Becoming a sole trader – the basics

Becoming a sole trader is the most straightforward way to start a business. There are no registration fees to pay, it is easy to keep a close eye on financial records, and you can make key decisions quickly as you are your own boss.

While becoming a sole trader is relatively easy in business terms, going it alone can be a daunting move for many people. This guide therefore aims to give you a good overview of what will be required of you as you move into the world of business.

Choosing a name

It may seem obvious, but the first thing you should do as you look to become a sole trader is choose a suitable business name. It is useful if your name accurately reflects the nature of your business.

You should also try to steer clear of selecting a business name that is too similar to those already in existence. This could be crucial in preventing legal headaches in the future if another company believes that you have intentionally adopted its name.

Part 2: Tax and VAT>

Covered in this guide

Part 1: Becoming a sole trader

Part 2: Tax and VAT

Part 3: National Insurance

Part 4: Special Licences

Part 5: Business Insurance

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Liability Insurance – This insurance can provide you with employer’s liability and product liability insurance. We offer a highly competitive standard package with optional extras.
Public Liability Insurance – Public liability is essential insurance for many businesses, especially those working closely with the public. We offer cover of £1m, £2m, £5m, or more on request. Only pay for what you need.
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