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How to Set Up as a Sole Trader

Interest: Business Tools

Written by: Jess

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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.

Get started through Gov.uk here.  

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