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To set up as a sole trader, you need to register for  and file a tax return every year.

Your responsibilities as sole trader

You'll need to:

• keep records of your business's sales and expenses
• if you鈥檙e registered for VAT
• if you have employees
• send a Self Assessment tax return every year
• pay on your profits and - use HMRC's to help you budget for this

You'll need to if you're moving to the UK to set up a business.

Accounting methods

From the 2024 to 2025 tax year, the is the default way of doing your accounts. You must opt out if you want to use traditional accounting or if you can't use cash basis accounting.

With cash basis, you only record income and expenses when money comes in or goes out. This means you only pay Income Tax on the money you actually receive during your accounting period.

Registering for VAT

You must register for VAT if your turnover is over 拢90,000. You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT. Read .

Working in the construction industry

Register with HMRC for the  if you're working in the construction industry as a subcontractor or contractor.

You can trade under your own name, or you can choose another name for your business. You don't need to register your name.

There are different rules for business partnerships and limited companies - see naming your partnership and naming your limited company. 

As a sole trader, you must include your name and business name (if you have one) on official paperwork, for example invoices and letters.

How to choose a business name

Sole trader names must not:

• be offensive
• be the same as an
• include the following terms:
  • limited
  • Ltd
  • limited liability partnership
  • LLP
  • public limited company
  • plc

Your name also can't contain a sensitive word or expression, or suggest a connection with government or local authorities, unless you get permission.

For example, to use 'Accredited' in your company's name, you need permission from the Department for Business, Energy and Industrial Strategy (BEIS).

Companies House outlines which .

You'll need to register your name as a trade mark with the Intellectual Property Office (IPO) if you want to stop people from trading under your business name.

To set yourself up as a sole trader, where you run your own business as an individual and are self-employed, there a number of things you must do.

Checklist for sole traders

Ensure that you:

• Register for Self Assessment with HM Revenue & Customs (HMRC) so they can set up your tax and National Insurance records - see understanding Self Assessment and your tax return.
• Obtain any planning permission that you may need from your local council - find your local council in Northern Ireland.
• Obtain any licences or permits that you may need - use the licence finder tool to find out what licences or permits your business may require.
• Contact the Land and Property Services to find out whether you need to pay business rates - see business rates: the basics.
• Contact HMRC to register for VAT if you expect to have turnover of more than 拢85,000 a year - see registering for VAT.
• Register with HMRC for PAYE (Pay As You Earn) if you employ staff - see registering and getting started with PAYE.
• Register with HMRC if you are a contractor or subcontractor in the construction industry - see contractors and the Construction Industry Scheme.
• Set up a financial record-keeping system - see set up a basic record-keeping system.
• Put your name on all your business stationery, including letters, invoices, receipts and cheques - see name your business.
• Set terms and conditions for your customers, such as when your invoices are to be paid - see ensure customers pay you on time.
• Ensure all business insurance requirements are in place - see business insurance: the basics.

It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.