Getting started: your checklist
Turning an idea into a trading business means getting a handful of things right early. None of it is hard with the right guidance.
- Sketch a simple plan and a realistic cash flow forecast
- Choose your structure and register with the right authorities
- Open a business bank account and arrange any insurance you need
- Set up record keeping and any tax registrations from day one
How MMC helps: we guide you through each step in plain English, so nothing important is missed and you can concentrate on getting trading.
Registering your new business
Depending on how you trade, you'll need to register with HMRC, Companies House, or both — and possibly for VAT and PAYE as well.
- Sole traders register for Self Assessment with HMRC
- A company is incorporated at Companies House, with ongoing filing duties
- VAT registration may be required, or worthwhile voluntarily
- If you'll have employees, you'll need to register as an employer
How MMC helps: we handle the registrations for you, get the deadlines in the diary, and make sure you start fully compliant.
Funding your start-up
Most new businesses need some funding to get going. Knowing the options — and what each one will ask of you — helps you choose well.
- Options range from your own funds and bank lending to grants and investors
- Investor schemes such as SEIS and EIS offer tax incentives to backers
- Lenders and investors will want a credible plan and forecasts
- The right mix depends on how much you need and how fast you'll grow
How MMC helps: we prepare the forecasts funders expect and help you present your numbers with confidence.
These factsheets are general guidance, not advice, and rates and thresholds change. For current figures see our tax rates & allowances page, and please contact us for advice tailored to your circumstances.
