Setting up as a Sole TraderYou’ve made the decision to set up your own business and are ready to take the plunge! But what do you need to do to start as a sole trader and who do you need to notify? How do you go about registering to become self-employed? We can help you understand all your responsibilities and support you with those initial exciting steps
What does it all mean?
- You are self-employed for tax purposes and work for yourself
- You accept the personal financial risk associated with being a sole trader
- You need to keep detailed records of all your income and expenses
- Using bookkeeping software can make it simpler to log invoices, receipts and expenses so that you can easily see your business finances
- It is a legal requirement for all sole traders to complete a self-assessment tax return to HM Revenue and Customs (HMRC)
- We can help you register with HMRC as self-employed so that you can meet your regulatory requirements
If you are struggling to work out your business proposition, we provide services that can offer you a detailed business plan. This will help to provide clarity and certainty for sole traders deciding whether they have a viable business venture.
There may be tax implications if you receive income from other sources outside of your self-employed business