If you start working for yourself, you’re classed as a self-employed sole trader- even if you’ve not yet told HM Revenue and Customs (HMRC).
As a sole trader, you run your own business as an individual. You can keep all your business’s profits after you’ve paid tax on them.
You can employ staff. ‘Sole trader’ means you’re responsible for the business, not that you have to work alone.
This is the simplest structure. You won’t need to register with Companies House and you won’t need to pay corporation tax. If you’re not running a payroll, paperwork and red tape will be greatly reduced too. Financial responsibility however is in your hands and you will have yearly tax returns to contend with.
You will also have legal responsibility for your business (which can leave you exposed to much greater risk than other structures), so a comprehensive insurance policy is a must.
You’re personally responsible for any losses your business makes.
Here is what we can do:
>> We’ll take care of all of your bookkeeping, accounts and tax returns from just £40 per month.
>> You’ll get monthly management accounts from a qualified accountant.
>> You’ll get year-round access to your accountant at no extra cost.
Related topics
>> Packages
>> How we work
>> Contractor
>> Ltd Company
>> Client Charter
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