It goes without saying that starting up a business is probably one of the biggest challenges that I have undertaken in my life. Away from the security of a job, a regular income and working with a colourful cast of personalities, working for yourself I find is not for the feint hearted.
Deciding on the legal structure for your business ie sole trader or limited company I found was a hard decision to make. There were so many pros and cons to each structure I just wasn’t sure which was the best way forward. I extensively researched the subject, asking business owners I knew for advice, reading articles online and even looking at HMRC’s website – starting a new business section, which is very helpful.
With all that research in mind, I must admit, I was pretty lucky as I found that the North East has a great resource for helping business start up and get off the ground. I got in touch with The North East Business and Innovation Centre (BIC) and they put me straight through to one of their advisors who I had a face-to-face consultation with the very next day. They basically confirmed what I was considering and offered some great advice. They also hold free business seminars regarding Taxation, National Insurance, Business Finance and legalities and they have some great networking events which are worth attending. Without them, I am sure I would still be wondering if I chose the right business legal model or how and when I need to file my tax returns. If you are thinking about starting up I would give them a call or visit their website www.ne-bic.co.uk, it’s well worth it.
One other plus about using The North East Business and Innovation Centre (BIC) they are also near the Coast to Coast bike route which is very handy if you are a fanatical cyclist like me!