Careers Advice - Jobs Information & Resources. Find Jobs. Build a Better Career. Find Your Calling | Monster Job Site. Get that Job. The Prince's Trust: Inspiring young lives. Set up as a sole trader. If you’re a sole trader, you run your own business as an individual and are self-employed. You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business. Check what counts as self-employed if you’re not sure about your status. How to register To set up as a sole trader, you need to register for Self Assessment and file a tax return every year. Your responsibilities You’ll need to: keep records of your business’s sales and expenses send a Self Assessment tax return every year pay Income Tax on your profits and Class 2 and Class 4 National Insurance - use HMRC’s calculator to help you budget for this You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business.
You must register for VAT if your turnover is over £85,000. Working in construction industry Naming your business Business names Sole trader names must not: Help with moving from benefits to work. You may be able to get New Enterprise Allowance to help you: start your own business develop your business, if you’re already self-employed Starting your own business You could get mentoring and a grant to help you start your own business through New Enterprise Allowance.
You may be eligible if you’re over 18 and either: you or your partner get Universal Credit, Jobseeker’s Allowance or Employment and Support Allowance you get Income Support and you’re a lone parent, sick or disabled What you’ll get You’ll get a mentor who’ll give you advice and support to help you set up your business and start to trade. Once you’ve made a business plan that your mentor has approved, you: may get a weekly allowance worth up to £1,274 over 26 weeks can apply for a loan to help with start-up costs How to get New Enterprise Allowance Talk to your Jobcentre Plus work coach. Developing your business If you’re self-employed and getting Universal Credit, you may be able to: Find a job with Universal Jobmatch.