UK Starting a business as a sole trader.

[Skeeley]

Looking for some information.

Starting out on my own soon, building a clientele with small jobs and eventually growing to larger jobs. Currently been doing non notifiable works, been asked about a few board changes and other bits. Reading online Napit and NIC want a years worth of work to look at. Would I have to submit work to building control and build up a portfolio before getting started with a part p body? Tried online however a lot of mixed messages.

 

[MDJ]

Looking for some information.

Starting out on my own soon, building a clientele with small jobs and eventually growing to larger jobs. Currently been doing non notifiable works, been asked about a few board changes and other bits. Reading online Napit and NIC want a years worth of work to look at. Would I have to submit work to building control and build up a portfolio before getting started with a part p body? Tried online however a lot of mixed messages.

Not everyone will agree of course but I have run businesses and a sole trader is not what I would do, I would start a limited company, far easier and less hassle, a sole trader pays tax in advance based on the previous years takings and if your a small one man band this can be an issue, also with a limited company you can take wages of say 12,500 a year without paying tax and if it is doing well take a dividend at a low tax rate to the business, there are also many other positives, just my view, others will without disagree, but this is my experience.