The 12 Days of Starting Your Own Business. Day 1

Beginning a series of articles covering some of the main considerations if you’re thinking of setting up your own business.

It doesn’t take 12 days to set up your own business, in fact, it’s a matter of minutes in cases depending on how much preparation work you have done. So, for day one, let’s consider – do you even need to set up a formal trading structure? If your business idea is more hobby than full time, Her Majesty’s Revenue and Customs [HMRC] will allow you a tax free allowance covering up to £1,000 of income. Once your income exceeds this level, you’ll need to inform HMRC and make a decision on your trading structure…see Day 2 for more.