There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of setting up in business.
We take a look at the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
So, what is a sole trader?
Before starting up
Before deciding if becoming a sole trader is the right choice for you, firstly carry on and read our guides to the different business structures available to you, and chat to an accountant who will be able to explain the tax implications in more detail.
There is no ‘right’ or ‘wrong’ way to set up a business structure – it all depends on what you do, your financial situation, the industry you are in, and how large your business is likely to become.
Sole Trader Package
Our long-term company formation partner, Duport, offers Sole Trader Package which will help you get up and running as a sole trader in a matter of hours (including the forms you need to register with HMRC). The package will also protect your company name in case you want to use a limited company at some time in the future.
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Tags: Sole Trader, Trader
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