Start up FAQs
Our Start-up Business Advisor, Lauren answers a collection of the most frequently asked questions that we receive from our residents wishing to start-up a new business in Gateshead.
If you have any other questions, please contact us. We will be happy to help you.
Where can I get a grant?
If you're looking for grants, I would suggest you start by accessing the North East Growth Hub's finance finder (opens new window). The Growth Hub is delivered by the North East Local Enterprise Partnership (North East LEP). The LEP works to make the North East a place where more businesses invest, grow and prosper, to deliver more and better jobs for everyone. Their finance finder is simple to use and is regularly updated with grants available to you.
You can also speak to one of our advisors about grants. We can do a grant search on your behalf if you are looking for something specific. You can do this by completing an enquiry form.
Are you signed up to our newsletter? Did you know we send out weekly emails to our subscribers informing them of new grant schemes? We also include other information such as events going on in the area, good news stories and important information of things that may impact your business. Sign up to our free newsletter.
Should I be a sole trader or a limited company?
This is totally up to you. The legal structure of a business will determine which regulations apply and which organisations must be contacted when starting up the business. The business advantages and disadvantages of each legal structure should be carefully considered before making a final decision about which one to choose. Speak to one of our business advisors to work out which legal structure may be best for you.
Remember that there are other structures too, such as Charities; Community Interest Companies and Cooperatives, so if you are doing something that is going to do work for a good cause then this may be the preferred structure for you. Ask us for more information.
What insurance should I get?
At a minimum we would recommend Public Liability Insurance. By law you will need Employers Liability Insurance (if you are employing people) and Business Cover on your car insurance (if you are using your car for business purposes). If you would like more information on insurances, check out check out the Association of British Insurers' guide (opens new window).
How do I register my business?
Depending on your business structure, you will register your business in a few different ways.
Sole traders and partnerships must inform HMRC (opens new window) when they have started to trade. At the latest you must register by 5 October in the second tax year after starting up. Sole traders or partners are classed as self-employed and therefore need to submit a self-assessment of income tax. You are also responsible for paying National Insurance contributions.
For private limited companies there is a tightly regulated process for setting up a company. The Companies Act 2006 requires the directors of a new company to submit several documents to Companies House. Company directors are also required to prepare, maintain and submit accounting records annually with Companies House (opens new window) every year.
Can the council give me a property?
Our start-up support programme 'Enterprise Support in the North East 2' is part funded by the European Regional Development Fund 2020.
