Sole Trader/Self-Employed Registration

You’re self-employed if you run your own business as an individual and work for yourself. This is also known as being a ‘sole trader’.

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.

Your responsibilities

You’ll need to:

- keep business records and records of expenses
- send a Self Assessment tax return every year
- pay Income Tax on your profits and Class 2 and Class 4 National Insurance - use HMRC’s calculator to help you budget for this

You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business.