Self-employment - checklist

Quick links to:

Draw up a business plan
Decide the trading form your business will take
Choosing a name
Setting up financial systems

Draw up a business plan

Many people only think of putting together a business plan, as a requirement of applying for finance. However, it can be a useful tool for planning and structuring your business, which will hopefully help you spot pitfalls in advance.It is also useful as a monitoring tool, to gauge the level of success of your business.

www.businesslink.gov.uk offer a step-by-step guide to putting together a business plan.

Decide the trading form your business will take

• Sole trader
• Partnership
• Limited liability partnership
• Limited company

Choosing a name

Before committing yourself to a name, it is worth making a few checks:

• Check your name isn’t the same as another company on Companies House website: www.companieshouse.gov.uk/info.
• Check the availability of domain names at Nominet: www.nic.uk or Netnames: www.netnames.co.uk

Set up financial systems

• Keep a record of all your expenditure and income. Choose a popular accounting software, so that updates are available as tax rules change.
• Seek advice about keeping accounts from a business advisor or via an accountant.

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