Starting a business

Hi everyone,

Wondering if there is anyone here who has started his/her own business upon settling in the UK. If so, what has the experience been like? Has it been difficult? Is there a lot of red tape... especially if you don't have UK citizenship? I am thinking that I'd like to start my own business there. I see a lot of info about looking for/finding jobs but not much about entrepreneurship.

Any input/advice welcome! Thanks! 

Hi everyone,

Wondering if there is anyone here who has started his/her own business upon settling in the UK. If so, what has the experience been like? Has it been difficult? Is there a lot of red tape... especially if you don't have UK citizenship? I am thinking that I'd like to start my own business there. I see a lot of info about looking for/finding jobs but not much about entrepreneurship.

Any input/advice welcome! Thanks! 

I think the tax situation puts many people off. You will want to fully research that aspect of things before diving in.

I think the tax situation puts many people off. You will want to fully research that aspect of things before diving in.

Are you referring to having to pay taxes in both the US and UK? My dream would really be to have my own business in the UK as I have been a business owner in the US for many years. I can't imagine working for someone else again after so many years... But I certainly don't want to be drained of my funds and taxed to death either. 

It's all way, way above my level of understanding but you should definitely fully research the tax angle.
There are some great experts who post on here on the forum.

https://talk.uk-yankee.com/index.php?board=11.0

It's all way, way above my level of understanding but you should definitely fully research the tax angle.
There are some great experts who post on here on the forum.

https://talk.uk-yankee.com/index.php?board=11.0

Ok, thanks! I'll definitely do my due diligence on everything. I'll also ask my accountant as he works with international clients including people living/working in the UK.

Hi,

There's many people who are recent immigrants into the UK who have opened up a business, the thing is, there's varying 'levels' of what you are asking. Do you mean a micro business? small or small to medium (SME) size business ? are you thinking of something very specific? Business to Business (B2B) or Business to Consumer (B2C)?

There's multiple aspects and factors to each, ranging from Tax and accounting planning, to type of business (sold trader/limited company/umbrella company if you might be contracting, home based, require premises, licensing and so on...

My background is a mixture now, have worked for 3 USA Financial IT companies (most recognizable being Intuit - makers of Quickbooks & TurboTax. Quicken was theres but was sold to another company a few years ago) and also being involved in a family business with 30-35 staff and also my own micro company. What kind of business sector are you thinking of? I do have some good contacts and/or pointers for you including family members and friends along with ex colleagues and other acquaintances with their own companies. Happy to help if I can !

Cheers, DtM! West London & Slough UK!

Hi,

There's many people who are recent immigrants into the UK who have opened up a business, the thing is, there's varying 'levels' of what you are asking. Do you mean a micro business? small or small to medium (SME) size business ? are you thinking of something very specific? Business to Business (B2B) or Business to Consumer (B2C)?

There's multiple aspects and factors to each, ranging from Tax and accounting planning, to type of business (sold trader/limited company/umbrella company if you might be contracting, home based, require premises, licensing and so on...

My background is a mixture now, have worked for 3 USA Financial IT companies (most recognizable being Intuit - makers of Quickbooks & TurboTax. Quicken was theres but was sold to another company a few years ago) and also being involved in a family business with 30-35 staff and also my own micro company. What kind of business sector are you thinking of? I do have some good contacts and/or pointers for you including family members and friends along with ex colleagues and other acquaintances with their own companies. Happy to help if I can !

Cheers, DtM! West London & Slough UK!

Hi! Thanks for the reply. Well, I am thinking of doing something along the lines of either holistic healing/wellness combined with retail or possibly a small cafe or bakery. Still trying to assess what I think will be profitable in my location. So it's definitely a micro or small business with 10 or so employees but that of course depends on which business I choose.

I have previously owned my own business in the past here in the US.  I'd really love to be able to do that in the UK if it's feasible and practical. It would be nice to consult with others who have come from the US to the UK and started a business successfully. Would be very helpful.

I owned a plumbing company and I did all of the bookkeeping so I am very familiar with Intuit and Quickbooks, by the way. 

Thanks again!