Sole Traders
Being a sole trader is the simplest way to get started in business. Once you have informed the government agencies of your intentions to set up as self employed, you can start trading right away (subject to any specific licences you or your business activity) might require in order to trade.
As a sole trader you are personally responsible for all liabilities of the business should anything go wrong. It is worth spending time considering which company set-up format is best for you. Click the links to the side of this page to review the different trading options and information on each possible business entity.
Once you start trading as a sole trader you must register with HM Revenue & Customs as self employed even if you have already sent in a tax return. There are some exceptions and special rules for particular industries, like the construction industry, however by in large if you do not register the moment you begin to trade, you could incur a financial penalty. You will also have to pay class 2 national insurance contributions and then class 4 contributions on your profits.
It is easy to start off as a sole trader and then change the way you trade later should the needs of your business require it. For those who work for an old employer or only have one client in their business you should check whether the HM Revenue & Customs will consider you as a self employed trader. In many instances the Revenue may well consider that those working for one client or one ex-employer is actually an employee of that business irrespective of your sole trader label. KJL Solicitors will happily advise you on your true employed/self employed status.
Our Business start up solicitors can advise on ways we can assist you in your business paying particular reference to drafting terms and conditions of business, invoices with trading terms, contracts and agreements. We can also advise on legislation parameters imposed upon specific trades, such as the Sale of Goods Act, The Sale and Supply of Services, Distance Selling Regulations, Unfair Contract Terms and other Consumer or business to business buying and selling considerations. We also advise on all aspects of Intellectual Property from Trademarks and Branding through to Design Rights, product protection and Patents.
Come and talk to us at KJL Solicitors and let us guide you safetly through the process of setting up in business. We are conveniently located off the A47 at Blofield Chambers, The Street, Blofield, Norwich, NR13 4AA.
