Full article with thanks to: mettle.co.uk/blog/how-to-register-as-a-sole-trader Ready to start a new venture? Setting yourself up as a sole trader is fairly simple in the UK. There are about 4 steps you need to cover before you’re fully registered. To be classed as a sole trader, you need to run your own business as an individual and be classed as self-employed. As a sole trader, you can keep all the profits your business makes, once you’ve paid tax on them, but you’re also legally liable for any losses your business makes. To set yourself up as a sole trader you must: Have earned more than £1,000 from self-employment in the last tax year Be able to prove you’re self-employed Want to make voluntary Class 2 National Insurance payments to help you qualify for benefits Being self-employed Not sure if you’re self-employed? Ask yourself these questions and if you answer yes to …
