Guide

Set up as a sole trader

Introduction

If you’re a sole trader, you run your own business as an individual and are self-employed.

You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business.

If you are unsure about your status, GOV.UK outlines what it means to be self-employed.

This guide outlines how to set up a business as a sole trader, including choosing a name and registering with Companies House.