If you’re planning to launch your business in the second half of 2025 — congratulations! Whether it’s a side hustle, a startup, or a long-dreamed-of venture, getting the foundation right from day one is critical for long-term success.

Here’s what every new UK business owner should focus on first — from an accountant, tax advisor and business consultant’s perspective.

Before you start trading, decide whether to operate as a:

• Sole trader
• Partnership
• Limited company

Each structure has different implications for:

• Taxation (e.g., Income Tax vs Corporation Tax)
• Liability (personal vs limited)
• Administration and reporting requirements

A brief consultation with one of our accountants can help you choose the right option based on your goals and risk appetite.

Depending on your business structure:

• Sole traders must register for Self-Assessment with HMRC.
• Limited companies must register with Companies House and appoint at least one director.
• Partnerships must also be registered for tax purposes.

You’ll also need to consider:

• Registering for VAT if turnover exceeds (or is expected to exceed) £90,000
• PAYE registration if you plan to employ staff
• Applying for any relevant licences or permits in your industry

Separating your business and personal finances is essential. It simplifies:

• Bookkeeping
• Expense tracking
• Tax return preparation

For limited companies, a separate bank account is mandatory. Even for sole traders, it makes life much easier.

Good financial records from day one are non-negotiable. Choose between:

• Cloud accounting software (e.g., Xero, QuickBooks, FreeAgent)
• Spreadsheets (better for very small, simple setups)
• Outsourced bookkeeping with an accountant

Why this matters:

• Keeps you Making Tax Digital (MTD) compliant
• Helps you track profitability and cash flow
• Avoids last-minute tax surprises

Tax timelines can sneak up quickly — especially if you start in July or later. Be aware of:

• Your first Self Assessment deadline (31 January)
• Payment on account obligations
• Deadlines for filing VAT or Corporation Tax returns
• Deadlines for payroll and pension auto-enrolment (if you hire staff)

Many new businesses run into trouble not from lack of customers — but from lack of cash flow planning. Create:

• A business plan
• A cash flow forecast
• A clear view of start-up costs vs. available funding

A qualified advisor can help test the viability of your idea, set realistic targets, and ensure you’re financially prepared.

Even the most independent business owner benefits from expert help. Consider engaging:

• An accountant to manage tax and compliance
• A business advisor to help you plan and grow
• A payroll service provider if you hire staff

Starting strong saves time, money, and stress later on.

At Llewellyns Chartered Certified Accountants, we specialise in supporting new and growing businesses — especially small and micro-entities, sole traders, subcontractors and partnerships.

We offer practical, jargon-free advice to help you:
✅ Register correctly
✅ Stay compliant with tax and HMRC
✅ Understand your numbers
✅ Set up the right systems
✅ Build a business that lasts

📞 Planning to start in late 2025? Let’s talk. Book a free initial consultation today and get your new venture off to the best possible start.