Setting Up Accounts for a Sole Trader – A Beginner’s Guide

setting up self employed accounts

If you decide to work for yourself and begin trading as a sole trader, (self-employed) you will need to set up your accounts to record your income and expenses.

In order to do this you will need to be aware of tax, national insurance and other factors that will affect the records you need to keep as a sole trader.

To help you understand your duties and to get your book-keeping done painlessly, here’s the low-down on setting up your sole trader accounts. (more…)

How to Set Up in Business as a Partnership

set up a partnership

 

If two or more people wish to go into business together, and don’t want to set up a limited company, a partnership offers a simple way to get started. It is similar in many ways to going the sole trader route for an individual.
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5 Things You Must Do When You Go Self Employed

what you need to do when becoming self employed

One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.

You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see whether working for yourself suits you.

To help you understand some of the most important issues, you’ll need to tackle, here are 5 things you need to do when you decide to go self employed: (more…)

7 Advantages a Sole Trader (self employed) Business has Over a Limited Company

Advanatges of running a business as a sole trader

For those new to the world of business there are many things to consider. One of the biggest decisions you’ll have to make when you’re starting a business is whether to set up as a sole trader (self employed) or limited company.

Both sole traders and limited companies have their distinct advantages and disadvantages (make sure you read our guide on 10 Advantages of running your business as a limited company instead of being self-employed to learn the main benefits of the limited company option).

Whilst the professionalism and protection that comes with running a limited company is appealing to many, becoming self-employed is the more straightforward option, and with it comes a number of other benefits. (more…)

How to Register as Self Employed

how to register as sef employed sole trader

 

The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.

There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.

Here are the steps you must take to if you want to become self employed, plus the other aspects you will also need to consider when working for yourself: (more…)

Setting Up in Business as a Sole Trader

how to start in business as a sole trader

Becoming a sole trader is the simplest way to get your new business off the ground. You can start trading immediately, subject to any industry-specific licences or insurances you might be required to have.

As a sole trader, you will have complete control over your business and finances. You can adapt quickly to any changes in your business, without having to concern yourself with a great deal of bureaucracy. (more…)

What is a sole trader?

There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of starting and running a business.

In this guide, we take a look at what exactly a sole trader is, the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
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How to avoid problems with partnerships

Many small businesses are partnerships. Yet circumstances and ambitions change, partners fall out or die. Without a good partnership agreement things can get acrimonious. Here’s how to protect yourself from the start.
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