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As well as corporation tax, you may need to register for value added tax (VAT). In the UK, legally you don’t need to register for VAT until your business has made taxable sales of over £79,000 in the previous twelve months (this is true at the time of writing) but there might be benefits to registering for VAT voluntarily even if your sales are lower than this amount. For example, if you purchase a reasonably large amount of goods or services for the business, you will be able to claim back the VAT on these purchases.

It’s worth considering your options and discussing the pros and cons with an accountant. In addition, the VAT thresholds change yearly and have some exceptions, such as (but not exclusively) businesses which are distance selling, either online or by mail order.

Setting up a business bank account

It’s worth setting up a bank account as soon as you register your business as it can take a lot longer to set up than a personal bank account and may well involve a face-to-face meeting with a business, bank manager.

In the UK, banks usually make monthly charges to businesses in order to operate their account and charge for specific services. Which bank you decide to use is your choice but when researching the marketplace, these are the main things to consider.

 Do they offer a period of discounted or free banking for start-ups?

 Do you need an account that allows you to accept or send payments in different currencies?

 Is it important that your business uses a bank with an ‘ethical’ reputation or one which works in ‘charitable’ ways?

 Do you need local branches to pay in cash or cheques?

 Will your business require an overdraft facility?

Most banks now offer online and telephone banking, which are a must for most businesses these days. If you have decided not to use one of the big high street banks, do check what the smaller banks offer in terms of online and telephone banking.