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Self Employed

How to set up in business as a sole trader – otherwise known as becoming self-employed. What are the pros and cons, and what are your obligations as a business owner?

As one of the UK’s almost 6 million self-employed people, you’ll be joining the majority who are registered as sole traders.

This makes sense, since registering as a sole trader is straightforward and affordable, allowing you to easily dip your toe into the self-employment waters.

However, sole trading isn’t without its challenges. You’ll have legal and administrative responsibilities to fulfill before reaping any hard-earned rewards.

Additionally, sole trading can be risky, as you alone bear the brunt of any business failures. While the freedom and flexibility may be alluring, it’s wise to weigh the pros and cons before taking the sole trader plunge.

Start with our 15 things you need to know about being a sole trader.