Reviewed 19 September 2026 · General information, not individual tax advice.
Choose the structure before registering
A sole trader and a limited company have different legal, tax and filing responsibilities. Consider risk, expected profit, ownership and administration before choosing.
- Discuss sole trader versus company
- Confirm who will own and manage the business
- Separate personal and business banking
Map registrations and first deadlines
Revenue registration depends on your structure and activity. VAT and employer registration are not automatic in every case. A simple first-year calendar avoids relying on memory.
- Income Tax or Corporation Tax
- VAT where required or appropriate
- Employer registration before payroll
- CRO obligations for a company
Create an evidence trail from day one
Decide how sales invoices, purchase receipts, bank records and payroll changes will be stored and reviewed. Consistency matters more than a complicated tool.
- Number and store sales invoices
- Keep readable purchase evidence
- Reconcile the bank regularly
- Review cash flow before tax dates