Setting up a business in UK
Anyone contemplating starting a new business, especially a bricks and mortar one, needs to be wary of current economic conditions. Company insolvencies in England and Wales have recently hit a 13-year high. Many small firms are struggling, with restaurants particularly hard pressed.
The government’s emergency package of support towards the cost of electricity and gas introduced from 1 October 2022 will protect businesses from soaring bills over the winter months, but the support is only set to last for six months – far from ideal for a new business which will want to plan at least two or three years ahead.
Your plans will also need to factor in the current high rate of inflation, increased borrowing costs following six Bank of England base rate increases during 2022 and higher salary expectations along with staffing shortages.
This brief guide sets out some of the key issues you should think about when setting up a business in the UK.
