Sole traders

Sole traders must register with HM Revenue & Customs (HMRC) and follow certain rules on running and naming their business.

 

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.

 

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

Register for Self Assessment

You must register for Self Assessment with HMRC as soon as you can after starting your business.

Please fill our form 

Next submit to us.

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