The Small Business Corner • 19 implied HN points • 27 May 24
- When starting a business in the UK, it's crucial to choose the right legal structure - Sole Trader, Limited Company, or Partnerships - each with its own pros and cons.
- As a sole trader, you have full control over your business but are personally liable for debts, and responsible for taxes - requiring careful record-keeping and compliance.
- Key steps for setting up as a sole trader include registering with HMRC, understanding tax obligations (income tax, National Insurance), and taking advantage of allowable business expenses.