There are many ways you can begin your business journey and setting up as a sole trader is one of those options. Here we touch on the fundamentals of a sole trader and look at the registration process.
As part of our guide to becoming a sole trader, we weigh up the options between a sole trader and limited company to help you decide what it is best for your current situation.
Sole traders are usually liable for Income Tax and National Insurance Contributions (NIC) which are calculated on HMRC’s Self Assessment and are based on on taxable profit thresholds.
Otherwise known as a Sole Trader, you are on your own and responsible for your business’ success or failure. This is a big step and responsibility for anyone taking this route but most rewarding if done properly.
Read more to find out what you need to do.