im registered a a sole trader but havent received any formal letters about this

Mistral001

There is no register of sole traders. What you are doing is informing HMRC that you could have a taxable income from self-employment and also informing the NIC authorities of your self employment status.

Unless you set up a Ltd Company, the business will not be taxed. It is YOU not the business which is taxed by paying personal income tax at the same rates as PAYE, except that you will pay your tax twice a year instead of every month. The fact that you are setting up a business and you are calling that business a name is irrelevant to HMRC. It is the earnings that you make (profit) from your business activities which HMRC will be interested in.

If you are just starting to trade, you need to leave a little aside to pay for you tax bill as it is paid after the end of the financial year.

skater_kat

i registered and i received my UTR letter within 3 weeks of registration (online)