What are startup costs for Sole trader
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kristo
Apprentice
Joined: 11 Jul 2005
Posts: 11
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 Posted: 10/12/07 - 05:37 Post subject: |
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| I would like to be self-employed, to become a sole trader. I have to inform government agency for my intentions and any license I may require later. That is what I heard from my friends. Is it true? I think that as Sole Trader I can adapt to business changes very fast and I want to start trading right away. Could you please tell me what are start up costs for Sole trader? Thank you in advance. |
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morty
Apprentice
Joined: 08 Nov 2004
Posts: 4
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| Posted: 11/20/07 - 22:46 Post subject: |
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| Your friends are right. Once you informed government agency you can start trading, opening business bank account and make appropriate business insurance. Minimal bureaucratic changes are required and you can have complete control over accounting stuff and business itself. Also you have to set-up company format. It requires time but it’s worth-while. Start up costs for Sole trader as you, lie in liability regarding any debts incurred in running the business. You have to pay income tax on all profits and pay national insurance contributions. But not being paid by your customers can not be used as defense. Good luck Sole trader! |
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