Don’t forget to register with Inland Revenue

So now that you are selling, you have started your business.

You must now decide what type of business you will be, and you must register to pay your taxes!

There is more information on the Inland Revenue website.

There are three different types of businesses to choose from:

• Sole trader
  Quick and easy, just start and let the Inland Revenue know
• Partnership
  If there is more than one of you working together, this is an option
• Limited company
  A much more formal company structure with many advantages but more paperwork

You also need to think up a name. Most times you can think of any name that suits you and your business, particularly if you are registering as a small business.

If you are registering as a Limited company, you will need to check with Companies House to see if the name you want is available.
Next page Insurance is important

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