Starting a business from home

13-newsIt’s simple to start a business from home and growing numbers of people are doing it. There are 2.9m home-based businesses in the UK and they contribute £300 billion to the economy.  As part of its long-term economic plan to back businesses, the government has made it even easier to start a business from home.

Here are some ideas you need think about when starting a home based business.

The Home Business Guide explains the process of setting up a business from home and dispels common myths. It covers business essentials like rates, insurance and health and safety considerations. You will also need to consider wether planning permission is required to run a business from home. The local planning authority will determine this on the individual merits of a case.  Check if your home business will be subject to business rates. Generally, you shouldn’t have to pay business rates for minor business use of the home.

The Health and Safety Executive’s homeworking guide will help you to check that your home business meets health and safety requirements.  Home business must still decide on the legal structure of your business. Sole traders, business partnerships and individual partners must register for self-assessment with HM Revenue and Customs (HMRC).  Private limited companies and Limited Liability Partnership (LLPs) must register with Companies House.

You should let your landlord know that you are planning to run a business from home and get their consent before doing so. The government has confirmed that social tenants are able to start and run a business from home. If you own a leasehold property you should check your lease for any restrictions.

Taken from: http://www.greatbusiness.gov.uk/where-to-get-start-up-advice/

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