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.
Companies House is the UK’s registrar of companies and the government agency responsible for incorporating and dissolving limited companies. If you’re setting up as a sole trader (i.e. self employed), do you have to register your business too?
One of the main benefits of becoming self employed is the ease with which you can start up and run your own business.
There are several reasons why opening a business bank account and keeping your business and personal finances separate is a good idea for a sole trader.
Registering as a sole trader is easy and inexpensive to do, but being self employed is not all sunshine and rainbows. Here are 15 things you should know about setting up a business as on your own.
One of the first tasks you will have when starting up your business will be to decide whether to set up a new limited company, or become self-employed.
Find out how much tax you pay as a sole trader – in terms of income tax and Class 2/4 NICs on your business profits.
Here we look at the UK tax rules for the self employed so you can nail your tax return like a pro. We cover income tax and national insurance contributions for 2023/4.
If you work for yourself and want to buy a property, you’ll have to prove your income to your lender. We look at how the mortgage application process works for both sole traders and limited company owners.
Starting a pension to save for your retirement is relatively straightforward. Here’s what you need to know about setting up a pension when you’re a sole trader.
As a sole trader, you can deduct many business costs from your income and pay less tax. But what counts as a legitimate business expense? And how do you claim?