How to Set Up as a Sole Trader
If you are self-employed and run your own business as an individual, this is known as being a ‘sole trader’.
But what does a sole trader mean?
- You can keep all business profits after you’ve paid tax on them.
- You’re personally responsible for any losses the business makes.
- There are rules to follow on running and naming your business.
To set up as a sole trader, you will need to tell HMRC that you pay tax through Self-Assessment, and in doing this you will need to file a tax return every year.
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