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Read our annual small business report to find out the latest small business trends, including which industries and locations are thriving this year. The UK small business report - the small business ecosystem and trends 13 min read Written by Lucy Hancock Business Trends Table of Contents Categories What is the definition of a small business? How many small businesses are in the UK? How has the business landscape changed over time? Small business survival rates in 2023 Fastest growing industries for UK small businesses The UK locations where the most small businesses were started Conclusion Methodology Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The business world is constantly evolving. A major change, particularly in the last 20 years, has been digital transformation - the integration of digital technologies in a business to improve productivity, efficiency and overall growth. Digital transformation is no longer just an option or a luxury for businesses, but a necessity to remain relevant to their customers and stay competitive in their industry. Other key shifts for businesses include globalisation which has led to an increase in world trade, deindustrialisation and austerity - the government’s efforts to save money. With all these changes considered, the UK’s business landscape could be compared to an ecosystem. With ecosystems consisting of organisms that are connected and feed off each other, so too does the business landscape. Many businesses and industries rely on and support one another, so when one succeeds, so do others. But the same can also be applied when there are struggles or challenges. If you’re looking to start your own business , you’re in for a real adventure. As a new business owner, or someone who is looking to step into entrepreneurship in the near future, it’s important you’re clued up on the latest insights and developments in the business world - as what’s going on in the wider industry could benefit or impact your new venture. This knowledge can give you the confidence boost you need to make informed decisions as a business newbie. We’ve put together this small business report as a point of reference, covering small business numbers, survival rates across the UK and trending industries. With this insight, you should feel better equipped to embrace entrepreneurship and prepared to make the right decisions on next steps for your small business. What is the definition of a small business? As for a small business definition, typically speaking a small business is a corporation, sole proprietorship or partnership with a small number of employees and often a lower average annual revenue than larger businesses. According to the government, an SME is an organisation that has fewer than 250 employees and a turnover of less than €50 million , or a balance sheet total of less than €43 million. How many small businesses are in the UK? The UK certainly isn’t short of small businesses, in fact, SMEs account for 99.9% of the UK’s business population, with approximately 5.54 million registered SMEs on Companies House in 2023. It might be surprising to some that most businesses in the UK are very small, with 74% of registered SMEs running with no employees. We’ve delved further into the latest data from Companies House, looking back over the last 10 years to evaluate how the business landscape has changed over time. How has the business landscape changed over time? We looked at both VAT registered and unregistered businesses to give a clearer picture of the landscape - before we dive into the data, we’ll explain the difference. You’ll need to register for VAT if your total VAT taxable turnover for the last 12 months was over £85,000, or if you expect your turnover to go over that amount in the next 30 days. If this applies to you, you can register for VAT online . Of the 5,555,100 businesses on Companies House in 2023, there are 2,914,100 businesses (with 0 employees) not VAT registered, and 1,196,000 businesses (with 0 employees) VAT registered - seeing fewer small businesses with a VAT taxable turnover than not. Since 2013, the UK has seen year-on-year increases in the number of businesses registered, almost every year, highlighting a growing business landscape. Only three of the past 10 years saw percentage decreases in the number of businesses vs the previous year - 2018, 2021 and 2022. The dip experienced in 2018 appears relatively small at -0.5%, but equates to the UK being home to 27,000 fewer businesses. This is very likely due to the impact of the stock market index suffering its worst year in a decade , with a number of economic worries concerning investors, which hit companies with 1+ employees more than those with no employees. The number of UK businesses in 2020 saw a year-on-year increase of 1.9% from 2019, with non-VAT registered companies with no employees seeing the biggest growth (2.6%), likely influenced by the Covid-19 pandemic which saw a spike in startups. One reason for this rise in entrepreneurship was due to an increasing demand for medical supplies during the pandemic, with June 2020 seeing a 400% month-on-month increase in the number of new startups offering ‘disinfecting services.’ 2021 saw the biggest decline year-on-year, with 6.5% fewer businesses operating compared to 2020. The largest decrease was seen in the number of businesses with no employees, which weren’t VAT-registered - the businesses with smallest turnovers. It’s well known that a number of industries struggled to make it through the pandemic , with the restrictions enforced by the government, changes to travel and shopping habits having significant impact on businesses. 2022 saw a fall in the number of businesses by 1.5% compared to the previous year. This slight decrease may be influenced by the rising cost of living in the UK, with factors such as the Covid grant schemes coming to an end , and increased energy bills and rising inflation affecting budding entrepreneurs. For instance, 41% of trading businesses reported a rise in the price of goods or services bought in December 2022, compared to November. But before you let any doubts slip in, it’s important to note that there has been a notable increase in the number of businesses in the past year, with a year-on-year change of 0.8% between 2022 and 2023, or 46,200 more registered businesses (looking at business numbers as they stand in October 2023) - a rise for the first time since 2020. This rise has been led by the number of businesses with no employees that are not VAT-registered, which increased by 2.9% in the past year. With this in mind, you could be choosing a good time to make your business dreams come to life. It’s worth noting, there’s always going to be a risk; keep an eye on what’s going on in the current economy, including any projected impact from the government’s budgets to help you decide when the time is right for you, to maximise chances of small business survival. Small business survival rates in 2023 According to research by Fundsquire, around 20% of businesses fail within their first year, and 38% of startups fail due to running out of funds. But rather than letting these statistics put you off chasing your dream, why not use them to motivate you? We know you have what it takes to succeed. In fact, of the 531,312 businesses set up in 2013, 30% are still thriving in 2023 - a whole decade later! And while it’s said that just over a third of UK startups make it beyond five years , when looking at businesses formed in 2018, an impressive 47% of those companies still exist today. It appears that survival rates are on the rise in the early stages of business life too, with 88% of businesses set up in 2022 still operating in October 2023 - up from an estimated 80%. This could be due to the ever-evolving digital world providing resources and opportunities, to reduce risk, as well as the industries entrepreneurs have been choosing to opt for. Fastest growing industries for UK small businesses Knowing which industries have the highest business growth rate could steer you in the right direction, especially if your business idea isn’t yet set in stone. We’ve explored the fastest growing industries in the UK to offer some inspiration for which industries to research further to help solidify your decision. Whether that’s capitalising on a growing industry itself, or through seeing similar patterns in another industry and predicting its advancement to come. When looking at which industries are growing longer term, over the past five years, the manufacture of other non-metallic mineral products came out on top, with an impressive 172% increase in the number of businesses in the UK. This covers a broad range of manufacturing from construction and architecture supplies, to ceramic and clay goods or even packaging supplies. Other contenders for the fastest growing industry include wholesale trade (excluding motor vehicles and motorcycles) with a 70% increase over five years. As the retail trade industry sees growth, wholesalers and manufacturers will also benefit, to supply these businesses with stock. The manufacturing of chemicals and chemical products industry is also a top industry for growth, experiencing a 60% increase in the number of businesses over the past five years. This is quite a broad category too which includes everything from cleaning products, to essential oils, paints and dyes, fertilisers and industrial gases. Whilst some of these divisions are quite broad, it appears retail and manufacturing industries are seeing positive signs in the number of entrepreneurs starting new ventures - which could be a hint that these are ones to explore. If you’re interested in exploring these categories further, you can find all of the government SIC codes here and explore which businesses come under each category using the database search on Companies House . It’s important to remember that growth and demand can change year-on-year, depending on a range of factors. Take for instance ‘Residential Care Activities’, this industry saw a 54% rise in the number of businesses registered over the last five years, however, in the last year there has been a 14% decline. The need for residential care is still evident , but the economy, lack of government funding and cost of living might be having an impact on survival rates over the past year, showing how multiple factors can come into play. Looking specifically at the last year, the travel agency, tour operator and other reservation service and related activities industry has seen the biggest growth in terms of the number of businesses registered, at 12%. Despite the disruptions to travel experienced over the past few years, the industry is growing again, and with over half of people in Britain planning to spend more on travel in 2024 , this might continue to be an area in which we see more new businesses over the coming years. Sewerage was the industry seeing the second highest growth in business numbers over the past year with 11% growth, followed by companies in manufacturing of coke and refined petroleum products at 8%. Advertising and market research also made the top 10, with a 5% increase in the number of businesses registered in the past year, aligned to the steady growth being seen in advertising this year, and predicted for next year too . The UK locations where the most small businesses were started Wondering where in the UK is seeing the largest growth in small businesses? We’ve analysed Companies House data on a regional level to see which areas have seen the most small businesses (with a company size of 0-49 employees) formed over the last decade. Before jumping into the findings, it is important to note that as we live in a digital age, depending on the industry they operate in, some businesses could be serving customers further afield, not just in their local area. Outside of London, the East Midlands has seen the largest growth in the number of small businesses. In 2013, the East Midlands saw 313,100 small businesses registered, and 378,800 in 2023 - a 21% increase over this 10 year period. This impressive growth may have been influenced by the UK government’s Levelling Up initiative, which has invested over £1.2 billion in projects for locals and businesses across the East Midlands. Other top-performing regions for the number of small businesses include the North East and West Midlands, which have both seen an increase of 16% over the past 10 years. To delve further into the UK hotspots for new businesses, we’ve explored which local authorities have seen the highest business survival rates over the past 10 years. This data should shine a light on which locations may offer you a stronger chance of success for your new venture. Edinburgh takes the top spot with a 51% survival rate for businesses started in 2013, and a 59% survival rate for those started five years ago, in 2018. This higher than average survival rate could be due to a number of factors, such as the graduate pool from the city’s four universities, including one of the world’s top universities, the University of Edinburgh, as well as the city’s innovation and local support for businesses. Herefordshire came out second with a 49% 10 year survival rate. The local council in this part of the UK holds quarterly business briefings and six-monthly face-to-face business meetings to support local businesses which could be paying off. Winchester rounds out the top three with a 46% 10 year survival rate for businesses registered in that local authority area. Just like in Herefordshire, Winchester council has an offering to support small businesses too, with training, networking, mentoring and one-to-one business advice. It’s worth looking into what your local council has on offer for businesses, and considering how this could support the success of your venture, in whichever industry you choose to pursue. Fastest growing industries for UK small businesses by region The most common industries that have encountered the most growth across regions over the last three years are retail trade and real estate. In 2023, retail trade has been the most popular industry for newly registered companies across the majority of the regions. However in the East Midlands, East of England, North East and South East, real estate took the top spot as the most common industry - unsurprisingly, given the vital role that real estate plays in the UK’s economy. In 2022 alone, the real estate industry generated a turnover of over £65 billion . However, when looking at the most distinctly popular industries - the industries seeing regional growth at a rate above the national average - there largely appears to be a shift depending on location. In 2022, crop and animal production took the top spot for the most distinctly popular industry, in both the South West and East Midlands. In the East of England, the farming industry produced a total income of £1.1 million - an impressive 82% increase since 2018. Considering over four in 10 Britons said they’re more likely to buy British produce as a result of Brexit , there may be an increased demand for local farming across Britain. As an upcoming business owner, keeping an eye on the news and economic change can help you prepare your business should it be impacted by world events and changes to consumer preferences. In both the West Midlands and North West, postal and courier activities were the most distinctly popular industry for new businesses in the past year. The rise in demand for couriers has significantly increased following the Covid-19 pandemic, with many shoppers turning to online shopping for the first time. And despite the current cost of living crisis, 63% of businesses surveyed by YouGov reported the demand for delivery services increased in October, November and December 2022. This increased demand allows businesses to fulfil the needs of their customers, who are likely seeking the convenience, faster delivery and advanced tracking of their orders that online delivery services deliver. Keeping an eye on consumer trends will help you adapt your business, target your customers’ needs and join an industry which is set to grow. Conclusion Starting a business takes hard work and commitment, but the rewards are second to none. If you’re looking to make your mark on the business world, we hope our small business report has shed some light on the latest trends and insights across the UK. Here are some key takeaways to bear in mind, as a budding entrepreneur: Keep an eye on consumer trends and political change, so you can tailor your business offering accordingly to meet the needs of your customers. Look out for local government support to give your business a boost, such as Levelling Up, in which the UK government is investing £13 billion in local businesses across the country. If you haven’t yet decided on the industry you’re going to operate in, it may be worth exploring industries that are in high demand, particularly those in your region or city. Ready to step into those new boss shoes? We believe you’ve got what it takes. If you’re ready to form your business, check if your business name is available and we’ll help you get started. If you’re setting up a limited company or limited liability partnership (LLP), we’ll also register your company with Companies House, completely free of charge (it usually costs £50), so you have less to worry about. Methodology The data was gathered from Business Population Estimates statistical series and Companies House . Business survival rates were estimated based on the number of companies registered in a given year that remain active and/or open (as per Companies House search filters), compared to the total number of companies incorporated in that year. Company counts by industry correspond to the number of companies registered under a given Standard Industrial Classification (SIC) code, aggregated to the level of Division. Most common industry among newly registered companies represents the industry division with the highest number of companies registered in a given year and location. Most distinctly popular industry among newly registered companies was calculated using location quotient – a measure of how much more popular a given industry is in a given region, rather than nationally. Industries that had the highest share of businesses in a given region compared to the national average were deemed the most distinctly popular. For example, 2% of all businesses registered in Wales in 2023 were in the Accommodation industry - 2.8 times higher than 0.7% of businesses that were registered in that industry in the UK that year. Accommodation's location quotient was, therefore, 2.8 and as that figure is the highest of all industries in Wales, it was deemed the most distinctly popular industry in Wales in 2023. Data was collected in October 2023. Author bio Lucy Hancock is an experienced finance writer, having previously worked for Staysure Travel Insurance before working at MoneySuperMarket where she specialised in all areas of personal finance, from credit cards and loans to pensions and retirement planning. Having worked in digital marketing for several years, she’s passionate about the value small business marketing can bring to those looking to grow their businesses. She has written extensively across all areas of business and personal finance, to help business owners like you make informed financial decisions. Recommended Readings The UK’s most entrepreneurial universities Read More The best buy-to-let locations for starting a business Read More

Discover the benefits and practicalities of using virtual offices for online businesses vs physical offices with our expert guide. Explore now. Physical vs Virtual Offices for Online Businesses - Which is Better? 15 min read Virtual Office Table of Contents Categories What’s a physical office & why is it important for online businesses? Understanding virtual offices Comparing physical and virtual offices for online businesses Cost Flexibility & scalability Productivity & employee satisfaction Business image & customer perception Legal considerations So, which is better for an online business? Want a virtual office? Choose Start Up A-Z Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office When you take the first steps towards setting up your online business, you’ll be faced with a plethora of big decisions. After all, the decisions you make now will potentially determine the success of your business. We’re not trying to make this sound scary, but it’s the reality of starting a business, so it’s important to look at the pros and cons of all options out there before you dive in. One of the biggest decisions you’ll have to make is whether to base your business in a physical office or a virtual office. If your business is online, there are advantages and disadvantages to both. But, are virtual offices for online businesses really the best option? In this article, we’ll explore everything to do with a physical office vs a virtual office, so when you come to make that decision for your business, you’ll have all the key points and considerations to hand. That way, you’ll help give your business the best possible chance at success. What’s a physical office & why is it important for online businesses? A physical office is a dedicated workspace that your business owns, rents or leases. It’s traditionally where you and your employees go to work together in your own environment, which could be laid out in an open-plan, private office or cubicle-style layout. There may also be meeting rooms, break rooms, conference spaces, storage rooms, restrooms and more. A physical office gives you a chance to work face-to-face, build strong working relationships and create a positive work environment. It also gives you somewhere to invite clients and potential clients and ensures a strong professional image. Many businesses with physical offices also operate in a hybrid working model, with employees given the flexibility to work from the office or at home. In the UK, 25% of employees work from home at least once a week . A physical office allows you to grow and gives you somewhere to separate your home life from your work life. It can also make your business feel more real – not that it wouldn’t be real with a virtual office, of course. Once you have customers and clients and you start making money, that mindset will very quickly change. This all sounds great on paper, however, there are two major downsides to physical office space. The first is that it’s expensive, and when your business is in its early stages those costs can be hard to swallow. The second also links to this, and it’s that physical office rental and lease agreements usually tie you into a minimum timeframe, which could be one, two or three years. These can be difficult and costly to change, so can be a risk during the early stages of your business. Understanding virtual offices A virtual office is a service that allows you to operate your business remotely, such as from home, but still have access to services that boost your professionalism. For example, a virtual office gives you access to: A professional business address Mail handling services Phone answering services Access to meeting rooms Access to co-working spaces Virtual offices are becoming increasingly popular with online businesses as they ensure professionalism and flexibility to your business while keeping costs down. Of course, if your online business is related to eCommerce and you need access to a warehouse or workshop, a virtual office isn’t for you – but if you can operate well from home then it’s likely to be your go-to option, especially as a startup. For more information, read our article on the benefits of a virtual office . Comparing physical and virtual offices for online businesses Now that you know a brief overview of what physical and virtual offices are, it’s time to pit them against each other in a battle to work out which is right for you. Comparing a virtual office vs a physical office requires looking at various pros and cons of each, which we’ll break down below. Cost We’ve already touched on this, but for any startup business, cost is always going to be the key deciding factor. While a physical office does have plenty of advantages, such as a place to work closely with your team and give you a professional image, it can be expensive. The costs involved with a physical office include: Rent Utilities Maintenance and cleaning Insurance Staff amenities These costs can vary depending on the size of the office and where it’s located. For example, a large office in a city centre will be a lot more expensive than a smaller space in a countryside business park. The costs involved with a virtual office include: Subscription fees Meeting rooms (ad hoc) Add-on services These costs can also vary depending on the subscription you choose – the higher the monthly cost, the more services you’ll receive. However, these will invariably be far lower than even the cheapest office out there, but still provide your business with that extra level of professionalism. Flexibility & scalability When starting your business, things are likely to change quickly and unexpectedly. That might mean having to hire staff or quickly change your services to meet shifting customer demands. So, you need to know that your office can change as your business changes and grows. With a physical office , your company may outgrow it. Then what? You might be limited if your contract means you’re tied to it for another 18 months. As your team grows, it also means more office-related costs which can be a hefty expense each month. There’s usually less flexibility, so you’ll probably find that your employees work in a standard 9-5 workday. Virtual offices have a high amount of flexibility, so long as you have the space at home to work – the same goes for any employees you hire. This means you can grow your team using experienced professionals who live anywhere, not just those within a commutable distance. In theory, you could run a completely virtual office with a team of dozens. You only pay for the services you use and can make changes to your subscription as and when they’re needed. Productivity & employee satisfaction Believe it or not, remote staff are more productive than office-based staff . This is due to the lack of distractions and a high level of employee satisfaction thanks to the increased flexibility and not having to spend time and money commuting. This makes virtual offices incredibly desirable for employees as flexibility is a hugely in-demand perk. That’s not to say that employees who work in physical offices aren’t productive – far from it. Collaboration will always be easier in person and a structured environment brings order and efficiency. However, this can come at a cost, as remote employees have a higher level of satisfaction than office-based employees . Business image & customer perception There’s no doubt about it, a physical office will give your business a strong, professional image. This will help with customer perception and give you a permanent location to invite them so you can collaborate. A virtual office gives you the prestige of a business address but at a far lower cost. However, you won’t have a space to call your own. But, depending on your business and the services you offer, this might not be important to you. Having a physical office isn’t necessarily a dealbreaker for most clients, but it could just give you that slight edge over your competitors. Legal considerations There are several legal considerations to bear in mind with a physical office and a virtual office . Depending on what your business offers or sells, you may be restricted by certain laws, regulations and building codes. You may also need to obtain relevant licenses or permits. For example, if you’re selling cupcakes online, you’ll need to make sure you have the relevant food safety certificates. But, it’s reassuring to know that virtual offices are legal and you don’t have to worry about any additional legal headaches. Your business must also comply with data protection and privacy laws at all times. So, which is better for an online business? With all these factors considered, which would suit your business better: a physical or a virtual office? Virtual offices for online businesses are often the safest option, certainly as you work to establish yourself, find loyal customers and help it grow. A virtual office provides a great balance between professionalism, flexibility and affordability. Then, once your business is established, you can make the switch to a permanent space to continue your growth. However, if you have the funds available and you’re willing to take the risk, a physical office does have plenty of benefits. Just be prepared to pay a lot of money for it, especially if you’re based in a popular town or city. On saying that, the nature of your business may determine which option is right for you. If you need a lot of space to store products or work collaboratively on a regular basis, a physical office space might be needed. But, if you’re a small team of graphic designers and spend 90% of your time working remotely, a virtual office is likely to be more than enough. As a business owner, only you can say which is right for you. A physical space can be a risk, and a virtual office offers many of the same benefits but with far more flexibility. And don’t forget, with a virtual office subscription you’re not tied into any kind of long-term agreement, so if you give it a go and later decide you’d suit a physical space, you can make this change very quickly. The other way around, however – not so much. Want a virtual office? Choose Start Up A-Z If you’ve decided to use a virtual office for your business, depending on your circumstances and business plan, it’s likely to be a great move. It carries a far lower risk but gives you the professional edge and flexibility that’s so important for startups. Ready to start your business journey with a virtual office of your own? Start Up A-Z can help, with our Manchester virtual office address from £9.99 a month – sign up today and give your business the competitive edge it needs. Recommended Readings How Much Does a Virtual Office Cost? Read More What is a Virtual Office? Read More How to Set Up a Virtual Office Read More

Using your home address as your business address has its benefits, but there are some considerations. So what's the best option? Read more. Can I Register My Business at My Home Address? 7 min read Virtual Office Table of Contents Categories Why sharing your home address as your business location could be a bad idea Inability to separate work from home Professionalism and business legitimacy Security and privacy Increase in cold callers at your home address What are your options if you don’t want to use your home address? Why would you want to use a virtual office instead? Can I use my home address as my registered office address? Can a registered office address be removed from public view? Are there any ethical implications of a virtual office? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office The short answer is; yes, you can register your business at your home address. This is a question that is commonly asked when forming a company and legally there's no issue with it. In fact, it may be convenient and economical for you, especially if you’re a new or small business. There are, however, a few things worth considering before you do so. Why sharing your home address as your business location could be a bad idea Depending on your situation, there are a few reasons it may be problematic. First, it can make it difficult to separate your work life from your personal life, especially if you work from home full-time. Presenting a professional image can also be a problem, especially if you're meeting with clients - not to mention the security and privacy risk it can bring to you. In this section, we’ll discuss potential pitfalls you may encounter. Inability to separate work from home One of the biggest downsides of putting your home address as your business address is that it can be difficult to separate your work life from your personal life. You may receive a lot of business mail, which can clutter up your mailbox. It can be easily lost or misplaced, especially if your business-related mail is mixed with personal mail. These are just a few potential inconveniences you may encounter, so using an alternative address, such as a virtual office, can be a simple way to draw a clear boundary between work and home. Read more about starting a business from home with our guide. Professionalism and business legitimacy Using your home address can also make your business look less professional, especially if you're meeting with clients or customers at your home. This is not the case for everyone, but people often associate home addresses with businesses that are small, informal, or just starting out. Now, if you're serious about your business, and you may want to project an image of professionalism and legitimacy and sometimes using your residential address can undermine that image. Security and privacy One thing you need to know if you register your home address as your business address, is that it will be made public. This can be a security and privacy risk, as anyone can just look up your home on the public register and you could be targeted by scammers, telemarketers, or even burglars - people could even turn up to visit if they have a query. Increase in cold callers at your home address Since cold callers often use public records to find businesses and then call them in the hopes of making a sale, using your home address for your business could also make your home a target. If you're constantly being bombarded with cold calls, it can be very annoying and disruptive for you and your family, not to mention the considerable security risk, as cold callers may also try to get personal information from you or try to sell you something you don't need - not something you need when you’re trying to focus on building your business. What are your options if you don’t want to use your home address? If you don't want to use your home address for your business, you have a few options. You can use a PO box or even better PO box alternatives for small businesses like a virtual office. If you don’t have an idea what a virtual office is, and the benefits of a virtual office can give you, we have created a separate article for you to read. Why would you want to use a virtual office instead? Virtual offices offer a number of benefits, including increased flexibility, privacy, and mail-handling services. We all want a professional and secure way to conduct our business and using a virtual office is inexpensive whilst offering many benefits . Using a virtual office is also completley legal , so there are no concerns there. If you're interested in learning more about virtual offices and the different packages available, tailored to suit all sorts of businesses, we go into much more detail on our website. Our services can give you the extra support you need, without any complicated jargon. Can I use my home address as my registered office address? Absolutely. You can use your home address as your registered office address. But - as mentioned above - there are a few points you should consider before making this decision. If none of those mentioned beforehand concerns you, then it could be the right option for your business anyway. Can a registered office address be removed from public view? Since it is a public record, it can’t be removed from the public view. Your registered office address is used by authorities like Companies House to identify and contact your business. This is where you’ll be sent official communications, such as legal notices. That is why we highly recommend considering a virtual office, to keep your home address private and secure. And with mail-forwarding services, you’ll have peace of mind that all communications are safely received and documented, and all in one place for you to access whenever you need. Are there any ethical implications of a virtual office? If a company uses a virtual office address on its website and marketing materials, depending on the type of business you run and the type of clients you have, some people could consider this to be misleading. But, knowing your business and your customers, if you take this into consideration, you may decide that the benefits a virtual office can bring outweigh the drawbacks. If you think that a virtual office is a great choice for your business, have a look at our Manchester virtual office service for more information . Recommended Readings Physical vs Virtual Offices for Online Businesses - Which is Better? Read More What is a Registered Office Address? Read More What is a Virtual Office? Read More

Find out which trades have the highest success rate when starting a business, hear from skilled professionals and see the average day rate you could earn. The best trade to start a business 10 min read Beginner's Guide Table of Contents Categories The most successful skilled trade businesses The least successful skilled trade businesses Which trade makes the most money? Set up your own trade business Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Getting married and starting your own business have more similarities than you’d think. We’d say they’re up there with the biggest decisions you’ll make in life, both requiring deep commitment, shared vision, and hard work. Just as you’d have a list of green and red flags when choosing a partner, you’ll need to evaluate different trade business ideas to find the right industry for you. When starting a business, you’ll want to feel confident that it has a chance to succeed. This guide will uncover the best trade to start a business, by revealing which business type is most successful amongst startups. We’ve looked into Companies House data to find the success rates of different trade businesses. We’ve also found the average daily earnings per trade to offer insight into the earning potential and profitability you could soon secure. Wherever you are in life, it’s never too late to make your business dream a successful reality. Read on to learn the most profitable trade business ideas, so you can choose a sector that reflects your interests and talents, and boosts your bank balance too. The most successful skilled trade businesses On average, only 50% of startups last more than 3 years - which may sound disheartening, especially when you consider the investment and hard work that goes into entrepreneurship. But with plenty of preparation, a solid business plan and some self-belief, there’s no reason why you can’t start a business that thrives for the long haul. If you’re looking to boost your chances of business success, take a look at our guide of things to consider when starting a business , to help you survive past the three-year mark. When it comes to the best trade to start a business, plumbers took the top spot, with 58% of plumbing companies formed in 2021 still active today. Considering the plumbing industry brings in around £17.2 billion a year in the UK , it’s certainly a thriving industry to be a part of. Other top trade businesses that started in 2021 include glazing installers, with 57% of businesses still active today and carpenters with 53% of businesses still thriving. 52% of electrician businesses that formed in 2021 are still in business today, and landscapers are also top contenders, at 51%. Of course, becoming successful when starting a trade business isn’t all about money. There are several factors that can improve your chances of business success, including: A strong business plan: Your business plan is your entrepreneurial road map, there to guide you through the highs and lows of your business journey. A business plan is a written document, detailing every aspect of your business goals and how you’ll look to achieve them. If you’re looking to apply for a business loan, most banks will ask to see your business plan first to understand what you’ll use the money for. Creating customer relationships: Building and maintaining strong customer relationships can encourage customer loyalty and repeat business. Try to maintain regular contact with your customers through marketing, newsletters and social media so they feel valued and appreciated. Make sure you provide good, helpful customer service to create a positive customer experience. Good branding: Prioritising marketing and branding can help you create a strong brand that your customers recognise. Without it, your customers won’t know you exist! Use social media to your advantage to spread your business’ message and connect with a wider audience. Reputation in your local area: Your most loyal customers may be closer to home than you think. Connecting with locals can get your business’ name out there, as your customers may recommend your services to their network. Advertise your business locally and you’ll soon become the go-to tradesman for the job. Anthony Fiske , a self-employed carpenter for over 40 years, claims his customer relationships are the key to his success: “In my experience, my success on a longevity front has been down to the local relationships I’ve built within my community. I’ll be the first to say I’m not hugely into local marketing, using platforms like Facebook to advertise. Firstly, I rely on my skills to get a job done to a high level, and secondly how approachable I am to clients. “I ensure communication is always kept at the forefront of the project which I’ve found clients really value. My number one takeaway from being a self-employed carpenter of over 40 years is to treat every client like they’re your first. Go above and beyond. Build relationships and do the very best you can at every job. You’ll see the benefits as calls come years down the line from the same clients who need some more work. Don’t underestimate client relationships.” The least successful skilled trade businesses The pandemic forced us all to slow down and find new ways to keep busy - and for many, that was through DIY and home improvements. DIY activities saw a huge surge across the UK during that time, with building equipment sales increasing by 31.4% and paint by 47.1%, compared to the same period the previous year. With this in mind, it’s likely that new skills learnt during the pandemic have encouraged Brits to carry out home improvements themselves, rather than paying for an expert to help. In fact, a report from American Express revealed that 50% of DIYers said they were confident with their DIY skills following the growth of tutorial videos on social media. This surge in DIY home improvements may have a part to play in the least successful trade businesses. 61% of painter and decorator companies formed in 2021 have since dissolved, along with 49% of plasterer companies. There are likely to be several factors that have affected these industries and caused their closure. From rising material costs due to inflation and supply chain issues, to a reduced demand for these services, these DIY-specific businesses have taken a hit in the last few years. 53% of mechanic companies formed in 2021 have also closed, likely due to high running and startup costs affecting their sustainability. Which trade makes the most money? If you’re looking to start a business , you’ll want to ensure it has strong earning potential. Knowing which trade makes the most money can help you assess whether your trade venture is sustainable and profitable, and be enough to replace your current income. To help uncover the most profitable trade business, we’ve sourced the average daily earnings for popular trade professions from Checkatrade. While these are only estimated daily earnings, they should give an indication of the kind of income you could earn when starting your own trade business. Taking the top spot for average daily earnings were mechanics, at £480 per day, followed by electricians earning an average of £400 per day, and plumbers securing £347. Other profitable trade occupations include plasterers, glaze installers, landscapers and carpenters - all professions that require significant hands-on experience, training and knowledge. Some of the reasons these occupations are the most profitable may include: High demand: Many trade businesses provide services that are always in demand, such as mechanics and electricians. This need for skilled workers drives steady work and allows business owners a consistent income. Skills and expertise: Trade jobs often require significant technical knowledge, certifications and training. This makes these businesses irreplaceable, as your customers rely on your expertise and you can charge premium rates. Low overhead costs: As a tradesperson, you’re likely to have lower overhead costs compared to other types of businesses. This is because you won’t have a physical storefront, and your tools and equipment are typically one-time investments rather than ongoing costs. After-hours and weekends: You aren’t limited by the 9-5 as a tradesperson. In fact many skilled workers offer their services during evenings, weekends and holidays. You can often charge higher rates for out-of-hours services, further increasing your profitability. Set up your own trade business There sure is a lot to think about when starting a business, and the last thing you need is to worry about the sustainability and profitability of your new venture. We hope this blog gives you some inspiration and ideas of which are the most successful trades to consider. Ready to set up your limited company and take the business world by storm? There’s no time like the present. Check if your business name is available and let SUAZ help you with the rest. Recommended Readings How to Start an Online Business in 2025 Read More A Guide to Starting a Construction Company in 2024 Read More Want to start a business but have no ideas? Here’s some inspiration Read More

Want to succeed in the gardening & landscaping industry? If you're wondering how to start a gardening business, we've created a guide to get you started. A Guide to Starting a Gardening Business in 2024 12 min read Beginner's Guide Table of Contents Categories Understanding the gardening business landscape Steps to starting a gardening and landscaping business 1. Do your research Types of customers 2. Understand the legal and regulatory considerations Company formation Health and safety Insurance for your gardening business 3. Make a list of essential tools and equipment 4. Create a business plan and have it ready 5. Build a marketing and branding strategy 6. Financing your landscaping and gardening business 7. Keeping and retaining gardening customers Words of wisdom from a gardening business owner Any challenges or mistakes you made at the beginning? What tips or advice would you share for starting a gardening business? How SUAZ can help you Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Maybe you were born with green fingers, or perhaps your love of gardening blossomed over time. Whatever your circumstances, if nothing fills you with more pride than transforming a green space, starting a gardening business could be the fresh start you’re looking for. In fact, an impressive 674,200 jobs across the UK are supported by ornamental horticulture and landscaping - so you’re choosing a thriving industry to become a part of. Starting a gardening business offers more than just financial independence and pride - you’ll also spend time in the great outdoors which is said to improve your mood and reduce feelings of stress . But how do you get started? We’ve put together this guide on how to start a gardening business, so you know exactly how to navigate entrepreneurship and kickstart your gardening enterprise with confidence. Understanding the gardening business landscape One thing’s for sure - we definitely love our gardens in the UK. Gardening rose in popularity during the COVID-19 pandemic especially, when lockdowns caused many to stay at home. In 2020, when asked about the key benefits of having access to a garden during the pandemic, 87.7% of respondents said their garden helped relieve stress and anxiety . So, if you’re looking to start a gardening business, you’ll be pleased to know your work will contribute to improved mental wellbeing. The horticultural industry not only brings joy and improved wellness, it also supports the environment and economy. Your work will contribute to environmental sustainability, especially if you implement eco-friendly gardening practices. It’s said that the industry could support more than 763,000 jobs by 2030 , and is set to play a key role in achieving the UK’s climate change targets. With endless benefits to consider, what’s stopping you from swapping your office shoes for welly boots? Steps to starting a gardening and landscaping business Ready to embrace all that starting a gardening business has to offer? We’ve put together a step-by-step guide below, so you can rest assured that all is taken care of. 1. Do your research Let’s face it, there’s no such thing as too much research. To improve your chances of business success, getting to know your customers and their needs is crucial. Without research, you’ll rely purely on assumptions which is where many businesses fail. In today’s business world, you must take the time and effort to understand your customers so you can tailor your service to suit their needs. Types of customers The types of customers who will seek your expertise are likely to vary. You may choose to specialise in a particular area of gardening, or offer a range of services to appeal to different customers. Just some of the customers you may look to target include: Local councils Families or couples Holiday lets Landlords and letting agents Public gardens, parks and other green areas Establishments such as cafes, restaurants and bars 2. Understand the legal and regulatory considerations While you’re probably eager to get started with your gardening enterprise, you should get to grips with the legal and regulatory requirements of starting a business . Company formation First, you’ll need to decide how you’ll legally start your business. You can form your business yourself through Companies House for a £50 fee, or you can get a company formation agent to take care of things for you. With SUAZ, we’ll form your company directly with Companies House for free (yes, really!) and we’ll have your back every step of the way should you need any advice or support. Health and safety While gardening can be a stress-free pastime, it doesn’t come without its risks - especially if you’re making it your career. It’s important to consider any potential risks and health and safety procedures you should follow to protect yourself and others around you. Gardening and landscaping can come with several risks including prolonged sun exposure, manual handling, slips and falls, and reactions to chemicals such as pesticides and weed killers. With this in mind, it’s important to perform a risk assessment to acknowledge any potential risks and the steps you can take to mitigate them. Insurance for your gardening business Like any type of insurance, the hope is you’ll never need to actually use it. But this doesn’t eliminate the importance of taking out business insurance to protect you and your business should the worst happen. Should you hire employees, it’s a legal requirement to have employers’ liability insurance to protect your business should an employee fall ill or become injured as a result of working for you. You may also choose to take out public liability insurance to cover you financially should a third party claim to have suffered injury or property damage because of your business. 3. Make a list of essential tools and equipment Without the right tools and equipment, you’re not going to get very far! The exact tools you’ll need to invest in will depend on the gardening services you plan to offer, but generally speaking, you’ll need the following: Gloves: A good pair of gloves will protect your hands from cuts and splinters. Make sure they’re water-resistant and breathable, and that they have long cuffs to protect your forearms. While it may be tempting to go for the cheaper option, it’s likely to be more cost-effective to invest in higher-quality gloves that may cost a bit more. Doing so means you won’t need to replace them as quickly - better for your wallet and the planet too. Rake and spade: Every gardener needs a good quality spade and rake. These are the most basic but effective tools you’ll use daily, so it’s worth buying high-quality products that will last. Pruning shears: Otherwise known as secateurs, pruning shears help you control plant growth and keep areas looking tidy. You can use them to cut through branches easily, so you can maintain and shape trees and bushes. Lawnmower: Lawn care is likely to be a popular service you’ll offer, so you’ll want a reliable, quality lawnmower to do the job well. You may prefer a lightweight lawnmower (either petrol or electric) that is easy for you to carry around from job to job. 4. Create a business plan and have it ready Your business plan is your go-to resource both at the start of and throughout your business journey. Your business plan should outline your business’ strategy, goals and objectives and how you’ll achieve them. You’ll explain the market research you carried out, how your business will be managed, and the services you’ll offer in detail. It’s also important to explain how you plan to fund your business, including your forecasted sales, expenses and cash flows. 5. Build a marketing and branding strategy To get your business name out there and start attracting customer attention, you’ll need a marketing and branding strategy. The thought of marketing your business may sound daunting, especially if you feel your skills lie in the outdoors and you aren’t familiar with marketing jargon. But there are plenty of resources online to guide you through it, as well as our tips below to get you started: Know your target audience: Are you looking to attract local families or larger organisations? Determine the demographic, lifestyle preferences, age, location and gardening needs of your customer base so you can look to target these characteristics. Your USPs: What makes your business stand out against your competitors? Identify your key strengths and specialisms to focus on, as well as your USP - your unique selling points. For example, one USP may be that you offer a customised approach to your gardening services, tailored to each individual customer. Choose your marketing channels: Choose the marketing channels that are most appropriate to reach and target your customers. Make sure you consider both online and offline marketing - for example, you may choose to advertise your services on Instagram, as well as promote your gardening services offline through flyers and local newspapers. 6. Financing your landscaping and gardening business Make sure you know how you’ll fund your gardening business and have a plan in place to ensure profitability. Be sure to factor in the costs of company formation , taxes, business insurance and branding. You’ll also need to calculate the cost of the equipment you’ll need to carry out your day-to-day operations. Our guide on how much it costs to start a business covers these costs in more detail. To ensure you’re making a consistent profit, you’ll want to price your gardening services competitively. How much are your competitors charging in your area? The cost of gardening services varies greatly depending on the level of experience, the size of the garden and the location. Equally, you’re likely to charge more for landscape gardening than you would regular gardening jobs such as lawn maintenance and digging new flower beds. The price of a regular gardener can be up to £200 a day, whereas landscape gardening can cost up to £280 a day on average . 7. Keeping and retaining gardening customers Once you’ve carried out your initial gardening jobs, you’ll want to retain those customers going forward. Here are just some ways you can work to maintain a loyal customer base and encourage repeat business: Quality service: This may sound like an obvious one, but the better service you provide, the more likely it is that your customers will ask for more. Ensure you and your team are equipped with the best tools, and follow best practices. Communication: Listen to your customers’ needs and preferences and communicate with them effectively. Update them regularly with the progress you’re making and encourage open communication so you can understand any queries or concerns they may have. Reward their loyalty: You could reward loyal customers for their repeat business. Maybe you could offer a discount on their fifth garden project, or throw in a service for free as a token of appreciation. Words of wisdom from a gardening business owner Owner and Director of Protea Gardens , Nathan Gamba, shares his tips and advice when it comes to starting a gardening business. Any challenges or mistakes you made at the beginning? My mistake was thinking that I would immediately be working 5-6 days a week. But as I was only starting out, I had to build up a client base very slowly. I was working maybe 3 days a week, so covering my rent and food bills was hard. I guess I was fortunate in the beginning to have had a meticulous and hard-working mindset and as time went by, word started to spread in the local community. Looking back now, one of the mistakes I made was charging peanuts for the work I was doing, but in hindsight, that helped me in being recommended to other clients. As my confidence grew, I could then start charging the going rates for what gardeners in the area were charging. What tips or advice would you share for starting a gardening business? My advice would be to never give up on your dream. Life will likely be hard in the beginning as you will need to network and find the work. But if you are passionate about the career you chose, then just keep at it - it will get better! A good tip would be to contact other gardening companies in the area. Maybe even do a few shifts with them as a freelancer. This will at least give you a little extra cash while you build up your own client base. By working for a company that knows you are freelancing, they might pass some work over to you if they get too busy. How SUAZ can help you Starting your own business doesn’t need to feel complicated. Our company formation service can take care of things for you, and support you every step of the way. You deserve to make your business dream a reality. Apply to form your company with SUAZ today. Recommended Readings A Guide to Starting a Food Business in 2024 Read More A Guide to Starting a Cleaning Business in 2024 Read More Starting a Business from Home - What You Need to Know Read More

Learn efficient ways to track and manage freelance projects with our comprehensive guide. Stay organised and productive for success in the freelance sector. How to track & manage freelance work 12 min read Beginner's Guide Table of Contents Categories Why tracking work in the freelance sector matters How to keep track of freelance income How to manage freelance expenses and deductions How to set up freelance work for tracking A guide to freelance time tracking Common challenges and solutions when learning how to set up freelance work and track it Ready to turn your freelancing dreams into a structured business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Freelancing is definitely on the rise. As of March 2024, there are roughly 7.4 million freelancers registered and operating in the UK, contributing over £270 billion to the UK economy every year. That's a lot of people juggling projects, clients, and invoices. As one of them, or at least planning to be, you know that freedom, potential, and flexibility come with a price – organisation. This guide will equip you with the essential skills and tools to track and manage your freelance work effectively. From your first client enquiry to the final payment, we'll cover everything you need to stay organised, efficient, and profitable. Let’s get into it. Why tracking work in the freelance sector matters As a freelancer, you're essentially a one-person company responsible for every aspect of your business – from securing clients to managing finances. And just like any successful company, you need robust systems to thrive. Effective tracking is crucial, especially as your business grows. It provides valuable data and insights that empower you to make informed decisions and avoid common pitfalls that can derail a freelance career. Statistics show 82% of businesses fail due to poor cash flow management. Other major contributing factors include: Ineffective time management Undercharging for services Inadequate financial planning Insufficient tax and emergency funds Poor expense management By implementing a comprehensive tracking system, you can: Gain an understanding of your financial health: Track income, expenses, and profitability to make informed business decisions. Optimise your time: Identify time-wasting activities and streamline your workflow for maximum efficiency. Price your services strategically: Analyse project data to ensure you're charging appropriately and maximising your earning potential. Improve your processes: Spot inefficiencies in your workflow and implement changes for better results. Reduce stress: Avoid missed deadlines, forgotten invoices, and financial anxieties by staying organised and in control. Ultimately, using systems to track your work allows you to work smarter, not harder, and build a thriving freelance business. When your systems handle the heavy lifting, you can focus on what truly matters: delivering exceptional work and building a thriving freelance career. How to keep track of freelance income First, we’ll explain how to keep track of freelance income. Juggling client payments, chasing invoices, and staying on top of your income can feel overwhelming. But there are simple and effective ways to track your freelance income, no matter your experience level. Starting simple When you're starting the journey of how to keep track of your freelance income, a basic spreadsheet or even a notebook can do the trick. You can then keep track of: Payment dates: When did you receive each payment? Client names: Who paid you? Project details: What was the payment for? Amount received: How much did you earn? This method provides a solid foundation, but as your business grows, you'll likely need a more robust solution. Using accounting software Consider using dedicated accounting software to streamline your financial management. Many options connect directly with your bank account, automatically tag income and expenses, calculate taxes, and offer valuable financial insights. A few popular choices include: QuickBooks Self-Employed: An all-in-one tool for tracking income and expenses, sending invoices, and estimating quarterly taxes. FreshBooks: User-friendly invoicing and accounting software designed specifically for freelancers and small businesses. Wave Accounting: A fantastic free option with basic invoicing and accounting features, ideal for those on a tight budget. By implementing a reliable system for tracking your income, you can gain a clear picture of your financial health, simplify tax season, and focus on what you do best: delivering exceptional freelance work. Categorise your income No matter how you track your income, categorisation is key. For example, let's say you're a freelance graphic designer offering a range of services: Logo design Custom graphics Illustrations Infographics By tagging each income source by service type, you can analyse which services are most profitable. Perhaps logo design generates 90% of your income and offers the best return on your time investment. This insight might lead you to niche down and focus solely on logo design. You can also categorise income by project type, client, or even payment method. This granular data can encourage you to make informed decisions about your services and pricing strategies. Consistency is crucial The key to successful financial management isn't just the system you use but your consistency in using it. That’s the trick regarding how to keep track of freelance income. Avoid getting caught in the trap of constantly switching between apps and templates. Find a system that works well for you and commit to it. Adapt your workflow to fit the system, and stick with it consistently. Building a consistent workflow takes time. Establish a routine for tracking your income and expenses, whether daily, weekly, or monthly. The most important thing is to be consistent and make it a habit. How to manage freelance expenses and deductions Income is crucial, but so is tracking what you’re spending and where the money comes out. This not only maximises tax deductions and keeps everything accurate and legal, but also provides valuable insights into your spending habits. Whether you prefer a spreadsheet or accounting software, the principle remains the same: record every expense. Note the date, amount, vendor, and a brief description. This meticulous tracking is crucial for two reasons: Tax deductions: Many business expenses are tax-deductible, reducing your tax liability and increasing your take-home pay. Financial awareness: Regularly reviewing your expenses helps identify areas where you can cut back and improve profitability. Tips for organised expense tracking Keep all receipts: Whether paper or digital, store them securely in a dedicated folder or app. Categorise expenses: Group similar expenses into categories like office supplies, software subscriptions, travel, and professional development. This simplifies tax preparation and analysis. Use expense tracking tools: Accounting software often automates expense tracking by connecting directly to your bank account. Separate business and personal finances: Use a dedicated business bank account to separate your business transactions from your personal spending. By diligently tracking and categorising your expenses, you can minimise your tax burden, gain a clear understanding of your spending patterns, and boost your overall profitability. Other top tips for keeping track of freelance finances Managing your freelance finances doesn't have to be a burden. Here are some expert tips to help you stay in control of your money: Set a budget (and stick to it!): A budget is essential for tracking income and expenses, preventing overspending, and making informed financial decisions. Start by listing all income sources and fixed expenses, then allocate funds for variable expenses like marketing or travel. Avoid impulse purchases and use your budget to guide investment decisions. Use accounting software: Streamline your financial management with accounting software. These tools automate tasks like income and expense tracking, invoicing, and tax estimation, saving you time and effort. Set money aside for taxes: As a freelancer, you're responsible for paying your own taxes. Set aside 25-30% of each payment to cover your tax liability and avoid a hefty bill come tax season. Plan for irregular pay and downtime: Freelancing often involves income fluctuations. Prepare for lean periods by building an emergency fund or setting aside extra income during busy months. Keep personal and business finances separate: Open a dedicated bank account for your freelance business to maintain clear financial records and avoid complications with HMRC. By implementing these tips, you can confidently manage your freelance finances, optimise your earnings, and achieve financial stability. How to set up freelance work for tracking You probably have an idea of who your clients are and what work you’re doing for them, but as you scale your business, develop your skills, and onboard more work and more complex pipelines, this system becomes obsolete almost instantly. Tracking your work, projects, clients, and tasks is crucial in this way. It clears your mind so you can focus on the important aspects of the time at hand, keeps you in control, and prevents stress, burnout, and other things that can damage your business. You’ll also get a ton of data you can use to make informed decision-making within your business. Like which work brings in the most money. Which client is most profitable. Which market is most lucrative and better suited to your skills. How to set up your freelance work and track it efficiently starts with how you set up your freelance projects. By implementing these strategies from the outset, you can streamline your workflow, improve project management, and gather valuable data for your business. Define crystal-clear project scopes Before starting any project, establish a clear scope of work. This includes outlining: Project goals: What are you aiming to achieve? Deliverables: What specific outputs will you provide? Timelines: What are the key deadlines and milestones? Payment terms: How and when will you be paid? A well-defined scope prevents scope creep (unplanned additions to the project that you should really be charging for) and ensures you and your client are on the same page. Break projects into milestones Large projects can feel overwhelming. Break them down into smaller, more manageable milestones. This not only makes the project less daunting but also allows for better progress tracking and a sense of accomplishment along the way. Set deadlines (and stick to them) Deadlines are crucial for accountability and timely project completion. Be realistic when setting deadlines, factoring in potential delays or unexpected issues. Once set, do your best to adhere to them. Leverage project management tools Numerous project management tools can help you stay organised and on top of your work. Consider these options: Trello: A visual tool using boards, lists, and cards to organise and prioritise tasks. Asana: A robust tool with features like Gantt charts and timelines for managing complex projects. Monday.com : A versatile platform for managing projects, workflows, and teamwork. Sunsama: A tool for planning your day, week, or month by integrating calendars and to-do lists. Akiflow: A powerful task management tool with features like time blocking and automated scheduling. Google Calendar: A simple and accessible tool for scheduling appointments, deadlines, and reminders. The key is to choose a tool that fits your workflow and use it consistently. Adapt your processes to the tool's functionalities for optimal results. There’s no “golden” tool that will care for everything and make life easy. That comes from picking a tool and then sticking with it, building up a system with that tool that works for you, not the other way around. A guide to freelance time tracking The most important thing you have to manage as a freelancer is your time, and developing a freelance time tracking system from the very beginning can bring so many benefits. Here’s an example: You charge £150 for a blog post. But what if it takes 5 hours to write, with another 4 hours lost to distractions? Your actual hourly rate plummets to £30. Now, imagine completing that same post in one focused hour time block. Suddenly, you're earning £150 per hour, with extra time to invest in other projects or personal pursuits. Freelance time tracking isn't about working yourself to the bone, grinding all the time, and burning out. You do become a productivity machine, but in the sense that your work time is used wisely. Your most valuable resource is used optimally and without waste. It's about understanding where your time goes so you can make conscious choices about how to spend it, how much to charge , and, ultimately, how to run your business more effectively. How to track freelance hours There are several ways to track your time: Manual freelance time tracking: Use a spreadsheet, notebook, or a simple timer to track your work hours. Techniques like the Pomodoro Technique, with its focused work intervals, can be particularly helpful. Digital time tracking tools: Many apps offer features like project-specific tracking, reporting, and integration with other platforms. Some popular options include: Toggl Track: User-friendly time tracking across projects and clients. Harvest: A robust solution with invoicing and expense-tracking capabilities. Some project management tools can teach and help you learn how to track freelance hours with ease, but often within their premium subscriptions. These tools provide detailed dashboards to visualise how you spend your time across days, weeks, months, or even the entire year. Top tips for keeping track of freelance time Regularly review your time logs: Take some time each week or month to review your time logs. This will help you identify patterns or areas where you can improve your time management. Identify time drains: Are there specific tasks or activities that consistently take up more time than you anticipated? Once you identify these time drains, you can take steps to eliminate or minimise them. Set realistic time estimates: When estimating project timelines, be realistic about how long tasks will actually take. It's always better to overestimate than underestimate. Try time blocking: This time management technique involves scheduling specific blocks of time for different tasks or projects. It can help you stay focused and avoid distractions. Use the Pomodoro technique: This technique involves working in 25-minute intervals with short breaks in between. It can be a great way to boost your productivity and avoid burnout. Prioritise high-value tasks: Not all tasks are created equal. Focus on prioritising the tasks that will impact your business most. So, when it comes to learning how to track freelance hours effectively, a bit of a proactive mindset can go a long way. Common challenges and solutions when learning how to set up freelance work and track it Even with the best intentions, tracking your freelance business can present challenges. But don't be discouraged. By understanding these common obstacles and their solutions, you can develop strategies to overcome them and build a more successful freelance career. Inconsistent time tracking Challenge: It's easy to lose track of time when engrossed in a project or juggling multiple tasks. Inaccurate time tracking can lead to underbilling and lost revenue. Solution: Use automated time tracking tools or set reminders to log your hours regularly. This ensures accurate billing and fair compensation for your work. Managing multiple projects simultaneously Challenge: Juggling multiple projects with varying deadlines and deliverables can be overwhelming, potentially leading to missed tasks and increased stress. Solution: Use project management tools like Asana or Trello to organise and prioritise tasks. Break down large projects into smaller, manageable steps with clear deadlines. Create separate boards or lists for each project to maintain organisation. Regularly review and adjust your schedule to ensure balanced time allocation across projects. Difficulty in invoicing and payment tracking Challenge: Creating, sending, and following up on invoices can be time-consuming and frustrating. Late payments can disrupt your cash flow and create financial instability. Solution: Establish a consistent invoicing schedule and promptly follow up on overdue payments. Consider using invoicing software to automate the process and simplify payment tracking. Clearly outline payment terms in your contracts or project agreements to avoid misunderstandings. By proactively addressing these common challenges, you can streamline your tracking processes, maintain organisation, and ensure you're fairly compensated for your valuable time and effort. Ready to turn your freelancing dreams into a structured business? Start Up A-Z is here to guide you through every step of your journey – from forming your company to landing your first client. Our comprehensive support system includes business planning tools, proven tracking methods, and ongoing guidance from founders who've walked the same path. Don't just start a business. Build a sustainable freelance career with the right foundation. Form your company with SUAZ today . Recommended Readings How to Quote & Charge for Freelance Work Read More How to invoice as a freelancer Read More How to start freelancing with no experience in 2024 Read More

Discover the benefits of having a virtual office for your business. This guide outlines the advantages, from cost savings to increased flexibility. Read more. What are the Benefits of a Virtual Office? 8 min read Virtual Office Table of Contents Categories The benefits of a virtual office address The benefits of a virtual office in a city Which industries most benefit from virtual business? Disadvantages of virtual offices The benefits of a virtual office address Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Virtual offices are becoming increasingly popular for businesses of all sizes, but especially for start-ups. Many businesses no longer need to invest in an expensive office space to establish their professional and brand image. A virtual office address offers a cost-effective solution that provides credibility, admin support, flexible working and employee satisfaction, as well as a prestigious address to use for business communications. Partnering with a reliable virtual office provider ensures you get the services and support you need for your new business to thrive, all without the overhead costs of a physical office space. Below, we'll uncover the key benefits of having a virtual address for your business, and why you should consider virtual office services to achieve your business goals. The benefits of a virtual office address Virtual offices provide businesses with numerous benefits, including: Cost Savings: Every penny counts when you're starting or growing a business. With a virtual office, you can save money on rental costs, utility bills, and other expenses associated with an actual office space. According to a study by Global Workplace Analytics, the average cost savings for businesses that use virtual offices is 30%. This freed-up capital could be reinvested into your business for enhanced growth and innovation. Enhanced Professionalism: First impressions matter and a virtual office provides you with a reputable business address that impresses clients and business partners alike. You can confidently meet clients at the physical office space or use its address for official correspondence, boosting your business's credibility and professional image. Flexibility and Work-Life Balance: Tired of the daily commute? With a virtual office, you have the freedom to work from anywhere, be it working remotely from the comfort of your home or your favourite coffee shop. You'll enjoy a better work-life balance and make time for the things that matter most. Plus, you'll avoid being tied to long-term leases, which can be a long-term commitment if you rent a traditional office space. Privacy: A key advantage of using a virtual office is that it can help you protect your privacy. When you use your home address as your business address, your home address becomes public record. This means that anyone can look up your address online, including potential clients, competitors, and even government agencies. With a virtual office, you'll have a separate virtual address that can also be used as your mailing address, to ensure no one shows up on your doorstep unexpectedly. Business Expansion: If you're planning to expand your business to new cities or countries, a virtual office can be your stepping stone. A virtual office space provides businesses with a local presence and networking opportunities without the need for physical relocation. This way you can also test the waters on the location you're targeting without the associated cost. Access to Top Talent: Expand your talent pool beyond geographical boundaries. A virtual office allows you to access a global network of talent and hire from anywhere in the world, enriching your team with diverse perspectives and expertise. The benefits of a virtual office in a city A city location can give you access to a larger pool of opportunities. If you're considering a virtual office in the vibrant city of Manchester, look no further. As one of the UK's biggest cities, Manchester offers a thriving business community, rich cultural experiences, and excellent transport links. By having a virtual office in Manchester, you'll have a physical space to tap into the city's dynamic economy and connect with potential clients and partners who value a local presence and small businesses. Which industries most benefit from virtual business? Virtual offices can be a great option for businesses of all sizes and industries. But, certain industries can maximise these benefits even further. Let's take a look at how different businesses can thrive with a virtual office instead of a traditional office: Creative Industries: If you’re a creative professional, a virtual office offers the freedom to work from inspiring locations and collaborate seamlessly with global clients. Consulting and Services: A freelance business can establish credibility with a prestigious business address. That way, business owners can offer top-notch virtual customer service while travelling to meet with clients. E-commerce and Online Retail: Virtual offices complement e-commerce businesses perfectly, providing you a professional address for returns and customer inquiries. Tech Startups: With access to remote talent and flexible workspace solutions, tech startups tend not to need a lot of physical space and could be well-suited for utilising a virtual office, letting you focus on innovation and product development without worrying about office logistics. Disadvantages of virtual offices To provide you with a complete picture, let's discuss some potential disadvantages of virtual offices: Lack of Physical Interaction: While virtual offices offer flexibility, some businesses may miss the face-to-face interactions that a physical office provides. This can be a challenge for businesses that need to build relationships with clients or partners. Internet Reliance: A stable internet connection is essential for virtual operations. This is because downtime or technical issues could temporarily disrupt your business. Isolation: Remote work can sometimes lead to feelings of isolation among remote team members. Regular virtual team meetings and fostering a positive team culture can mitigate this challenge. Availability: Since many businesses share the office space, facilities may not always be available at short notice. This means that if you need to use a meeting room or other amenities, advanced booking may be required. If your schedule might need late-notice use of facilities, consider researching physical office spaces or coworking spaces that are large enough to accommodate multiple businesses or ensure you book any meetings and conference rooms ahead of time where possible. Now that you've learned the numerous pros and cons of a virtual office, the decision is yours: is it time to take the leap and embrace the virtual world? Whether you're a startup, freelancer, or established business, virtual office services could be a great, cost-effective option for businesses like you. If you’re considering a virtual office in Manchester, SUAZ's virtual office packages can help. Buy a virtual office package from us today. Recommended Readings Are Virtual Offices Legal? Read More How Much Does a Virtual Office Cost? Read More How to Set Up a Virtual Office Read More

Ready to set up your own virtual office? Follow our step-by-step guide to creating a virtual office and enjoy the flexibility it offers. Read more. How to Set Up a Virtual Office 6 min read Virtual Office Table of Contents Categories How does a virtual office work? How do you create your virtual office? Plan your business thoroughly Research the tools and software you need to be successful Determine what support you need Acquire ways for your customers to contact you Email, phone numbers, and social media A website A business address Determine how you will work with your team and meet with customers Is a virtual office right for your business? How to set up your virtual office with SUAZ Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Setting up a virtual office is a great way to save money and improve your productivity. And it is easier than you might think! In fact, with a little planning and preparation, you can be up and running in no time. In this article, we'll walk you through the process of setting up a virtual office, from planning your business to choosing the right virtual office provider. How does a virtual office work? Before diving into the details of setting up a virtual office, let's briefly understand what a virtual office is and how it works. A virtual office is a smart, modern solution that allows businesses to operate remotely while still maintaining essential business functions. It provides a range of services like a business address, phone numbers, access to shared office space and communication support to help your business thrive. With a lot of advantages , virtual offices can be a great option for businesses that are just starting out, or for those that want to save money on office space, How do you create your virtual office? Setting up a virtual office involves careful planning and a bit of research so keep on reading to help you get started. Here are the steps on how to create your virtual office: 1. Plan your business thoroughly Before you do anything else, take some time to plan your business. What kind of business are you starting? Who is your target market? What are your goals? Once you have a clear understanding of your business, you can start to think about how a virtual office can help you achieve your goals. Having a well-thought-out business plan will serve as a solid foundation for your virtual office journey. 2. Research the tools and software you need to be successful There are a number of tools and software that can help you run your virtual office effectively. Some of the most important tools include a cloud-based CRM system, a project management tool, and a video conferencing platform. 3. Determine what support you need Assess whether you'll require additional support, such as account specialists, marketing experts, or freelancers. Will you seek assistance from family and friends, or are you willing to invest in professional help? This consideration will also involve evaluating the financial and time resources you'll need to allocate. 4. Acquire ways for your customers to contact you Depending on the type of business, your customers may expect you to be contactable through a certain medium. Make sure that there are plenty of ways customers can reach out to you if they require extra support. This could the following: Email, phone numbers, and social media Choose communication channels that align with your target audience's preferences. Social media accounts can be great for reaching out to a younger demographic, while email remains a reliable option for more formal interactions. A website Setting up a website is essential for any business in today's digital age. It's relatively easy to create one with the right tools and support. Having an online presence not only enhances your credibility but also expands your reach to potential customers. A business address If you're planning to set up a limited company, having a business address is a legal requirement. It also adds a professional look and reassures clients that your business is established and trustworthy. 5. Determine how you will work with your team and meet with customers If you have employees or contractors, you'll need to decide how you will work with them. Will you be meeting with them in person? If not, you may think about how you will provide ample support and after-sales service. Is a virtual office right for your business? Before finalising your decision, think about the factors that could influence whether a virtual office is the right fit for your business. Factors such as remote employees, budget constraints, or the convenience of working from home are crucial aspects to consider. How to set up your virtual office with SUAZ If you've decided that a virtual office is right for your business, then SUAZ can help you set up your office quickly and easily. We offer a variety of virtual office packages to suit your needs, and our team of experts will be happy to answer any questions you have. Let's walk you through the simple steps to set up your virtual office with us: 1. Choose the virtual office package that suits your business Browse through our range of virtual office packages and select the one that best aligns with your needs and goals. 2. Add the virtual office package to your cart Once you've found the perfect package, simply subscribe and add it to your cart with just a few clicks. 3. Select checkout and fill in your personal information Follow the easy checkout process, and provide the necessary personal information to complete the setup. In 3 easy steps, you can now use your virtual office and experience the comfort of working anywhere while boosting your business presence. If you're thinking about getting a virtual office in Manchester, you can view and purchase our packages here . Recommended Readings How Much Does a Virtual Office Cost? Read More How to Set Up a Virtual Office Read More

Learn the most efficient way to pay yourself as a limited company director by making a withdrawal using a salary and dividends. The most efficient way to pay yourself as a limited company 12 min read Company Formations Table of Contents Categories How to withdraw money from a limited company Salary How much to set as a limited company’s director salary Dividends Director’s loans Expenses reimbursement Do pension contributions reduce your taxable income? Paying yourself as a limited company Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Starting your own business is a major achievement, and it’s likely you’ve invested a lot of time and money into your new enterprise. With this in mind, it only makes sense that you want to take home as much money as possible from your business, so the hard work is all worth it. When running a limited company, paying yourself efficiently is crucial to maximise your income and minimise the tax you pay. Operating as a limited company not only protects you personally through limited liability protection , but also grants you flexibility as to how you pay yourself as a company director. The most common and tax-efficient way to pay yourself as a limited company owner is through a combination of salary and dividends. But how does paying a dividend from a limited company work? If you’re searching ‘how to pay myself as a limited company’, you’ve come to the right place. We’ve put together this guide, detailing how to pay yourself a salary from a limited company, so you know the most efficient, tax-effective ways to receive income from your new enterprise. How to withdraw money from a limited company As a limited company, your business is treated as a separate legal entity to you and other owners and is legally classified as an ‘individual’ in the eyes of the law. This means that all finances belong to the business itself - so you can’t just withdraw money from your business the same way you would from your bank account. There are several ways you can withdraw money from a limited company, which we’ll explore below. Salary Wondering how to pay yourself a salary from a limited company? As company director, you can pay yourself a salary through HMRC’s Pay As You Earn (PAYE). But first, your limited company needs to be registered with HMRC as an employer, which you can do online. Remember, depending on how much you pay yourself, you may need to deduct tax and national insurance contributions and pay them to HMRC. As a limited company, your business won’t need to pay any Corporation Tax on salary payments, as they are seen as business expenses and are tax-deductible. But your business will need to pay 13.8% employer’s National Insurance contributions (NIC) on your annual salary earnings above the secondary threshold of £9,100 (2024-25 tax year). To minimise your tax bill, you may choose to pay yourself a salary up to the NIC primary threshold (£12,570 a year) to avoid needing to pay Income Tax and NIC. You can then take the rest of your income as dividends, which we’ll go into more detail on later. How much to set as a limited company’s director salary Wondering how to pay yourself a salary from a limited company? To minimise the amount of income tax due, many directors choose to pay themselves a small salary from their business. For example, if you pay yourself up to £12,570 per year (as long as you have no other relevant income within the tax year) you can avoid paying income tax and NIC. You can then choose to take the rest of your income as dividends, with the first £500 being tax-free in line with the annual dividend allowance. If you pay yourself between £12,571 and £50,270 you’ll pay 20% income tax, and 40% if you pay yourself between £50,271 and £125,140. Anything over £125,140 is charged at 45% income tax. Don’t worry - if you only pay yourself up to the primary threshold of £12,570, you’ll still qualify for the State Pension because you’ll be earning above the lower earnings limit of £6,396 per year. Dividends If you’re also a shareholder, you can choose to take dividend payments on top of your salary. There’s a tax-free dividend allowance of £1,000 for the 2023-24 tax year, meaning you can take up to £1,000 in dividends before needing to pay income tax on it. This is on top of the personal allowance threshold of £12,570. Once you exceed this amount, the amount of tax you’ll pay will depend on your tax band, which is calculated by adding your total dividend income for the year with your director’s salary and any other income you receive. Basic-rate taxpayers: 8.75% tax (if you receive dividends over the personal allowance, up to the value of £37,700) Higher-rate taxpayers: 33.75% tax (if you receive dividends over £37,701, but less than £150,000) Additional-rate taxpayers: 39.35% tax (if you receive dividends over £150,000) Steph Gemson, Chartered Tax Advisor at TaxGem , explains, ‘ Directors who are also shareholders of their owner-managed business, may take dividends via their shareholding, as long as the company has sufficient distributable profit reserves. ‘Dividends benefit from lower personal tax rates (of just 8.75% up to £50,270, 33.75% up to £125,140 and 39.35% thereafter), with no National Insurance. So, although they are not considered to be tax deductible in the company, there can be some income tax savings for the recipient. Dividends will need to be declared on the shareholders’ personal tax return and tax due on them paid over to HMRC on the 31 January each year, following the end of the tax year.’ Director’s loans Another option when it comes to paying yourself from your business is to take out a director’s loan. However, it’s important to note that a director’s loan is a form of borrowing from your company, rather than income you’ve earned through your work. This means that just like other forms of borrowing, the funds taken as a loan will need to be repaid. Director’s loans are typically used to cover short-term or one-off expenses such as emergencies. When it comes to tax implications, should you not repay your loan within nine months and one day of the company’s year-end, you’ll owe a significant amount of tax. If you repay the loan within nine of the end of your Corporation Tax accounting period , you’ll need to show the amount owed at the end of the accounting period when you prepare your tax return by using form CT600A. If the loan was more than £5,000 and you took out another loan of £5,000 or more up to 30 before or after you paid it off, you’ll pay Corporation Tax at 33.75% of the initial loan, and 32.5% if the loan was made before April 6 2022. The same amount of tax applies if the loan was more than £15,000. Once you’ve repaid the original loan, you can reclaim the Corporation Tax but not the interest. Should you not repay the loan within nine months of the end of your Corporation Tax accounting period, you’ll pay Corporation Tax at 33.75% of the outstanding balance or 32.5% if you took out the loan before April 6 2022. Interest on the Corporation Tax will be added until you’ve paid Corporation Tax, or repaid the loan. We appreciate the tax rules around director’s loans may sound complicated, so for more details take a look at the government’s information on director’s loans . Expenses reimbursement Made purchases ‘wholly and exclusively’ for your business? You may be able to claim these costs as legitimate business costs. This means you’ll receive tax relief on these expenses and you’ll also be able to reimburse yourself for the cost. Types of expenses you may be able to claim for include: Office costs such as broadband bills Equipment Business insurance Travel cost (business miles) Professional services Software costs Client entertainment Do pension contributions reduce your taxable income? As company director, making pension contributions could save you and your limited company a significant amount of tax. By choosing to take a smaller salary and the rest of your income in dividends, the amount of tax relief you receive on pension contributions from the government is likely to be very little. This is because dividends aren’t seen as ‘relevant UK earnings’, so the tax relief you receive is based on your salary alone. But by contributing to your pension directly from the company, your pension contributions will immediately enter a tax-free environment, so there's no need for tax relief. Your contributions will be treated as a business expense, reducing your business’ taxable profits and your Corporation Tax bill. It’s important to note that there’s a limit on how much you can contribute towards a pension each year, to still qualify for tax relief. This is usually £60,000 per year, but may be less if your income exceeds certain thresholds. For higher earners, the annual allowance is reduced by £1 for every £2 you earn over £260,000. Paying yourself as a limited company There are several ways to pay yourself as a limited company, and a combination of salary and dividends is one of the most tax-efficient strategies to optimise your income, while adhering to tax regulations. Looking to start your own business? We’d love to play a part in your business journey. With us, you can form your company for free, with advice and support every step of the way. Form your limited company today and prepare for an adventure like no other. Recommended Readings Do I need an accountant as a limited company? Read More How much does it cost to set up a limited company? Read More Self Employed vs Limited Company - What’s Best? Read More

Do you think of starting your own business? Before you dive in, it's crucial to understand the legal terms and jargon associated with forming a limited company. Advantages & Disadvantages of Limited Liability 3 min read Company Formations Table of Contents Categories 1. Advantages 2. Disadvantages 3. Limited company or sole trader? 4. Ready to form your limited company? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Has starting your own business always been at the top of your bucket list? It’s important you get your head around the legal terms and jargon that are associated with starting a limited company. Limited companies are one of the most popular legal structures for businesses in the UK, with over 500,000 new limited companies being incorporated each year. There are many advantages to starting a limited company, such as the benefits of limited liability and improving your professional image. It doesn't take long to set up a limited company , but there are advantages and disadvantages to consider. Here , we’ll explore the various limited liability company advantages and disadvantages you should consider when looking to start your own business. Advantages There are several key advantages to forming a limited company . One of the most significant is limited liability protection. This means your personal assets are secure should your business run into financial hardship. This is because a limited company is treated as a separate legal entity to you and other owners. The business is legally classified as an ‘individual’ and can own assets and keep profits after tax. It also means your business’ finances are separate from your own personal finances. By separating your personal finances and business finances, the business itself is responsible for its liabilities, financial losses and debts. So, should your business go into debt, you and your shareholders wouldn’t be liable and all your personal assets will be protected. We’ll go into more detail on this later, so don’t worry if it’s a lot to take in right now! Below, we’ll explore the benefits of limited liability, as well as other key advantages of forming a limited company. Professionalism Operating as a limited company can hold your business in high regard, particularly for your suppliers or customers. Being a limited company can help you maintain a professional image, and help you establish a level of trust that your customers will be looking for, giving you a competitive edge in your industry. Having ‘limited’ status can also make your business look larger and more established, which can be useful when you’re just starting out. As a limited company, you’re also required to produce several legal documents and returns annually, such as a set of accounts and your yearly confirmation statement to Companies House. This information is available on Companies House’s database, somewhere your customers or suppliers may look when considering your business, to judge your transparency. Tax efficiency Limited companies are much more tax-efficient than sole traders, paying 19-25% Corporation Tax on profits compared to the 20-45% Income Tax paid by sole traders. Setting up a limited company means you’ll be able to take home more of your hard-earned profit and you’ll have greater flexibility for tax planning. You may also choose to take a smaller salary and make the most of your income in dividends, to reduce how much National Insurance you pay. Overall, forming a limited company can allow you to take home more of your earnings. Protection There are several forms of protection you’ll receive when forming a limited company. Looking to protect your company image and brand? Once you’re registered with Companies House, your company name is protected and no one else will be allowed to use it. If another business tries to use a name too similar to yours, they will not be allowed to use it. As mentioned, when forming a limited company you’ll gain the benefits of limited liability. Unlike sole traders, who are personally liable for all business debts and financial losses, as a limited company your personal assets are secure should your company suffer financial loss. Your business is treated separately from those who own and manage it, and your shareholders will be protected too. Your shareholders will have no legal obligation to pay more than the nominal value of shares they hold, so if you set the nominal value at £1, their liability could be as little as £1, depending on the number of shares they buy. With this in mind, investors are more likely to invest in limited companies because of this limited liability protection. Disadvantages There are also some potential disadvantages to forming a limited liability company which are worth noting, including: Costs While registering your limited company with Companies House will only cost you £50 (and is completely free when forming your company with SUAZ), there are other costs involved in setting up a limited company . Starting your own business can be a big financial commitment, from the cost of your website to renting an office space. If you’re looking to cut costs, you may choose to avoid the rental costs and maintenance of an office space. Our virtual office address is a great way to establish a professional image without the expenses of renting an office space. You’ll get a professional mailing address in Manchester so you can keep your personal address confidential, and have an office address to get your business’ name on the map. Privacy One of the main disadvantages of forming a limited company is public disclosure. Your accounts must be submitted to Companies House for the public record - this may bother you if you’d prefer your business’ finances to remain private. Every limited company must report on their performance and activities during the financial year. For new companies, your financial year starts on the day your company is incorporated. Complexity Limited companies can be considered more complex than other types of businesses, particularly in terms of accounting. As company director, you’ll need to keep accurate monthly records of your tax returns, expenses and other financial documents. Keeping on top of this paperwork can seem taxing, so if you’re looking to alleviate some stress you may want to work with an accountant to make sure things are done the right way. As you may expect, running a business requires a lot of paperwork and limited companies are no exception. You’ll be expected to keep detailed records of your business and as mentioned, file your accounts to Companies House after the end of the financial year. You’ll also be required to file a confirmation statement with Companies House each year, which tells them the information they hold on your business is still correct. If you’re not prepared for this admin, you may be left feeling overwhelmed. If you want one less thing to worry about, our Company Pro package includes confirmation statement filing - meaning we’ll take care of this for you to save you the hassle. Limited company or sole trader? If you’re looking to start your own business, it’s important you get to grips with the differences between forming a limited company and being a sole trader. Here are the biggest differences to keep in mind: For sole traders, the business owner and the business is treated as one legal entity, whereas for a limited company, the business is treated as separate from its shareholders and directors. This means that as a sole trader you’re responsible for both your personal and business debts, so if your business struggles financially, you’re personally liable. Whereas, if you form a limited company you’ll gain limited liability so your personal assets are protected should your business face financial struggles. Another key difference between the two is paperwork and admin. As a sole trader, you face few formalities - you don’t need to register with Companies House or have a director. Instead, all you need to do is let HMRC know you’re self-employed so they know you need to pay tax through Self Assessment. Whereas as a limited company entails more formal responsibilities like registering with Companies House, and keeping on top of record keeping. Ready to form your limited company? Starting your own business is a journey like no other. Get ready for financial freedom and the pride and passion that being your own boss can bring. Let us take some weight off your shoulders with our professional company formation service. We can take care of the complicated stuff so you can focus on the most important thing - your exciting next chapter. Apply to form your company today - you deserve to make your dream a reality. Recommended Readings Starting a Business in the UK as a Foreigner Read More How Long Does It Take to Set Up a Limited Company? Read More What is a Business Plan and How Do You Write One? Read More

Discover the impact of Companies House fee changes on agents & SUAZ's commitment to free company formation. Stay informed & empower your business with SUAZ. Changes to Companies House Fees 8 min read Company Formations Table of Contents Categories Understanding the recent changes to Companies House fees What does this mean for SUAZ? What does this mean for other company formations agents? So, how much does it cost to form a limited company now? SUAZ’s commitment to free company formations Adapting to change: empowering entrepreneurs Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office Following a recent government announcement, there are going to be changes to Companies House fees coming on May 1st 2024. These changes mean there’ll be an increase in the cost of starting a business in the UK. Below, you’ll find all the necessary information regarding the changes to the fees, and how they might affect your plans to start your own business, as well as some insight from our expert team. Understanding the recent changes to Companies House fees Companies House is increasing its fees for a range of business necessities, which includes an increase in company incorporation fees. These fees are increasing for all types of businesses and all methods of incorporation. Specifically, the cost to incorporate a company digitally is rising from £12 to £50, an increase of more than 300%. However, this isn’t about the government trying to maximise its own profits, as explained by our Start-Up Advisor, Joe. “It’s important to remember that Companies House doesn’t make any money by increasing its fees. It’s justifying this increase by spending more money protecting the integrity of the public register. If these changes lead to more accurate information on Companies House, there will be a decrease in fraud and the overall benefit to the reputation of UK companies. Having said this, the fee increases make starting a company, which is already expensive, even more so, and may put some people off making this leap. “Any increase in fees is clearly unfortunate for new business owners and hits small businesses the hardest. However, if the increased revenue is used wisely by Companies House, it will mean a more robust public register of information, which will give greater confidence to UK businesses.” What does this mean for SUAZ? At SUAZ, we’re proud to offer free company formations, so if you’re looking to start your own business, choosing us as your company formations agent means you won’t have to worry about the current £12 incorporation fee. We’re committed to offering you the opportunity to start your own business with our support, and the latest announcement regarding the changes to Companies House fees doesn’t affect what we can offer today. It would be disingenuous of us to guarantee that we will continue to offer the free product beyond May - this news was announced only last week and we would be wary of any agent that is already promising to offer free formations regardless of the fee increase. We know that any business, whether yours or ours, is built on careful decisions. As soon as we decide on the future of our free company formations product, we’ll communicate it to you clearly. The best way to keep up to date with the rapidly developing news is to join our mailing list. What does this mean for other company formations agents? It’s hard to know exactly how the changes to Companies House fees will change the landscape for company formation agents. The increase in fees will likely make it harder for everyone to offer free company formations in the future, and it really is a good incentive to take advantage of our free company formations offer while we can guarantee it. So, how much does it cost to form a limited company now? The changes to the Companies House fees come off the back of legislation passed in Parliament in October 2023, namely the Economic Crime and Corporate Transparency Act, which received Royal Assent on October 26. Designed to allow Companies House to play a much greater role in disrupting economic crime, this legislation does affect how small businesses will interact with Companies House. This includes changes to the way accounts are reported and how directors are identified, and greater powers to query information. Companies House is set up to take a much more hands-on approach to vetting and protecting the public register. Companies House fees work on a cost recovery basis, with fees covering the costs of services delivered. With an increase in the scope of work for Companies House, the change to the fees reflects this. The table below highlights the increase in fees in the areas that may be relevant to small businesses - for a breakdown of every planned change in Companies House fees, check out the Companies House website . Service Channel Current Cost New Cost Incorporation Digital £12 £50 Incorporation Paper £71 Confirmation Statement Digital £34 Change of Name Digital £20 SUAZ’s commitment to free company formations Our free company formations product is important to us, and our mission hasn’t changed due to this news. Our aims are still to: Take the stress away from starting a new business Give the new businesses we work with the best possible chance of success Support small businesses like yours with the best possible start We believe that the best start we can offer a new business is the Business Support Club - a unique marketplace that provides you with access to vetted suppliers to help you grow your idea into a business. By signing up to the Business Support Club via the free company formations product on SUAZ, you’re giving your business the best possible chance of success right from day one. As a member of the Business Support Club, you’re putting your trust in us and our suppliers; so it’s only right that we absorb the first cost of your business journey - the incorporation fee. Adapting to change: empowering entrepreneurs Changes to Companies House fees are not easy to read as a budding entrepreneur - but business has always been about adapting to a changing environment. On one hand, the knowledge that fees will rise in the future means there’s never been a better time to start your own business than today, beating the increase! On the other hand, you may not want to be rushed. These changes aren’t ideal, but perhaps they’re the catalyst you need to make your dreams of owning your own business a reality. Our Knowledge Base is packed full of information on starting companies in a range of industries and sectors, and it’s important to do the correct research before making any decisions. Beyond our own blog, we’d encourage you to sign up for the Companies House newsletter for up-to-the-minute information on any further changes in Companies House fees. Whatever path you choose to take, SUAZ and BSC are here to support you every step of the way. Our Start-Up Advisor, Joe, has the following tips for entrepreneurs following the Companies House announcement.“ We know that starting a business is already expensive and increased statutory fees aren’t exactly going to help. We’ve always promoted starting businesses with an emphasis on keeping costs down and this is getting more and more important. Here are some key tips to keep costs down: Don’t buy too much stock It can be exciting to buy stock, but buying too much can act like an anchor on your business, weighing on cashflow and meaning your budget is all tied up. Buy second-hand or leased equipment Buying older equipment can be significantly cheaper than buying new. Or consider leasing initially until you have a reliable income. Negotiate everything Lots of business purchases are negotiable. As the saying goes, if you don’t ask you don’t get. Always ask for a discount! Use Business Support Club Using BSC will allow you to compare suppliers and find the best value products and services for your new business. At SUAZ, the biggest mistake we see new business owners make is overspending when they start their company without proving the concept first. We highly recommend proving your idea works on a budget, then scaling up when you have demonstrated demand.” The changes to the Companies House fees don’t need to be the end of your entrepreneurial aspirations. With SUAZ and BSC on your side, they could be the moment you decide to make the best decision of your life and take advantage of a free company formation product that you can trust, while it’s still there! Recommended Readings Can You Start a UK Business While on Benefits? Read More

Explore the success of the UK's top food startups, from brands like Grenade to services like Gousto, offering invaluable insights for aspiring entrepreneurs. The UK’s Most Successful Food-and-Drink Startups 12 min read Beginner's Guide Table of Contents Categories Understanding the food and drink industry The fastest-growing food and drink startups Huel Grenade Gousto The most popular types of food & drink startups Ready to kickstart your food-and-drink business? Beginner's Guide Business Trends Company Formations Start-Up Finance Virtual Office If you’re looking to start a food and drink business, the UK is a great place to do it. Many startups in the industry have gone on to not just survive, but flourish and become successful, household names. In the UK, the food and drink sector is expected to grow by more than 10% by the end of the decade . There are also plenty of trends that are influencing the growth of many businesses and startups, including an interest in local sourcing, plant-based food, meal kits and healthy choices. While costs in the industry continue to rise , which makes it a challenge for many businesses, trends are without doubt a blessing to others. But what are the most successful food businesses right now and what are they doing right? We’ve analysed the top food and drink businesses from the Alantra Food and Beverage Fast 50 reports from the last five years to identify trends and determine what’s hot in food and drink. So, if you’re looking to make your dream a reality and finally launch your startup food business, this data could help you on your journey to see whether your idea is likely to be a hit. We’ve also gathered insights from some food and drink experts to provide their views on what sets these businesses apart from their competitors. Understanding the food and drink industry Starting a food or drink business is tough. It’s no secret. In 2023, food and drink businesses accounted for 9% of all businesses that went into administration in the UK . When setting out on your entrepreneurial journey within the industry, you might have oodles of passion, experience, knowledge, skill and a killer idea. But, without insight into trends and leaning on the experience of success stories (and failures), you may be setting yourself up for a harder journey than it might otherwise be. Of course, starting any business is difficult, but having a full understanding of the industry ensures you have at least a little more chance than your competitors. You might have a few food business ideas you’re excited to pursue, but learning more about the fastest-growing businesses can provide you with valuable information so you can have confidence that your startup will thrive. To do this, there are several key areas to pay close attention to and be aware of: ● Trends – Keeping an eye on trends allows you to see the types of food and drink businesses that are in demand and where there may be a gap in the market. ● Benchmarking – You can compare your business to successful competitors and identify your strengths and weaknesses. ● Scaling potential – Looking closely at how other businesses have grown gives you an idea of how to put together your own growth plan. ● Industry knowledge – The ability to showcase your knowledge is a great way to attract potential investors. ● Learning from success – Soaking up as much information as you can on the success of others helps you create a strong business plan. The fastest-growing food and drink startups More than four million people work in the food and drink industry in the UK and the industry contributes £38 billion towards the UK economy. Trends come and go, but riding one can ensure booming success. In recent years, the sports nutrition market has experienced 27% growth as consumers become more interested in health, fitness and wellbeing. Our data supports this trend, with 5 out of the top 10 fastest-growing food and drink businesses offering protein powders and supplements. While this shows that it’s a popular industry, it also shows that it’s competitive. That being said, if you’ve identified a gap in the market or you can do something that your competitors aren’t doing, you shouldn’t let that discourage you. Let’s take a look at the fastest-growing food and drink startups and what they offer consumers. The dataset has also taken into account the number of monthly searches and their Instagram following, which has a major impact on brand awareness and sales. Huel Huel offers a range of nutritional meal replacement products that are convenient and affordable, which helps busy people maintain a healthy diet. Huel’s average two-year compound annual growth rate (CAGR) is 76%, which is a powerful metric for determining the success of a business. This means that investment has grown by an average of 76% per year over the two-year period. Not only that, every month there are, on average, 201,000 searches for the brand, and they have nearly 400,000 Instagram followers. Nick Peel, Managing Director of Stokes Tea & Coffee , an established brand operating for more than 120 years as a coffee roaster with both hospitality and eCommerce entities, says: “Huel has really tapped into the convenience of their product, whilst providing the user with everything they need in terms of nutrition in one helping. Great for people on the go who may not have the time to cook a meal but still appreciate the health benefits of consuming what their body requires in order to function at its optimum level.” “Huel also ticks the sustainable box as the product is plant based and has a long shelf life, therefore limiting waste which, owning and running several restaurants, is a major concern to me personally when I see the amount of food that can be wasted, despite extremely stringent measures to avoid this.” Grenade Grenade offers a range of high-quality sports nutrition products, including protein powders, energy drinks, pre-workout supplements and snacks. Many of their products have unique flavours, which helps them to stand out from the crowd. They have an average two-year CAGR of 59%, which indicates a significant rate of return and suggests strong performance. More than 40,000 Google searches are made a month, and Grenade has more than 257,000 Instagram followers. "As people in general are becoming more and more conscious of the benefits of good nutrition, Grenade’s use of imagery connected to the fitness industry alongside appealing flavours says it all. Convenience is massive, and easy ordering and big discounts are often available which help their brand loyalty" Nick Peel explains. Gousto Gousto provides customers with meal kits so they can make a range of dishes at home quickly and conveniently. They’re helping inexperienced cooks produce fantastic food at home without the need to even leave the house. Gousto has an average two-year CAGR of 70%, 135,000 monthly Google searches and nearly 250,000 Instagram followers. The fourth and fifth fastest-growing food and drink businesses are Brewdog and Bulk Powders respectively. Each is becoming a powerhouse in their own right thanks to solid growth plans and identifying and filling gaps in the market. Chris Sedgwick, PR & Brand Development Director of Sedg Creative, a PR consultancy that specialises in brand, pre-media, and development, says “BrewDog has carved out a distinct position in the market by embracing a bold, unapologetic approach to branding and marketing that sets them apart from their competitors.” “Their dynamic and edgy campaigns have consistently garnered attention, often blurring the lines between controversy and creativity. While some brands remain cautious, opting for neutral or traditional campaigns to avoid backlash, BrewDog thrives on pushing boundaries, fully embracing the mantra that "bad press is still good press." “What truly sets BrewDog apart is their ability to combine this disruptive marketing with unique product offerings and a clear brand identity. From their craft beers to their unique spirit offering, they continually innovate in ways that resonate with their target demographic. “Ultimately, it’s BrewDog’s blend of daring marketing, distinct products, and commitment to being unapologetically different that makes them stand out in a crowded market.” The most popular types of food & drink startups If you know that you’re keen to start a business in the food and drink industry but you’re not quite sure exactly what type, our data also reveals which are the most popular. Using this information, you can decide if your business idea is different enough to take on the competition, or if you’re ready to fill a gap in the market. A third (33%) of food and drink startups sell beverages, making them the most popular type of business. Just over a quarter (26%) of startups in the industry sell ready meals and kits, and the same number sell protein powders and supplements. Following this, at just over 7% are both businesses that sell pet food and treats, and bakery goods. If you have a great business idea, don’t let the fact that some business types are more popular than others. If you have a strong business plan and a unique product, there’s still a fantastic chance of success. Ready to kickstart your food-and-drink business? Launching your own food and drink business can be a daunting experience. But, it can also be massively rewarding, especially if you launch the right business at the right time and capitalise on trends and learn from those in the know. Businesses like Huel and Grenade identified gaps in the market and strategised to fill them. And they did so brilliantly well, which cemented them as the two most successful food and drink startups in the UK in recent years. There’s plenty to learn from successful food and drink startups, which means your business can also succeed in a competitive market. If you know it’s something you’re keen to do but you’re not quite sure where to start, read our guide on how to start a food business for more information. If you're now ready to start your food business venture, check if your business name is available and SUAZ will help you set up the rest . Recommended Readings 12 Reasons to Start a Business Today Read More Can You Start a UK Business While on Benefits? Read More Can a Student Start a Business Whilst at University? Read More