Choose a unique business name and check availability with Companies House if forming a limited company

Register for Self Assessment with HMRC as a sole trader or partnership, or incorporate a limited company online

Set up a dedicated business bank account to separate personal and business finances clearly

Understand your tax obligations: Income Tax, National Insurance, VAT if turnover exceeds £90,000, and Corporation Tax for limited companies

Implement a bookkeeping system using software like Xero or QuickBooks to track income and expenses accurately

Create a business plan outlining your target market, products or services, and financial projections for the first year

Secure any required licenses or permits for your industry, such as food hygiene certificates for hospitality or CIS registration for construction

Arrange appropriate insurance, like public liability or professional indemnity, to protect against business risks

Set up payroll through HMRC if hiring employees, including registering as an employer and handling PAYE

Plan for Making Tax Digital (MTD) requirements if your business is or will be VAT-registered, ensuring digital record-keeping