Yes – as a sole trader, you can employ people. You must comply with employment law and pay their tax and superannuation. You canpay your employeesby salary or wage or contract them to do specific tasks or projects. If you’re paying an employee by salary or compensation, you’ll need ...
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One key aspect of managing your finances as a sole trader is creating invoices. Invoices enable you to get paid for your work. Effective sole trader invoices also make cash flow management easier. This guide will cover the importance of invoices for sole traders, as well as insider tips and ...
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Sole trader To register as a sole trader you need to tell HMRC you want to pay tax through a self assessment. For this all you need is your personal and contact information, your National Insurance number, and the business name you’ve selected². As a sole trader, your responsibilities...
fairly specific to certain types of business, sometimes those that employ a certain number of individuals, for instance, but in any case you’re likely able to save money by limiting the tax you pay as a sole trader, helping you make the most of your profits for your personal financial ...
Learn how to register as a self-employed business owner and take care of all the legal and tax preparation required to run a small business. Read more.
Pros of sole proprietorship Starting a sole proprietorship is much easier than starting other types of businesses. Only one person is required, so there are no formalities such as drafting articles of association. You only need to register the business with the trade office, the tax office, and...
If you have forms of income or expenses that require you to file a Self Assessment tax return, you’ll need a UTR number. This applies in case you: Are or were self-employed as a sole trader and you earned over £1,000 GBP (without claiming tax relief) in t...
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