When you decide to become a sole trader, follow these simple steps
 

1.  Register with HMRC for self-employment

You will be sent a UTR number which is used by HMRC to track your self-employment and any tax owed.

UTR mean unique taxpayer number and is used, along with your national insurance number, to identify you and your new self-employment status.

Click the button to go to HMRC Website    

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2.  Apply for PLI (Public Liability Insurance)

If you are a sole trader, you will need at least public liability insurance. This covers you in case anything goes wrong whilst you are on someone else’s property.

Consider Health and sickness insurance – If you cannot work, you will face mounting bills. You should think about health and sickness cover to help protect your income.

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3.  Open a business bank account

It is not essential that you have your business bank separate from your personal bank, but it is advisable and in the long term will make your life so much simpler

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