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Setting up my business

How to start your own business

If you're not sure what type of business to set up, then get started by checking out the first steps you'll need to do for each business type below.

We'll help you get up and running

Take these steps to get your business registered and up and running.

What type of business is your organisation?

Choose a business name

You can trade under your own name, or you can choose another name for your business. You do not need to register your name.

You must include your name and business name (if you have one) on official paperwork, for example invoices and letters.

Create Government Gateway account

You get a login for HM Revenue and Customs (HMRC) online services when you register for tax online.

Register for self-assessment

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.

Check your responsibilities

You’ll need to:

Register for VAT (£85k+ turnover)

You must register for VAT if your turnover is over £85,000. You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT.

Would you like to know more?

Head over to gov.uk for a step-by-step guide to setting up as a sole trader. 

Discover what you need to do when you start working for yourself, either as your only job or at the same time as working for an employer.

For setting up a business in Northern Ireland, check out these links:

nidirect

nibusinessinfo.co.uk

Choose a partnership name

You can trade under your own name, or you can choose another name for your business. You do not need to register your name.

You must include your name and business name (if you have one) on official paperwork, for example invoices and letters.

Nominate a partner

When you set up a business partnership you need to:

The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.

Register for self-assessment

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.

Register for VAT (£85k+ turnover)

You must register for VAT if your turnover is over £85,000. You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT.

Decide if you want to appoint an agent for HMRC

You can authorise someone else to deal with HM Revenue and Customs (HMRC) for you, for example an accountant, friend or relative.

If you have to fill in a Self Assessment tax return, HMRC will send all correspondence to the person you’ve authorised - except tax bills or refunds. Otherwise, HMRC will continue to write to you.

Would you like to know more?

Head over to gov.uk for a guide to setting up a business partnership. 

Partners share the business’s profits, and each partner pays tax on their share.

For setting up a business in Northern Ireland, check out these links:

nidirect

nibusinessinfo.co.uk

Choose a Limited Liability Company (LLC) name

You can trade under your own name, or you can choose another name for your business. You don't need to register your name.

You must include your name and business name (if you have one) on official paperwork, for example invoices and letters.

Nominate directors and secretary

Your company must have at least one director. Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared.

A director must be 16 or over and not be disqualified from being a director.

Directors do not have to live in the UK but companies must have a UK registered office address.

Directors’ names and personal information are publicly available from Companies House.

Directors must provide a service address (or ‘correspondence’ address), which will also be publicly available. If they use their home address, they can ask Companies House to remove it from the register.

Decide about shareholders or guarantors

Most limited companies are ‘limited by shares’. This means they’re owned by shareholders, who have certain rights. For example, directors may need shareholders to vote and agree changes to the company.

Companies limited by guarantee have guarantors and a ‘guaranteed amount’ instead of shareholders and shares.

Most companies have ‘ordinary’ shares. This means directors get one vote on company decisions per share and receive dividend payments.

Prepare memo and articles of association

When you register your company you need:

  • a ‘memorandum of association’ - a legal statement signed by all initial shareholders or guarantors agreeing to form the company
  • ‘articles of association’ - written rules about running the company agreed by the shareholders or guarantors, directors and the company secretary

Register your company

Most companies register for Corporation Tax and PAYE as an employer at the same time as registering with Companies House.

You’ll need to register for Corporation Tax using this service if you registered your company:

Register within 3 months of starting to do business. This includes buying, selling, advertising, renting a property and employing someone. You can check if you’re unsure what counts as starting to do business.

Would you like to know more?

Head over to gov.uk for a step-by-step guide to setting up a limited company. 

You'll learn how to set up a limited company, appoint directors and shareholders or guarantors, and register for tax.

For setting up a business in Northern Ireland, check out these links:

nidirect

nibusinessinfo.co.uk

Set up for success

Plan like a pro

A business plan is where you’ll put your strategies, sales figures and forecasts. It’s what most banks and investors want to see if you’re looking for investment. You could also use it to think about how you’d cope with any business disruption, and plan for whatever the future might hold.

Keep your business plan updated

A business plan is a living document that can be updated as your business grows.  It’ll form the foundations of your business future, and you’ll be ready if any opportunities come your way. 

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Coping with business disruption

What could you do to make your business more resilient to change? Our toolkit helps you understand resilience and how it works for you and your business.

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Top picks for start-ups

When you're just starting out, it feels like everything's new and it can be hard to know where to begin. Discover our support, made for businesses like yours.

Inspiration from Ulster Bank

A community to support you

You're the greatest asset to your business, and you're not alone. Use our resources to help you develop and thrive.

Chat to business experts

Specially-trained Local Business Managers are real people who could support you and your business. There’s a one-to-one mentor service too.

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Our online resources 

Business Builder resources could give you the confidence to take your business further. There’s tools, checklists and videos to discover.

 

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Entrepreneur Accelerator

Made to empower businesses looking to grow, entrepreneurs could apply to our accelerator hubs, where we support you to develop your business.

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Support from Ulster Bank

You'll need a bank account to get up a running, and depending on your type of business may need additional services or products. See how to get started below.

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Ulster Bank Business Banking services are available to eligible customers, over 18 who have the right to be self-employed in the UK. Some services have specific eligibility and/or terms and conditions.

Fee free banking on everyday transactions for 2 years

At the end of your 2 years free banking period, you'll move on to our Standard Tariff, with no minimum monthly charge. 

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Accounting software included

FreeAgent's accounting software is used by over 150,000 small businesses to monitor cash flow, fire off invoices and record expenses.

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You can get FreeAgent for free, as long as you retain your Ulster Bank business current account. Optional add-ons may be chargable.

Take card payments with Tyl

Tyl by NatWest gives you the power to quickly and easily accept payments online, over the phone or by card machine. 

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Eligibility criteria, terms, and fees apply.