Before you start up your business you need to consider the following:
1) Sole trader, partnership or company
2) Source of capital
3) Consent, permits or licence for your business
Please click this link to the Business Link website where you will find loads of information regarding START UP A BUSINESS. http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1073861169&r.s=m&topicId=1073858805
4) You will need to register with HMRC as soon as you have commenced trading otherwise there is a penalty.
When to register
It’s best if you register with HMRC as soon as your circumstances change. The latest you should register is by 5 October after the end of the tax year for which you need a tax return. The tax year runs from 6 April one year to 5 April the next.
If, for example, you have tax to pay on rent from a property in the 2011-12 tax year, you need to let HMRC know by 5 October 2012. If you register late you may have to pay a penalty.
Click this link to find out more: http://www.hmrc.gov.uk/sa/register.htm#4
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