Sole Trader Package FAQs

What happens after purchase?

  1. After you purchase the Sole Trader Package, we'll send you the sole trader application form to fill in
  2. You'll need to send it back to us so we can check if everything is correct
  3. Then, we'll forward the application to HMRC
  4. Roughly 4 - 6 weeks later, if your application is successful you are then registered as a sole trader!
  5. You will receive a confirmation letter with your Unique Tax Reference number (UTR) and activation code in the post from HMRC. You'll need these to register for Self Assessment and to use HMRC's online services

What is included in your package?

The standard Sole Trader Package includes:

  • Sole trader application form
  • Barclays business bank account
  • TaxAssisst accountancy consultation
  • Business start-up guides

The Sole Trader Plus Package includes:

  • Sole trader application form
  • Reserve a company name
  • Barclays business bank account
  • TaxAssisst accountancy consultation
  • Business start-up guides

How long does the registration take?

You will receive your UTR from HMRC in the post, between 4 - 6 weeks.

Can I trade before I receive my UTR?

Yes, absolutely! You just need to make sure you are registered within 3 months of trading.

How do I apply for the Barclays Business Bank Account?

A link will be provided in your purchase confirmation email, just follow it to access your bank account application (it’s a simple one-page form to fill, then Barclays will contact you). If you can’t find the email please contact us.

How do I get the free business guides?

The guides are digital PDF files. So a link will be provided in your purchase confirmation email, just follow it to access all your guides. If you can’t find the email, please contact us.

Are there any additional fees to pay?

Sole Trader Package
No, it's a one off payment.

Sole Trader Plus Package
Yes, but only for the company (business) name reservation service. There is an annual reserve a company name fee of £49.99 that includes preparation & filing of all statutory requirements (confirmation statement & annual accounts). This ensures the company name remains reserved for another year.

Am I required to have a business name?

You can trade under your own name, or you can choose another name for your business. You don't need to register your name. You must include your name and business name (if you have one) on official paper work, for example invoice and letters.

If you would like a business name - you must follow the rules of choosing a name. Our Sole Trader Plus Package includes registering a business name.

What are my responsibilities?

A sole trader is required to: 

  • File a Self Assessment Tax Return each year
  • Pay Income Tax
  • Pay National Insurance
  • Register for VAT if your turnover is over £83,000

Can I still be a sole trader if I am not from the UK?

Yes, but you will need a National Insurance number (NI), and a UK address to be a sole trader. You must have a right to work or study in the UK to get a National Insurance number. To apply, call the National Insurance application line on +44 (0)345 600 0643.

Do I need an office to trade?

No. You can trade from your home or any other premises that you've rented or bought.

I am currently employed, can I still register as a sole trader?

Yes, you can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings.

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