Working or claiming benefits in the UK? You may need to apply for a National Insurance number first. If you do not already have one, your NI number is essential for tracking tax, National Insurance contributions and accessing certain government services. While most UK residents receive their number at age 16, newcomers or those starting work later in life may need to apply. It takes around four weeks to process after proving your identity, but you can still start work or claim some benefits while you wait.

According to HMRC guidance, you can apply for a National Insurance number if you:

• live in the UK,
• have the legal right to work in the UK, and
• are working, looking for work, or have a job offer.

You can still start work without an NI number, as long as you can prove your right to work in the UK. Similarly, you can apply for benefits or a student loan without an NI number, though you may be asked to provide one later if required.

Most teenagers living in the UK receive a letter shortly before their 16th birthday confirming their NI number. This letter is important and should be kept safe. Your NI number is unique and stays the same for life, even if your name, address or nationality changes. If you lose your NI number, you can find it on official documents like payslips, P60s or via your personal tax account.

Overseas property owners must now report earlier ownership changes or risk penalties from 31 July 2025. Under new rules introduced by the Economic Crime and Corporate Transparency Act 2023, entities that registered on the UK’s Register of Overseas Entities must disclose any changes in beneficial ownership that occurred during their pre-registration period. This adds to the annual update requirements already in place and supports HMRC’s efforts to combat offshore tax non-compliance. Missing a deadline or failing to register can result in fines, and can make it impossible to sell or mortgage the property.

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers.

From 31 July 2025, overseas entities must report any beneficial ownership changes that occurred during the pre-registration period when filing an updated statement with Companies House. This is a new measure that was introduced under the Economic Crime and Corporate Transparency Act 2023.

The pre-registration period is different for every overseas entity. It’s between 28 February 2022 and either:

• the end of the transition period (31 January 2023); and
• the entity’s registration date, if it registered before 31 January 2023.

There is an annual filing requirement for the register of overseas entities. This means that registered entities must file an overseas entity update statement one year after the overseas entity was registered, and every year after that. This is required in order to inform Companies House of any changes, or to confirm that the information they hold is still correct.

Information on the register is available to HMRC and is used to help identify offshore tax non-compliance of:

• overseas legal entities
• overseas legal arrangements
• beneficial owners (including settlors, beneficiaries etc).

There are financial penalties for entities that have failed to comply with the rules. As well as financial penalties, overseas entities which fail to register will find it difficult to sell, lease or raise charges over their land.  

Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to more than one country, their estate may face inheritance tax in both jurisdictions. Fortunately, the UK has Double Taxation Conventions with several countries to help reduce or eliminate this burden. Understanding how these treaties work, and what happens when no agreement exists, can make a big difference when dealing with international assets and long-term UK residents treated as UK domiciled.

Under these agreements, the country where the deceased was domiciled (or treated as domiciled) has primary taxing rights over all assets. The other country may only tax specific assets located in its own territory, such as land or buildings. Since 6 April 2025, long-term UK residents are treated as deemed UK domiciled for Inheritance Tax (IHT) purposes.

If double taxation still occurs, the DTC determines which country gives credit for the tax paid to the other. Relief is generally given in the UK through a credit for the overseas tax paid against the IHT due in the UK on the same assets already taxed.

The UK has current double taxation agreements that apply to IHT with countries including the USA, Ireland, South Africa, Sweden, Switzerland and the Netherlands. Older treaties exist with France, Italy, India and Pakistan but follow different rules and don’t have a provision for deemed domicile.

If no DTC exists, Unilateral Relief may be available. HMRC may still give credit for foreign tax on overseas assets, using a set formula to calculate proportional relief.

Key Performance Indicators (KPIs) are not just numbers on a dashboard; they are tools to help business owners make better decisions. But with so many metrics available, how do you know which ones matter most for your business?

The answer is simple: start with your goal. KPIs should always support what you are trying to achieve, whether that is growth, efficiency, stability or profitability.

If your goal is overall financial health, net profit margin is a great place to begin. It tells you what percentage of each pound earned is actually kept after all costs. It cuts through the noise and helps business owners see whether they are making money in a sustainable way.

Focusing on cash flow? Track operating cash flow or free cash flow. Profit does not always equal cash in the bank, and many profitable businesses have come unstuck by running out of working capital. Cash flow KPIs show whether your business model is viable on a day-to-day basis.

Want to improve marketing results? Look at customer acquisition cost and customer lifetime value. These two KPIs help you measure whether your marketing spend is delivering a return and how valuable your average client really is.

If your focus is customer loyalty, then client retention rate is key. High retention usually points to satisfied clients, a strong service offering, and predictable revenue. Low retention can indicate pricing issues, poor communication or service problems.

Looking to grow your team or expand services? Keep an eye on revenue per employee or gross profit per fee earner. These metrics highlight how productive your people are, and whether adding more staff will drive profit or just increase overheads.

There is no universal KPI that works for everyone. The best approach is to pick a small set of KPIs (three to five), review them regularly, and use them to shape decisions.

KPIs turn a report into a roadmap, which provides informed and actionable to-do’s.

Starting your own business can be an exciting and liberating decision. But passion and ambition alone are rarely enough. One of the most overlooked factors in business failure is a lack of direct experience or knowledge in the chosen industry. Put simply, someone who has spent their working life as a plumber is unlikely to make a success of running a restaurant without serious planning, training or help.

Every industry has its own rhythm, customer expectations, regulations and operational quirks. When you know the business from the inside out, you already understand what a typical day looks like, where the risks lie, what customers value most and which details really matter. That type of knowledge can be priceless when problems arise, and it often helps keep costs under control too.

Trying to run a business in a sector you are unfamiliar with often means learning everything at once: pricing, supply chains, compliance and customer service, all while managing staff and watching the cashflow. That is a tough ask for anyone, especially when you have your own money on the line. You may find yourself relying too heavily on advisers or hiring experienced staff who quickly realise they know more about the business than the owner.

Of course, there are exceptions. People sometimes succeed in completely new industries, especially if they partner with someone who brings the missing expertise. But the risks are higher, and the margin for error is smaller. Without lived experience in the sector, even simple decisions can go wrong — choosing the wrong location, targeting the wrong customers or misunderstanding seasonal demand patterns.

If you are thinking about starting a business in an unfamiliar sector, consider ways to build your knowledge first. This might include shadowing someone in the trade, taking relevant training courses or working part-time in the industry. Alternatively, collaborate with a business partner who knows the ropes and shares your goals.

Ultimately, your chances of success rise sharply when you understand both the day-to-day realities and long-term dynamics of the business into which you are getting. Passion is a great driver but pairing it with experience makes it far more likely that your new venture will thrive.