Sole Trader

Course Basics

This course is designed to help you understand your first steps in self employment.

We have tried to cover most of the elements necessary for you to make a success of your business as a sole trader; from set-up to future growth.

The course includes some useful sections on the construction trades, working from home, allowances and tax, and will give you great start-up hints and tips to get you up and running in no time.

To start with, the first lesson will cover the other structures you might consider – just in case you’re not sure and have come straight to this course and not completed our introductory ‘starting a business’ course.

 

Unless you already have a business and want some of the hints and tips, I’d strongly recommend doing the ‘starting a business’ course before doing this course. Also;

  1. If you’re considering, even remotely, a Limited Company or a Partnership construct then complete the Starting Your Business course first.
  2. Do the Business Planning Course before you commit to your business start-up. Time spent in planning is seldom wasted!

 

Course Information

Estimated Time: 30 mins - 2 hr.

Difficulty: Intermediate

 

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Starting Up

What type of business structure will I need?

This lesson identifies the factors behind choosing the right structure for your business.

Is Sole Trader right for me?

As we discussed in the type of business course, if you’re self-employed you are basically a sole-trader. Is there a good opportunity for me?

Starting and registering your Self Employment

Letting the taxman know you’re now self employed is required under law – this is how you get started and ready to tell him!

Sole Trader Accounts

As a self employed person or a sole trader, you can use your personal accounts to run your business. However, you must keep your personal and business accounts separate – here’s how.

Self-employed financial reporting

What records do I need and what do I need to report and how?

Expenses, Tax and National Insurance

Business Expenses

What can I claim against the tax I pay from the business? Can I still claim some expenses on a personal basis?

Vehicle Expenses

How do I account for vehicle expenses? There are 2 key methods – actual costs and fixed costs. Both methods must be adjusted when using a company vehicle exclusively for the business, using for business and personal use (say your own car).

Annual Investment and Write Down Allowances

Woah – this sound complicated. Well its not and these ‘capital allowances’ are an important aspect of your business finances. Capital expenditure is the money you spend on items you would expect to last several years and they are referred to as assets – because they have a resale value.

National Insurance Contributions (NIC)

There are different types of NIC – which types or types must I pay? Can I get exemptions?

Pre-trading Expenditure Tax Relief

Before you start there will be preparatory expenditure – keep a record, some get tax relief.

Entrepreneurs Tax Relief

Entrepreneurs’ Relief means you’ll pay tax at 10% on all gains on qualifying assets.

Self employment Administration

General Information

This section contains practical help on things like ‘How do manage my time?’, and ‘where can I get software to help me with my business?’

Tips for your business

Some important tips like ‘Cash is King!’ protecting you cash flow, why you should ‘know’ your customers, and some simple financial efficiency measures.

Sole Trader Quiz

Looking to the future

Looking to the future

Finally on this course we look at the future. At some point, you might want to change your company structure – its not that hard.

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