How to Register a Business in the UK: The Essential Guide
By: Taylor Brooks
Date: 19 / 08 / 2024
Date: 19 / 08 / 2024
Congratulations! You’ve decided to pursue your entrepreneurial aspirations. There’s a lengthy list of things on your to-do list, including registering your business as a legal entity.
Even part-time side hustles need to be registered. This is more than a mere formality, as it protects your business and provides you with a variety of benefits. So, it’s of top priority.
Let’s dive into how to register a business in the UK and a few other associated tasks that might not be on your radar.
If your business or side hustle is currently making £1,000 per year, or is expected to make more than £1,000 in the next calendar year, it needs to be registered as a business with Her Majesty’s Revenue & Customs (HMRC). This isn’t just for tax purposes.
Registering your business through all relevant channels provides:
Before you begin filling out any of your paperwork, you need to determine a unique business name. That said, before you get your heart set on the name you’ve selected or start printing marketing collateral—check to see if the name is available in the Companies House register.
This is often easier said than done, which is why many startups seek a business advisor. It’s even more complicated if you plan to trademark your name in the UK or internationally.
If your startup budget is tight, you’ll be pleased to learn that the cost of registration is quite modest. As of 2024, it costs £50 or £71 depending on the type of registration you require. There may be additional fees for expedited registration. Online registration typically takes 24 to 48 hours, while mailing your application in takes an average of 8 to 10 days.
Applications can be found here. You’ll need to gather the information below for yourself and your shareholders or guarantors.
Before you can register a business in the UK or fill out the required paperwork, you must choose your business structure.
With each of the structures below you are eligible to hire employees:
A business advisor can help you determine which structure is right for you.
The phrase “registering your business” is sometimes used as a blanket statement for completing all registrations, licenses, and permits required to operate your business. What your business needs varies by region, industry, income, and whether you’ll be hiring employees.
You’ll also need to complete any combination of the following:
As you can see, registering a business requires more time and attention than filling out a simple application or two. There are many decisions that need to be made ahead of time and different requirements that need to be met before you can legally operate your startup. The differences are nuanced and ever-evolving.
As your business grows, your compliance requirements may evolve. As such, many startups optimise their time and ensure they get things right the first time around by working with an ActionCOACH business advisor.
Speak to an advisor today and see how we can help you and your business. Alternatively, check out our learning center for more free business advice.
Getting the right support from the start can give your business an immediate boost.
Speak to an advisorExplore a wealth of invaluable business coaching resources, including articles, ebooks, and videos, to empower your entrepreneurial journey in our comprehensive Learning Centre.
Discover how small business coaching and business growth strategies can help your business overcome challenges, grow sustainably, and thrive.
Case Study
Discover how business coaching transformed a children's nursery into a thriving success. Read an honest review from Jenna, the CEO of The Day Nursery.
Business Mastery
Building dream teams is not a matter of chance but rather a deliberate process that can be mastered, find out how here!