Critical Mistakes to Avoid When Starting Your Own Business

Embarking on your self-employed journey in the UK is incredibly rewarding, but navigating the initial setup and ongoing financial obligations can feel like a minefield. In this video, I explain how to sidestep common pitfalls that trip up many new business owners, ensuring you build a robust and tax efficient enterprise from day one. Discover the critical steps for choosing your legal structure, setting up simple bookkeeping, understanding VAT, managing your money for tax, and the one crucial financial habit that separates thriving founders from those facing financial turmoil.

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TIMESTAMPS
0:00 Risks of starting a UK business
1:03 Sole trader or Limited company?
5:08 Business bank accounts
6:30 Simple bookkeeping
9:09 How to track your cash
10:07 How VAT works
12:03 Tax and NI
13:35 How to pay yourself
15:06 PAYE and pensions
15:54 Allowable expenses
17:12 How to invoice and get paid
18:12 Cashflow vs profit
19:51 Building an emergency fund
21:31 R&D tax credits
23:20 Set the right price
25:30 How to stay ahead of HMRC

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[All opinions are my own. All information and advice given is correct at time of filming]