Sole traders must register with HM Revenue and Customs (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.
You’re responsible for:
You can use your own name or trade under a business name - read the rules for naming your business.
You must include your own name and business name (if you have one) on any official paperwork, like invoices and letters.
Register as soon as you can after starting your business. At the latest, you should register by 5 October in your business’s second tax year.
Example
If you start working as a sole trader between April 2014 to March 2015, you should register before 5 October 2015.
If you register later than this, you won’t get a penalty as long as you send your Self Assessment tax return and pay your bill on time.
This information is published by the Inland Revenue - you can view all of the info here.
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Replies
is this a simple thing to do or would i be better going to an accountant?
i'm getting lost in a lot of terms and what to do in what order etc
It is simple to notify HMRC that you are now in self employment - you have a time limit to complete this (I believe there is a lot on LJN on this subject, including in The BOG, but see link below).
https://www.gov.uk/topic/business-tax/self-employed
A good 'small business' specialist Accountant will always be an asset in helping/guiding you... especially at SA Return time.
thanks mate appreciate the reply
be prepared for a million more questions lol