![]() ![]() For example, to use ‘Accredited’ in your business name, you need permission from the Department for Business and Trade ( DBT).Ĭheck which words you need permission to use, and who from. ![]() You need to get permission if your name contains a ‘sensitive’ word or expression, or suggests a connection with government or local authorities. include ‘limited’, ‘Ltd’, ‘limited liability partnership’, ‘ LLP’, ‘public limited company’ or ‘plc’.You must include your name and business name (if you have one) on official paperwork, for example invoices and letters. You can trade under your own name, or you can choose another name for your business. Register with HMRC for the Construction Industry Scheme ( CIS) if you’re working in the construction industry as a subcontractor or contractor. You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT. You must register for VAT if your turnover is over £85,000. You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business. pay Income Tax on your profits and Class 2 and Class 4 National Insurance - use HMRC’s calculator to help you budget for this.send a Self Assessment tax return every year.keep business records and records of expenses.You’ll need to file a tax return every year. To set up as a sole trader, you need to tell HMRC that you pay tax through Self Assessment. you want to make voluntary Class 2 National Insurance payments to help you qualify for benefits.you need to prove you’re self-employed, for example to claim Tax-Free Childcare.you earned more than £1,000 from self-employment between 6 April 2021 and 5 April 2022.You need to set up as a sole trader if any of the following apply: You must also follow certain rules on running and naming your business. You’re personally responsible for any losses your business makes. You can keep all your business’s profits after you’ve paid tax on them. This is also known as being a ‘sole trader’. You’re self-employed if you run your own business as an individual and work for yourself. ![]()
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