Over the next 3 days I will post a series of blogs walking you through some important aspects of becoming self-employed as a sole trader. If you follow this advice you will be trading correctly from the first day you start business.

1. Register with HMRC as self-employed

This is the most important thing to do and should be done straight away. It’s quick and easy – all you need to do is fill out 1 form and send it back to them. The form is called CWF1 and can be downloaded from here

2. Choose your business name

Your trading name should not be the same as, or very similar, to one that already exists. You should also take care to ensure that the business name does not cause offence or is misleading to anyone

3. Business rates & planning permission

If you are planning on running your business from home you may have to pay business rates on the portion of your home that you use for business. However, you may not have to pay rates if the space you use is also used as a spare bedroom for domestic purposes.

If your business is likely to cause a nuisance to your neighbours or you need to make building alterations to your home, you may need planning permission. Speak to your neighbours prior to commencing any trading and explain what you are going to be doing, you may find that they are very understanding.

 

Don’t forget to come back tomorrow for Part 2, or follow me on Twitter to be alerted when the post is published