how easy is it to go as a sole trader in IT, do I need an accountant, can I use any compnay name?
Small Business - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
There si no register of business names in the UK, you can call yourself whatever you want as long as you dont pass yourself off as someone else. No idea whether you need an accountant - it depends on your own knowledge of accountancy.
Answer 2 :
If you are a sole trader (as opposed to a limited company) you can call yourself almost whatever you want, with the proviso that any legal documents, including letters, invoices, receipts etc contain a phrase similar to this: Joe Bloggs t/a Bytebusters or Bytebusters is a trading name of Joe Bloggs This is in the Business Names Act 1985. I would recommend you use an accountant - but if you have knowledge of book-keeping / accountancy then maybe yo could do it yourself.
Answer 3 :
If you are thinking of becoming a contractor, contact me, I used to be one.
Answer 4 :
Dead easy. Start trading. Get business bank account (your name trading as your company). Get company name. Tell HMRC that you are self employed (they will send self assessment forms). Pay NI monthly minimum. Keep books. Profit becomes your personal income and taxable as such. Don't need accountant necessarily.
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