Sole Trader - Confused

rachel90rl

I'm wanting to start a business but I'm really confused as to how to go about it all. It will just be me and I will be working from home/mobile. I just have a few questions really:

Do I need to choose a business name before registering as self employed/Sole Trader?

1. Do I need a business name before registering as self-employed/Sole Trader?
2. How do I choose a name that meets regulations? Obviously it won’t be offensive or anything but I understand it can’t be the same as or too like an already existing business name? Does that include dissolved businesses?
3. How do I register as self-employed?
4. How do I register for tax?
5. I’m in full time employment, will this have to be considered when sorting my business tax?

I’m really confused about it all and no matter how much I read, I just get more confused. So I need it in really basic terms .
I really want to set up so I need to get things sorted quickly!

I have bought supplies and do use them (free of charge currently) but I have kept all my receipts etc.

I can't really afford an accountant and I don't want to give up just because it's too confusing for me

Any advice will be greatly appreciated, thank you.

DomRavioli

rachel90rl wrote: »

I'm wanting to start a business but I'm really confused as to how to go about it all. It will just be me and I will be working from home/mobile. I just have a few questions really:

Do I need to choose a business name before registering as self employed/Sole Trader?

1. Do I need a business name before registering as self-employed/Sole Trader? No. Only for a company, not a sole trader. You can choose to have one, but that is completely up to you.
2. How do I choose a name that meets regulations? Obviously it won’t be offensive or anything but I understand it can’t be the same as or too like an already existing business name? Does that include dissolved businesses? Not necessary at the moment. Companies house keep a register of businesses current and past.
3. How do I register as self-employed? HMRC website - https://www.gov.uk/set-up-sole-trader is the official link.
4. How do I register for tax? Same site as point 3.
5. I’m in full time employment, will this have to be considered when sorting my business tax? Yes. You have a tax free allowance, and anything over that is taxed at the rateable value. The info is here - https://www.gov.uk/income-tax-rates/current-rates-and-allowances - you have to add together all your income, not just one or the other to get your tax banding.

I’m really confused about it all and no matter how much I read, I just get more confused. So I need it in really basic terms .
I really want to set up so I need to get things sorted quickly!

I have bought supplies and do use them (free of charge currently) but I have kept all my receipts etc.

I can't really afford an accountant and I don't want to give up just because it's too confusing for me

Any advice will be greatly appreciated, thank you.

Click the link in point three. Has everything you need to set up.

You don't need an accountant, an excel spreadsheet works fine for most people.

If you have more questions please put them below, and we will try to help you.

rachel90rl

Thank you, that's really helpful.

I will be using a business name once I've decided on one but as a sole trader, does that mean I don't need to worry about having the same name as another company?

DomRavioli

rachel90rl wrote: »

Thank you, that's really helpful.

I will be using a business name once I've decided on one but as a sole trader, does that mean I don't need to worry about having the same name as another company?

No, you cannot register a company name that is the same as someone else's. Companies house (as said above) has a list of all companies registered, both past and present.

You could have (company Name) UK, or the name of the town you work in, or a slightly different spelling et al.

fishybusiness

No, you cannot register a company name that is the same as someone else's. Companies house (as said above) has a list of all companies registered, both past and present.

Only for ltd's don't forget........OP plans to be a sole trader.

Wthin reason you can name your business as you wish. Be careful of same name local businesses, and no potential links to government etc, trademark infringement for ex Burger King Trading!

Look up the Business Names Act.

trailingspouse

When you think of a name, google it - that's a quick and painless way of seeing if anyone else is running a business with the same name.

When you set up your business bank account (and you really should have one), see if the bank provides any free business advice. Many do. Also many accountants will give you 30 minutes of their time for free in the hope that you will use them. Make sure you ask them everything you need to know.