Setting up in business as a sole trader can be the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact that all the profits go to you.

The disadvantages include unlimited liability, the prospect of paying more tax on higher profits and that you are personally responsible for any debts run up by your business.

HMRC publishes some simple guidance for those looking to set up as a sole trader.

The main steps listed are as follows:•  Step 1: Check if being a sole trader is right for you 
•  Step 2: Choose your business name 
•  Step 3: Check what records you need to keep 
•  Step 4: Register as a sole trader 
•  Step 5: Check if you need to register for VAT 
•  Step 6: Plan for your tax bill 
•  Step 7: Get help and support 

Please contact us if you are thinking of setting up as a sole trader.  We will work with you to ensure that this is the best structure for your proposed business.

Internet link: GOV.UK