Running a business

Running a business is a great thing to do. It can be very rewarding. And not just financially. It can give you a huge sense of achievement and accomplishment.

It also means you can:

do something that interests you, or that you’re passionate about
choose your own hours
work around other commitments, such as your children
have more control over your income

But it can also be challenging. Some of the things you may need to do include:

Complying with business law,
dealing with taxes and finances,
finding the right insurance,
managing employees,
finding new customers – and the list goes on.

So what does running a business actually entail?

These are some of the things you’ll do on a regular basis when running a business:

sell goods or services to make a profit
have several customers at the same time
can decide how, where and when you do your work
can hire other people at your own expense to help you or to do the work for you
provide the main items of equipment to do your work
are responsible for finishing any unsatisfactory work in your own time
charge an agreed fixed price for your work

It doesn’t matter if you’re employed in another job. You can still be running your own business at the same time. You may be working for an employer during the day and run your own business in the evenings, for example.

How can I tell if I’m running a business?

You’re likely to be running a business if you sell goods or services.

You’re probably running a business if you:

sell regularly to make a profit
make items to sell for profit
sell items on a regular basis, either online, at car boot sales or through classified adverts
earn commission from selling goods for other people
are paid for a service you provide

If you only occasionally sell items or rent out property (for example through auction websites or short-term rental apps) you may not actually be classed as running a business.

You can check if you need to tell HMRC about this income.

You can also Contact HMRC for advice if you’re not sure whether you’re running a business.

Who do I need to tell if I am running a business?

If you’re running a business you’ll need to tell HMRC about it.

You may need to set up as a sole trader if you are working on your own. But there are also other ways of running a business

Other ways to run a business

There are other business structures apart from being a sole trader. For example, you can:

become a partner in a business partnership
set up your own limited company

Remember, nobody said that running a business is easy. But in my experience it’s totally worth it.

Contact us now if you need help with running your business

Or just email us if you want our:

New Business Start-up Checklist, or;
Business Plan Template, or;
Help with
- Bookkeeping
- Software
- Accounts
- Taxes

Achieving Success with your business

If you’re just starting your new business venture or struggling with the steps to the next level contact us now.

We can help you with this and much more

Get ready for success with Moore Financial Management

We can help you with all of your compliance obligations such as:

Self Assessment Tax
Making Tax Digital
Corporation Tax
Filing Accounts
VAT
Payroll and Pensions

But also the things you really need to increase the chances of your business being a success

Management Accounts
Cashflow Reporting & Forecasting
Budgets
Real Time up to the minute information

These are the things that add value and the information you need in order to make the correct business decisions

If you’re not confident with any of this or don’t have the time, getting a licensed accountant to do it for you can actually save you money. It can free up your valuable time which you can use to concentrate on your business. You can also benefit by knowing it has been done correctly and on time.

Mistakes can be costly.

As can missing deadlines.