There aren’t many things you need to do start up a business as a Sole Trader. But these are the essential things you absolutely, definitely can't do without!
Register with HMRC
When you become self employed you must register with HMRC within the first 3 months. Either call the newly self-employed hotline on 08459 15 45 15 or register online. Make this your Number 1 priority - if you don't register in time you'll face a fine!
Find the right place to keep your money
Don't use your personal bank account for your business, open a separate business bank account. It'll be much easier to keep track of how much you're selling and how much you're spending, and when you do your tax return.
Make it easy for people to pay you!
You can make your invoices as simple or sophisticated as you like, but there's some essential information you must include that will help you get paid on time.
Get insured
Depending on what you're doing some insurances are compulsory. Others are optional but well worth considering.
Do business on your own terms
Make sure your customers know what to expect by having clear, written terms and conditions of business.
You can keep this very basic with just a simple description of what you're supplying, the price you're going to charge and what your payment terms are.
What's in a name
Check out our do's and don'ts of choosing a name for your business
And that’s basically it! You're ready to roll!
You'll find more information, including links to help you with all these points, at NowLet'sGetStarted
