A new interactive tool has been launched by HMRC to provide support for people running a small business, working for themselves or thinking of self-employment.
 
The ‘Set up as a sole trader: step by step guide’ is aimed at new and existing sole traders, with a range of advice to support the small business owner’s journey.
 
Offering guidance on which taxes to pay, which records to keep and whether becoming a sole trader is the right decision for you, the tools are designed to support anyone working for themselves to understand if they need to register as a sole trader and how to do this.
 
A sole trader is defined as a self-employed person who runs and owns a business as an individual.  Some of the responsibilities as a sole trader include being wholly responsible for any debts to their business and submitting a tax return each year to HMRC. 
 
One of the tools available is the recently launched VAT Registration Estimator which we featured in a previous article. 
 
If you would like to know more about becoming a sole trader, please contact us and we can help you decide if it’s the right choice for you.
 
Internet link: GOV.UK