Registering as a Sole Trader

swinnie · 22 Jul 2009 at 12:06

Hi Guys,

Just a quick one that I hope you can help me with...

I am 17, and have to register as a sole trader, as I need to invoice a company I will be working for.

What do I need to do?

Would you recommend setting up a bank account just for my business, and if so, what type of account?

Thanks in Advance.

Swinnie

V4NT0M · 22 Jul 2009 at 12:06

Yes, a business account.

Paul11 · 22 Jul 2009 at 12:07

there are different issues here

you can invoice a company now, if you wish, under your own name (and bank the cheque in your personal account)

you can setup a bank account in a trading style (a name you trade under) if you wish and bank all money in there.

you then have to inform the inland revenue that you are a sole trader

Burnsy2023 · 22 Jul 2009 at 12:08

Paul11 said:
you then have to inform the inland revenue that you are self employed

Fixed

Paul11 · 22 Jul 2009 at 12:09

Burnsy2023 said:
Fixed

thank you

swinnie · 22 Jul 2009 at 12:10

Thank You all, for you helpful and quick advice.

Mr-White · 22 Jul 2009 at 12:24

Umbrella company ?

MW

Vonhelmet · 22 Jul 2009 at 13:10

Mr-White said:
Umbrella company ?

MW

OMFG EVERY TIME.

Random OCUKer 1 said:
I'm doing some self employed work, earning 50p per week. What should I do?

Random OCUKer 2 said:
Umbrella company/set up your own company.

Sash · 22 Jul 2009 at 13:31

vonhelmet said:
OMFG EVERY TIME.

Big business.

Have a delivery service like a takeaway but for umbrellas.

Mr-White · 24 Jul 2009 at 12:45

vonhelmet said:
OMFG EVERY TIME.

So your advice to the OP would be ?

MW

Vonhelmet · 24 Jul 2009 at 13:41

Mr-White said:
So your advice to the OP would be ?

MW

Inform HMRC that he is self employed and fill out a tax return.

The Dread Pirate · 24 Jul 2009 at 13:43

How much would you take for my sole?