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Set up as Sole Trader in UK

If you’re a sole trader, you’re running your own business as an individual. This is known as being ‘self-employed’.

You can keep all your business’ profits after you’ve paid tax on them.

Take on staff

You can take on staff - ‘sole trader’ means you’re responsible for the business, not that you have to work alone.

Your responsibilities

As a sole trader you’re responsible for:

• Your business debts
• Bills for anything you buy for your business, like stock or equipment
• Keeping records of your business’ sales and expenses
• Sending a Self-Assessment tax return every year
• Paying Income Tax on the profits your business makes and National Insurance

You must:

• Send a Self-Assessment tax return every year
• Pay Income Tax on the profits your business makes
• Pay National Insurance

You must also register for VAT if you expect your business’ takings to be more than £77,000 a year.

Register for Self-Assessment

You must register for Self-Assessment with HMRC as soon as you start your business.

Register here for Self-Assessment : www.gov.uk/register-for-self-assessment 

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