Originally written by Ben Lobel on Small Business
If you are self-employed then this means you work for yourself, and not for an employer. A sole-trader is a self-employed person, but they are the sole owner of their business.
Within three months of becoming self-employed you need to inform HMRC so they can ensure you are paying Class 2 NICs and you fill in a self-assessment form.
Company directors are not self-employed. Many directors are employees of their company and will be paid as employees in the normal way.
Sole trader vs limited company
Although being a sole trader avoids all the hassle of registering with Companies House and presenting annual accounts, one downside is that your personal assets are not distinguishable from your business assets. In short, your creditors could come after your house and possessions if things go wrong.
Read: How to become a sole trader
And if you are earning over £100,000 as a sole trader, you would be advised to set up a limited company; sole traders lose their personal allowance over the £100,000 threshold, so that anybody earning between £100,000 and £125,000 tax will be taxed at 60pc as opposed to the corporation tax rate of 19pc (due to go down to 18pc in 2020).
Registering as a sole
Tag Archive for Sole trader
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Nigel Farage would make small business his priority in government
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Nigel Farage, leader of the Brexit Party, fighting the European elections on May 23, says he would be make supporting Britain’s small businesses his number one priority if elected into government.
When asked about his priorities on the BBC’s The Andrew Marr Show, Farage said: “… particularly 5.4 million people out there acting as sole traders running small businesses and there’s nobody in government on their side. Let’s make their lives easier – they create more jobs, pay more taxes and it would be good for our country”
Asked if he wanted to become prime minister, Farage shrugged, “No, not particularly.”
However, the Brexit Party would become the second-biggest party in Britain if a snap general election was called tomorrow, according to a Comres survey in the Sunday Telegraph. Farage’s new party could win 20pc of the vote share and 49 seats, nudging ahead of the Conservatives on 19pc and Labour on 27pc.
And the Brexit Party is polling higher than the two major parties combined ahead of this month’s European election. Farage’s insurgent party is on course to get 34pc of the votes, according to an Opinium poll for the Observer; Labour are on 21pc and
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How to become a sole trader
by Ben Lobel • • 0 Comments
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Going freelance and what to consider for a successful transition
by Stephanie Spicer • • 0 Comments
For many people, this is the time of year to consider going freelance: a new year means a fresh start and can give rise to new ideas, new goals and new plans both at home and at work. And if you get that heart sinking feeling when you think about going back to work on
The post Going freelance and what to consider for a successful transition appeared first on Small Business.
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Pension saving options for self-employed workers and sole traders
by Stephanie Spicer • • 0 Comments
It seems that the self-employed need help to make pension saving easier and to encourage them to commit to saving. The self- employed market is growing but as people leave the workplace – where the chances are there was pension provision and will certainly be from now on, as pensions auto enrolment has been introduced
The post Pension saving options for self-employed workers and sole traders appeared first on Small Business.
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Here’s the key insurance cover that your small business needs
by Michael Somerville • • 0 Comments
The post Here’s the key insurance cover that your small business needs appeared first on Small Business.
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Employing people as a sole trader
by Abby Hardoon • • 0 Comments
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Should you register as a sole trader or a limited company?
by Anna Jordan • • 0 Comments
One of the most important decisions you’ll have to contend with is the structure and legal status your business will use moving forward: will you operate as a sole trader or as a limited company? The structure you choose can have an impact on almost every aspect of your business, including how much tax you
The post Should you register as a sole trader or a limited company? appeared first on Small Business.
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Sole traders and VAT
by Ben Lobel • • 0 Comments
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Sole trader to limited company: Making the change
by Ben Lobel • • 0 Comments
Successful new entrepreneurs with the ambition to grow their business are often encouraged to go from sole trader to limited company. This is precisely what happened with Sleep & Beyond, a soft furnishings retailer in Greater Manchester. After running the company as a sole trader under the name Style Of Fabrics Manchester for many years,
The post Sole trader to limited company: Making the change appeared first on Small Business.