Setting up as a self-employed sole trader is the simplest and quickest way to start a business. Setting up a company has its advantages, however, keeping the company going is a challenge and requires a collaborative effort and careful planning. There isn't much paperwork to do. There are no registration fees to pay, but we must register as self-employed. Record keeping and accounting is straightforward.
Anyone can set up in business as a sole trader, although for certain types of work we may need a licence or permission from our local authority. Restaurants, childminders, cab drivers and street traders, for example, all need to have a local authority license. Your qualifications and business premises may be inspected beforehand to ensure you comply with regulations.
Working from home
If you run a business from home, you may have to pay business rates for the part of your home that you use for your business. This mainly depends on whether the business area of your home is also used for domestic purposes. We may need to get planning permission to set up a business at home. For example, if your business could cause a nuisance to neighbours, or if we intend to do any building work to adapt our homes. If in doubt, contact the planning department of our local authorities.
Choosing the name of your business
You can trade under your own name, or use another business name, eg Peerless Promotions.
If you decide to use a business name, you must make sure that your business stationary displays your name as well as the trading name of the business for example, M.Y.Self, trading as Peerless Promotions.
Your trading name should not be the same as, or too similar to, that of a business which already exists. Be careful that it does not contain words that people might find offensive or misleading.
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