Sole Trader / 3 posts found
What’s in a name?
Is it possible to register a trading name for an existing business? Sole traders and partnerships 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 paperwork, for example invoices and letters. Sole trader names must not: include ‘limited’, ‘Ltd’, ‘limited liability partnership’, ‘LLP’, ‘public limited company’ or ‘plc’ be offensive be the same as an existing trade mark Your name also can’t contain a ‘sensitive’ word or expression, or [...]
Planning for early losses
If you are setting up a new business, you may discover that establishing a profitable base takes time. If your pre-trading planning discloses an initial loss making period, you may want to take advice about the business structure you adopt. For example, if you set up the business as a company, the early year’s losses can only be carried forwards to set off against future profits. Alternatively, if you set up the business as a sole trader (or certain partnerships) there is a possibility of setting the initial trading losses against your other earnings. In this way you [...]
Business Structures – which to use?
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. The possible options you have are as follows. Sole trader This is the simplest way of trading. There are only a few formalities to trading this way, the most important of which is informing HMRC. You are required to keep business [...]