How To Register A Business Name Uk Sole Trader

Registering as a sole trader is the most common way to start a business in the uk.

How to register a business name uk sole trader. How do you register as a sole trader. Send a self assessment tax return every year. A comprehensive check of current business names. Members of the national business register obtain seven vital benefits. Pay income tax on your profits and class 2 and class 4 national insurance use hmrc s calculator to help you budget for this.

There are different rules for business partnerships and limited companies see naming your partnership and naming your limited company. You are registering as self employed and each year you must complete a self assessment tax return. You must notify hmrc within 3 months or face a fine. The stress free guide to registering as a sole trader. 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.

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. If you intend to trade as a sole trader you must notify hmrc. 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. This guide covers the registration requirements of sole traders.

The benefits of membership of the national business register. The register is operated by national business register a name approved by the secretary of state for trade and industry. You can trade under your own name or you can choose another name for your business. To set up as a sole trader you need to register for register for self assessment and file a tax return every year. Keep records of your business s sales and expenses.

You are currently viewing. Sole trader business are most commonly used by very small business with a low turnover low risk and a single owner. When filling out official paperwork for a partnership it s important to include all the partners names. You don t need to register your name. You must notify hrmc.