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About 76 of all uk businesses are sole traders.
How to register a business name uk sole trader. Sole trader business are most commonly used by very small business with a low turnover low risk and a single owner. There are many benefits of being your own boss including greater control over your work life balance. Members of the national business register obtain seven vital benefits. Registering as a sole trader is the most common way to start a business in the uk. You can trade under your own name or you can choose another name for your business.
You must notify hmrc within 3 months or face a fine. Send a self assessment tax return every year. As a sole trader you must include your name and business name if you have one on official paperwork for example invoices and letters. The stress free guide to registering as a sole trader. You are currently viewing.
This guide covers the registration requirements of sole traders. Registering as an overseas company in the uk. You don t need to register your name. Setting out in business on your own might feel daunting but take comfort from the fact that you re in good company there are now almost five million self employed workers in the uk accounting for 15 of the total workforce. If you choose this route you do not need to register your business with companies house.
The register is operated by national business register a name approved by the secretary of state for trade and industry. The benefits of membership of the national business register. A comprehensive check of current business names. To register as a partner fill out form sa401. To set up as a sole trader you need to register for register for self assessment and file a tax return every year.
Instead you simply need to register as self employed with hmrc. Once you have determined that your name is available to use and complies with all the rules the next step is to register as a sole trader. Check the rules for sole trader business names you can register a trade mark if you want to stop people from trading under your business name. Keep records of your business s sales and expenses. How do you register as a sole trader.
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