Many small businesses are run from home, especially when they’re getting started. Here’s what you need to know about running a business from your home.
You may have to inform some bodies of your intention to run a business from home.
Even though it shouldn’t require any change to your mortgage – if you have one – it’s prudent to let your mortgage company know.
Some tenancy agreements prohibit running a business from home, so if you live in a rental property you need to check your contract. As a matter of courtesy you should also let your landlord know of your intentions.
You should only need to contact the local council regarding planning permission if:
A standard home insurance policy is unlikely to cover business activity so make sure you take out some additional insurance for things like loss or damage to office equipment or furniture. Normally this doesn’t cost much extra, and it can be covered in a combined domestic and business policy.
If you’re doing more than simply operating an office from home, you’ll probably need specific additional insurance. For example:
You normally don’t need to pay business rates, if for example you:
You may need to pay business rates, on top of council tax, if for example you:
To find out, contact the Valuation Office Agency (VOA), or if you’re in Scotland, your local assessor.
You can employ people in your home-based business, but make sure that:
Whatever business you’re in you’ll need to take out insurance. Here’s what you should know about the different types of insurance you may require.Read more
Every business needs to have adequate finance. Here’s some information about different sources of funding available for start-ups and small to medium businesses.Read more
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