15 things you should know about being a sole trader

sole trader

You’ll be in good company. The vast majority of the UK’s 5.8 million self-employed — 59% — are registered as sole traders.

This stands to reason. Registering as a sole trader is easy and inexpensive to do, so it’s the ideal way to test the waters of self-employment.

5 things you must do when you become self employed

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 for someone else, so you can test the water and see whether working for yourself suits you.

How to set up in business as a partnership

set up 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.

How to register as self employed – the key steps to take

set up self employed

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.

Here are the steps you must take to if you want to register as self employed, plus the other aspects you will also need to consider when working for yourself.

What is a sole trader?

what is a sole trader

If you’re new to self-employment, setting up as a sole trader is the easiest way to go. The registration process is simple, there’s almost no paperwork involved, and you don’t have to pay any registration fees.

How to avoid problems with partnerships

partnership problems

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.