Registering as a Sole Trader:
To register a business as a sole trader, you need to:
- Register as self-employed with HMRC
- Choose a business name
Sole Trader responsibilities
Once you’ve registered, you need to fulfil your responsibilities as a sole trader. These include:
- Keeping records of your sales and expenses
- Submitting a Self Assessment tax return each year
- Paying income tax and National Insurance Contributions
Registering as a Limited Company:
To set up a limited company, you need to:
- Decide what type of limited company you need
- Choose a business name
- Choose how to set up your limited company
- Complete the company formation process
- Open a business bank account
- Inform your stakeholders
- Get your VAT registration or transfer sorted out
- Set up your payroll
- Update your company details
- Get your books sorted out
Registering as a Business Partnership:
To set up a business partnership, you need to:
- Choose a business name
- Choose a ‘nominated partner’
- Register with HMRC
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