn’t feel too far away. Feel ready to get your company off the ground? Our guide to starting a business will cover all the next steps you’ll need to take. Starting your own business is a lot to get your head around and it’s easy to be left feeling overwhelmed. But you don’t need to do it on your own. Our company formation service can take care of the tricky stuff, like forming your business with Companies House, so you can focus on your exciting new start. Apply to form your company with us today. Recommended Readings

Want to succeed in the household pet industry? If you're wondering how to start a dog walking business, we've created a complete guide to get you started. A Guide to Starting a Dog Walking Business in 2024 9 min read Company Formations Table of Contents Categories Is dog walking really for you? What skills and qualifications do you need to start this business? What costs are associated with starting a dog walking business? How to start your dog walking business Research your area and find your market niche Check legal rules and regulations Legal and medical responsibility for the pets you care for Form your dog walking company Decide your offering and pricing Consider what to put in your service agreement Consider how many dogs you can walk Invest in the right equipment Marketing your dog business locally Ready for your new chapter? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Wanting a career where ruff days are a thing of the past? Starting a dog walking business could be what you’re looking for - walking dogs and getting paid for it sounds like the best of both worlds to us! There are many benefits to becoming a dog walker: from being in charge of your own workload, to keeping active as you embrace the great outdoors. If you’re passionate about pooches and want a career that is sure to leave you feeling paws -itive, starting a dog walking business could be life changing. But, as with any new venture, there can be risks to consider before you start, which we’ll cover in this guide. So here it is: our tips and tricks on how to start a dog walking business in the UK, so you can feel fully prepared for your next adventure. Is dog walking really for you? Between July 2020 and June 2021, over 79,000 people in the UK were employed as dog walkers , and it’s easy to see why it’s such a popular profession. If you’re a natural with pups of all shapes and sizes, and love spending time outdoors, starting a dog walking business may tick all your boxes. But there is more to dog walking than meets the eye. While you aren’t legally required to have a licence, qualification or certification to run a dog walking business in the UK, there are certain laws to be aware of, including: The Clean Neighbourhoods and Environment Act 2005: If you fail to pick up faeces, fail to keep a dog on a lead, fail to put it on a lead when told to do so, or allow a dog to enter land they’re excluded from, you could be fined up to £1,000. The Dangerous Dogs Act 1991: It’s against the law for a dog to be ‘dangerously out of control’ in a public place. Someone could make a complaint against you if your dog chases them, barks at them or jumps up at them, so make sure you know how to keep the dogs in your care under control. The Road Traffic Act 1988: You must keep dogs on a lead at all times on roads. If you’re walking a dog and it gets injured in a car accident, it’s up to the driver to stop and give you their details. As mentioned, there are no legal requirements to start a dog walking business, other than the legal requirements you’d expect from any other business. But if you choose to include dog boarding - overnight stays - as part of your service, you’ll need a licence from your local council. While a love of dogs comes top of the list when becoming a professional dog walker, it’s important to factor in all responsibilities, from dog training and house-sitting, to keeping dogs under control when out and about. What skills and qualifications do you need to start this business? As mentioned above, there aren’t any qualifications you’re legally required to have to start a dog walking business, but having experience caring for or owning dogs could stand you in good stead. If you're looking to stand out from the crowd and improve your skills, you can take a course or undergo some training. Doing so can help you legitimise your business and build trust with potential clients. City and Guilds offer several courses in animal care including the Level 2 Certificate of Technical Competence in Dog Walking. You’ll learn numerous useful skills, including how to handle different breeds and their behaviours, how to control dogs on walks and how to deal with injuries and emergencies. What costs are associated with starting a dog walking business? As a professional dog walker, the cost of renting an office space is unlikely to affect you, however, there are several costs to consider when starting a dog walking business, including: Dog walking insurance: Having the right insurance in place can give both you and the dogs’ owners peace of mind. Look for a policy that includes public liability cover, as well as covering your equipment and any costs should a dog face injury or death, or get lost while under your care. Equipment: While the dog’s owner may supply their own lead and dog waste bags, you may prefer to kit your business out with the best equipment. For instance, you might want to invest in a dog car seat, or different sizes of harness for different breeds. Website: If you’re looking to establish a professional image and get your business’ name out there, you may choose to set up a website. Be sure to factor in the cost of a domain name and any hosting costs to get your website up and running. The cost of creating your website can range from around £100 to over £10,000 - usually on the lower end for small, new businesses. Learn more about the costs of starting a business here . How to start your dog walking business If you’re feeling ready to make your business dreams a reality, we’ve put together the steps you need to take for starting a dog walking business. Research your area and find your market niche If you’re looking to make your mark in the dog walking world, you’ll need to find your market niche. Research what competitors in your area are doing so you can strive to offer something special that sets your new business apart. Perhaps you’ll look to specialise in handling larger dogs, or dogs with behavioural problems. Maybe you’ll host dog walking groups where dog owners can meet and walk their pups together. Try to look for services that those in your area would jump on and appreciate, to boost your chances of success. Check legal rules and regulations Whilst it isn’t necessary to have a dog walking licence in the UK, it’s worth brushing up on your knowledge around dog walking regulations so you’re fully prepared. If you’re looking to incorporate dog boarding into your new business, you’ll need a licence from your local council, for example. Looking to walk dogs in the beautiful countryside? Under the Dogs (Protection of Livestock) Act 1953 , landowners and farmers may hold the power to shoot dogs that come onto their land, if they feel their livestock is under threat. While it’s unlikely to happen, it’s important to avoid these situations and only walk your clients’ pets in safe and legal areas. Make sure to check the rules of your local area before you start your new, exciting venture. Legal and medical responsibility for the pets you care for If you’re looking to include pet sitting as a service, there may be legal and medical responsibilities you’ll need to follow. The welfare of the pet you’re taking care of will be your responsibility, meaning if they become sick or injured you’ll need to make sure you find them the right care or treatment. As a professional dog walker or pet sitter, having public liability insurance in place should be a priority. Public liability insurance can give you the peace of mind that if the general public or a client makes a claim against you, you’ll be protected. For example, if you’re walking a dog and they attack an individual or damage their property, you may be liable. Public liability claims can be extremely expensive, so having the right cover in place can protect both your business’ reputation and your bank balance. Form your dog walking company So, you’ve got your business idea and the drive and determination to get you where you want to be. Next, you’ll need to officially form your company so your business is ready to go. We know it can take significant time and money to make your business come to life. That’s why we made our company formation service completely free. Instead of forming your company directly through Companies House, by forming your company through SUAZ we’ll cover the £50 incorporation fee for you. You’ll also get a helping hand to support you every step of the way. After all, too many businesses fail from a lack of support and knowledge and we want to give you the best possible chance of success. We offer several company formation packages , from free company formation to our Company Pro package which covers everything from unlimited digital post forwarding to one year of Trilogy Banking to take care of your business’ finances. Our packages can take some weight off your shoulders, as you’ll know everything is taken care of. Decide your offering and pricing Next, you’ll need to decide how much you’ll charge for your dog walking service. Here are some factors to bear in mind when setting your prices: Your travel costs Equipment costs The amount of profit you need to keep your business running smoothly How much competitors are charging How much your customers are willing to pay - is there a high demand for your service in your area? Your living costs and outgoings Make sure not to undersell yourself and your hard work while also not charging too much and putting customers off. Remember you can always raise your prices at a later stage once you’ve built up experience and a good reputation. Learn how to charge for your dog business . Consider what to put in your service agreement Your service agreement will outline what is expected of you as a dog walker. In simple terms, the service agreement will outline exactly what your clients pay you to do when taking care of their pup. From how far the dog’s walks should be to how often, a service agreement is your chance to ask a client exactly what they expect from your service. Be sure to ask the owner all the important details about the dog. Including its breed, temperament and any medical conditions it may have. It’s also worth confirming the price the client will pay you at this stage too to avoid any confrontation later down the line should a client be billed more than they expected. Consider how many dogs you can walk While there isn’t a nationwide limit on the number of dogs you’re able to walk, the RSPCA recommends that no more than four dogs are walked at once . After all, the more pups you have with you, the less control you’re likely to have over them. Imagine crossing a busy road with several large alsatians - not the best idea! Also, the more dogs you have to attend to at once, the less likely you’ll be able to bond with each of them individually. It’s important you get to know the dogs you’re walking so you know how to control them and how they behave in certain situations (such as around children or other dogs). It’s also worth figuring out how many dogs you can walk per week so you meet each of your clients’ expectations. Each of your customers deserves top quality service - they’re trusting you to take care of their dog and give it the best care, so don’t take on more work than you can manage. Invest in the right equipment As Benjamin Franklin once said ‘the best investment is the tools of one’s own trade’. Investing in the best equipment for the job can help you deliver top quality service and make your job more comfortable and enjoyable. We’ve put together a list of just some of the equipment you may want to invest in for your dog walking business: Comfortable shoes - make sure you have waterproof shoes that are suitable for all weather conditions Leads - you may choose to have different lengths/types of lead for different dogs Training equipment - muzzles, treats, a clicker Dog waste bags Portable water bowl and water bottle for those hot days Old towels - perfect to lie on car seats after muddy walks! Marketing your dog business locally Your business won’t get the attention it deserves if potential customers don’t know it exists! Advertising your service can be easier and cheaper than you may assume. You could make some flyers that detail your expertise, share your service on Facebook groups and even ask the local cafe to pin your business card to their notice board. You’ll be surprised just how quickly the word will spread. Ready for your new chapter? Starting your own business can be a life changing experience. With a bit of self belief you can open the door to a world of new opportunities as you become your own boss. We’re not going to downplay it - starting your own company is a big deal. With so much to think about, it’s easy to feel overwhelmed. That’s where we come in. Our professional company formation service can take care of the complicated stuff so you have one less thing to think about. Apply to form your company today - we’ve given you one less reason to wait. Recommended Readings