Many Essentials To Take Onboard For The Small Business Owner Or Partner

Running a small business from home in the UK may need some permissions to be granted.  For example mortgage lenders always stipulate that you have to notify them before carrying out any kind of trade or business.  There are also licences required for running any business involving financial loans and financial services.    There is also the need to register any small businees running from any residential home in the uk with HMRC if the turnover is more than £1000 in a tax year.  Another legal piont is the need to check with the local authority to ask if running a business at the premises would attract business rates.  Also, if any alterations of a major nature are planned for the home, then the local planning office has to be involved.    Another point, often overlooked, is the need to notify the local council if lots of delieries will take place and hoperfully, customers to come and buy, if it’s a physical product being marketed.    Insurance is another matter – most home & contents policies do not cover business items such as stock, computers, customer visits to your premises or deliveries to it.

On the bright side . . .  you can include some business costs in the self assessment tax return if you are the sole trader or part of a business patnership.  There are some other allowances that can also be claimed.  A good business acountant or adviser is essential to get the right info on these elements though.