Starting a business in the UK is an exciting endeavour, but one that does require acquiring a range of official documents. Filing these documents can quickly add up in terms of fees, so it pays to do your research and search for ways to save on costs associated with getting them. From sourcing online legal documents to tracking down free expert advice, here are our top tips to save on your documents and get your business off the ground in no time.
What Documents Do I Need?
Before we take a closer look at saving on the documents you need to start your UK business, let’s take a quick overview of the steps you need to follow, and the paperwork that is required.
1. Business registration
The first step in the process is to complete the registration of your business at Companies House; the official body responsible for company registration in England and Wales. You will also need to register with HMRC to ensure that you are compliant with all tax requirements, and it is important to maintain records and evidence of registration with both parties.Note that if you register with Companies House, you will automatically be registered for Corporation Tax at the same time.
When registering your business, you will be asked to enter information such as company name, address, contact details and the type of industry your company is in. Additional documentation may be required, such as proof of identity or financial records, based on the kind of company you are establishing.
2. Know your UTR
A Unique Taxpayer Reference (UTR) is a number, issued by HMRC and other government agencies, that enables businesses to file tax returns. You will receive this once you register your business with HMRC, either by registering as self-employed or registering as a limited company.
This is an important document, so take care to file it safely to avoid hunting around during the depths of tax return season.
3. Comply with all legal requirements
You should also make sure that you comply with any legal requirements set by various government bodies in order to ensure that your business is compliant with current legislation.
These requirements could include obtaining licences if necessary, ensuring health and safety standards are met, or understanding employment law rights if hiring employees.
It’s also integral to remember things like getting insurance coverage against potential liability claims from third parties when running a business in the UK – it could save time and money down the line!
4. Open a Business Bank Account
Once all of your paperwork has been submitted and accepted at Companies House, it’s time to open a bank account specifically for your new business venture. When opening a bank account for businesses registered in England or Wales, some banks will require identification from company directors, though this varies from bank to bank.
The best part about having this separate account is that all deposits or withdrawals can be easily tracked by keeping records of its activity – making accounting much simpler during tax season!
How To Save On Getting Official Documents
So, now you know what you need, how can you go about saving money getting these documents? There are a few options here, and these include:
Source legal documents online
It is also possible to source legal documents online, such as contracts and agreements, from reputable online providers – just double-check any credentials and reviews. This can be a great way to save money, as you don’t need to pay for legal advice or services.
Track down free online resources
There are now many free online resources that offer helpful advice and guidance on setting up and running a business in the UK, so it pays to do your research before making any decisions about what documents you need. By taking the time to look for free online advice, you could save yourself a considerable amount of money.
Utilise business support services
Local governments and regions frequently provide business support services designed to assist entrepreneurs and small business owners. These services may encompass completing forms, or discounted access to legal advice.
Taking advantage of these services can be beneficial as the experts involved have a good knowledge and understanding of how to reduce costs in key areas – including sourcing documents.
Starting a business can feel overwhelming, but by following these steps, you can save money on getting official documents for your business. It is important to remember that taking the time to do your research and shop around for the best deals is essential in order to save as much money as possible while ensuring that you remain compliant with all requirements and legislation.