Can I get my business start-up launched after Brexit?

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Can I get my business start-up launched after Brexit?

No matter which way you voted in the EU referendum, the UK has now left the European Union.

And, many hopeful entrepreneurs are querying just how this will impact their business start-ups. The professionals here at SQK Accountancy handle a variety of sole trader and business start-ups, alongside limited companies, and our advice follows…

Is it still a good idea to launch business start-ups from 2020?

If you allow Brexit to put you off starting your new business venture, perhaps running your own trading operation is not really the right thing for you. Of course, the UK has been in a sort of state of flux since the Brexit vote in 2016, but the business has to go on. For example, our future trading relationship with the EU may not be on the same terms as when we were a member state, however, once new trade deals are in place across the world there could be lots more opportunity for entrepreneurial spirits.

So, yes, take the mantra “there’s no time like the present” fully on board, and start seriously planning your new business venture today!

Will Brexit make business trading more difficult?

It seems likely that Brexit will make trading more difficult for existing businesses that export or import goods from the EU. Naturally, this will have some impact on your business. It’s likely that costs will be higher across a wide range of products. What we don’t yet know is just how the government will handle this sort of issue. For example, cutting VAT back to a standard rate of 10% (that’s the rate we initially paid when we joined the EU!) would dramatically impact on prices of all UK goods and services.

How can I launch my 2020 sole trader start-up?

The UK is actually a nation of entrepreneurs and small business owners. Once you’ve worked out your business plan, and you’re ready to start trading you simply need to register as a sole trader or self-employed individual with HMRC. HMRC provide you with a unique reference for your self-employment and will set up your online account. All accounts can be submitted online now, which is far simpler. Then, you’re immediately ready to kick off your start-up trades.

What about starting up a limited company?

If you’re planning to launch a limited company, you’ll need to register its name with Companies House. It costs £12 to register limited companies, and you don’t need to employ an accountant to do this.

If you’d like a no-obligation discussion about your start-up or business finances, why not get in touch with an SQK accountant today?

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