10 TAX and LEGAL Things To Do BEFORE Starting a Business UK 2024

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★★ ABOUT US ★★

MARY:

I'm married to Ken and we have two boys aged 8 and 6. I'm a Londoner, born in Hackney! :)

Day to day, I run the operations of The Humble Penny as a creative - doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.

When I'm not creating, I love vegan food, traveling, working out, and doing some outdoor fun things with my husband and kids :)

KEN:

I'm a husband to Mary and daddy first and foremost.

Former CFO by day with over 12 years of experience in the investment business. I'm a Chartered Accountant and hold an MBA from Cambridge University.

To explore my creativity, I'm a blogger, YouTuber, speaker, etc. I create from my experiences as a family man and First Generation Immigrant.

I have a passion for all things Personal Finance, Business, and Personal Development. I also love Photography, Music, Travel, and Sport.

We became Financially Independent aged 34 and our story has been featured on the BBC, ITV, Financial Times, The Sunday Times, etc.

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★★ TIME STAMPS ★★
0:00 - Intro
1:10 - Step 1: Choose a Business Structure
2:56 - Step 2: Register Your Business
4:03 - Step 3 - Consider VAT Registration
5:04 - Step 4 - Employment Law
6:35 - Step 5 - Intellectual Property
8:25 - Step 6 - Business Insurance
9:44 - Step 7 - Privacy Policy
11:09 - Step 8 - Terms and Conditions
12:19 - Step 9 - Funding and Contracts
13:31 - Step 10 - Business Taxes
14:49 - Conclusions

Best, Ken and Mary

#startabusiness #smallbusinessowner #sidehustle

★★ WHAT THIS VIDEO IS ABOUT★★

10 TAX and LEGAL Things To Do BEFORE Starting a Business UK 2023

[TheHumblePenny]

What other questions do you have about starting your business? Comment below.

[KingZee]

This was amazing! Really needed this for guidance. hoping to start my business end of 2023!

[jeanlouiecastillo]

Thank you for the video! One question: when do I register? I haven’t made any money yet, so I feel like I should register once I start seeing some money

[MaybeAnotherDayArtist]

Can you switch from sole trader to ltd company if you change or mind or believe that a different legal entity would be an advantage at a certain point of your journey?

[RichieBebb]

Considering starting my own comic book/ collector shop in Wales. There's nothing like it local to me. Listened to this with a notebook 😂 thank you for everything

[Fiozeey]

Just what I needed! God can speak to you through YouTube! 😂
Thanks Ken!

[crownedwithcoils]

Thank you for such detailed information Ken! I was wondering whether it would be possible to change the set up of your business i.e., if you set up as a sole trader and later want/need to become a limited company, is it possible to transition in this way? Thanks!

[tunde]

Hi there, thanks for sharing. I have been self employed for a while but haven’t been quite successful and I’m thing of starting a different business perhaps going into Tenders from the uk Council. I’m wondering if you have any advice.

[Baecationhut]

What if the business wil be done online can you register it and if you wil be doing it on your own

[AndroidX]

We know the legal and tax requirements gets updates, so where do I look to make sure I'm updated and still compliant? I know theres the GOV website but theres so many information and links to go on and I dont know which one.

[BG-rljm]

Thank you, please make more videos like this going into details of these steps video by video x

[MK-unrl]

You are awesome, really informed me the best way doing the right things for my business.

[abucketofelves]

Good stuff, however if you're earning 50k in your day job, presumably setting up as a limited company means you're paying 25% corporation tax plus 33.75% on dividends meaning unless you want to put it all in a pension you'll be better off being taxed at 40% as a sole trader? (Assuming you have minimal expenses)

[vivianiroanya]

Heyy! Thanks for these videos, just came across your channel. Could you do a video for sole traders too?

[vxchrxs]

Thank you for such an informative video - just what i was looking for! 🙏 I wanted to ask, I just started a small art business and want to go down the sole trader route, but register trademark and VAT separately. Is this okay/a good thing to do? I want to be able to reclaim VAT I pay for resources that go into my art production, or is that not how it works?

[annayah_khan_mua_]

Thanks so much ken! I'm in the process of starting my small business & your videos come through on the right time for me! Love them. Thanks a million for educating so many on they journey to becoming independent! ❤

[PoiJonesy]

Just starting off my business, should I register for a VAT?

[carlmcn]

Unbelievably valuable/helpful content. Thank you!

[GEM_TALK]

Hi I just open a business and want to be sure about business taxes and how to declare it do you have any recommendations on how I can go about it

[martinemms]

I'm a bit lost on the best way to go about my situation. I'm in full time employment ( under 50k ), I also started making a bespoke items a few years ago as enjoyment but over the last 5 months I'm really starting to get noticed and getting busy. I'm running this from home and no interest in employing anyone. I've not registered the business yet because HMRC said I needed to turn over £1000 at the time I looked into it. I'm a point now where I need to register but totally confused about the tax and what I need to do.