Sole traders must register with HMRC and follow certain rules on running and naming their business.
If you’re a sole trader, you run your own business as an individual and are self employed. You can take on staff - being a sole trader means you’re responsible for the business, not that you have to work alone.
* Keep records of all your business's sales and expenses.
* Complete an annual self assessment.
* Pay income tax on your profits.
* Pay class 2 & class 4 national insurance.
* Pay any bills you recieve for your business
Naming your business
You can use your own name or trade under a business name. You must include your own name and business name on any official paperwork like invoices and letters.
Registering with HMRC
Register online with HMRC as soon as you can after starting your business. HMRC will then issue you with a 10-digit unique tax reference (UTR) this will show on all your HMRC documents. It normally takes about 10 working days to complete the registration process.
If you need further help with registration or completion of your annual self assessment then please contact Louise.