When starting a small business it’s probably not on your mind to consider the legal problems you may run into. However, a lack of understanding when it comes to the red tape involved could give your business serious issues.
If you are going to be self-employed then knowledge of tax law is a must. If you surpass the £81,000 revenue threshold you are liable to pay VAT. If you are setting up a registered company you need to adhere to cooperation tax and PAYE regulations, so knowledge of these is essential.
As an independent business you will be creating independent ideas, the understanding of intellectual property laws is a must. Protecting your own ideas will save you potential business and revenue. The awareness of avoiding the infringement of other businesses ideas will protect you from law suits.
Insurance for independent businesses is a large concern. Running into a big issue without insurance could potentially be the end of your business. Make sure you are protected against every possible eventuality.