Choose your business structure: sole trader for simplicity, partnership for shared ownership, or limited company for limited liability and tax benefits.

Register with HMRC for Self Assessment if a sole trader or partnership, or Companies House for a limited company, within specific deadlines.

Set up a business bank account to separate personal and business finances, which simplifies accounting and tax reporting.

Consider VAT registration if your taxable turnover exceeds £85,000, or voluntarily if it benefits your business model.

Develop a business plan outlining your market, finances, and goals, which helps with funding applications and strategic decisions.

Implement accounting systems early, such as cloud-based software, to automate bookkeeping and ensure accurate records.

Check insurance requirements, including public liability and professional indemnity, depending on your industry and risks.

Protect intellectual property like trademarks or patents if relevant, to safeguard your brand and innovations.

Explore funding options like loans, grants, or investors, and understand the tax implications of each choice.

Plan for compliance obligations, including annual accounts, tax returns, and potential payroll if you hire employees.