So, you've just launched your brand new shiny company - what are. the next steps?
I have been self-employed for over 50 years (depressingly!!), so I have learnt a whole load of ways NOT to do it!
Benefit from my mistakes and just do it this way!
This list will be updated regularly so check back here - last update 16/03/2025
First - you are going to need a bank account.
There are whole host of banks out there but I have found Tide to be one of the best, and best of all, if you deposit £100 and then spend it on your Tide debit card within 30 days, they will give you £30!
£30 for FREE - you don't get that from most banks! Click on the logo to start your application
The reason I like Tide - they interface nicely with Xero.
What that means is that once you have set up the link (OK, I'll do it for you if you're struggling!) Tide will synchronise with Xero meaning that all your bookkeeping is done for you. All you have to do is catagorise the transactions once and Xero will remember those details later on.
And, using this link (click on the image) that will give you 90% off for 6 months.
Next, just do this!
Sign up with Everlance - an app that tracks your mileage - scary I know but then there are no arguments at the end of the year as to which was private mileage and business mileage.
I had to go to a presentation Nottingham Trent University - Everlance tracked my mileage there and back and allows you to take photos of your parking tickets and tram fares which again link to Xero - job done - so easy! Click on the image
If you are going to process clients data and that really means if you have ANY form of contact with clients, you will have to register with the Information Commissioners Office. Costs are about £40 PA but you get a discount if you pay by Direct Debit.
It is the law and banks will check to ensure you are compliant!
Again, click on the image
Like or not, tax is inevitable and HMRC are waking up to "side hustles".
We are not in the position to give financial advice but if you are concerned, we will of course try to guide you but this is not a replacement for proper professional advice.
You will get a letter from Companies House with an authorisation code and you will also get a "Unique tax reference" from HMRC which you will need when making your annual tax returns, so don't lose this!
...and if all this seems a bit daunting, don't worry, we are there to help you. We can handle all your "back office" administration, leaving you to do what you set out to do - enjoy being your own boss!
Then, oh deep joy (!!) you are going to need "Policies & Procedures". These will be specific for your company and we have almost all the templates needed to run your business.
Unfortunately there will always be someone who wants you to use their version of whatever - safeguarding is the usual culprit here! But we will refine and amend policies and procedures to keep whoever happy and on-side.
If needed we can also get you ISO9001:2015, an internationally recognised quality standard involving annual audits to ensure your company is run to the highest international standards.
Again, email me for your requirements.
Again, just do this - sign up with TopCashback, install their app in your browser and whenever you visit one of their partners, you will get rewards added to your account. You can simply withdraw these funds directly into your bank account once the rewards have "cleared".
It is basically "Free" money, so it would be rude to ignore it!
Refer your friends to this and you can also earn from that referral!
At some stage, some bright spark is going to ask you for a business plan. This is a free template from the Kings Trust.
You may also be able to get local organisations to help with this - try this - https://www.businessboardnetwork.co.uk/about-business-boards/business-boards/
To be honest, I have not had a lot of success with this type of route using their "experts" (an expert is someone who knows more and more about less and less until eventually he knows everything about nothing!). You can try, but don't hold your breath!
