Setting yourself up as sole trader is relatively straightforward.
1. Contact the Inland Revenue
Request the form that you need to complete to register as self-employed. You should do this as soon as you start. If you fail to do this within the first three months of becoming self-employed you risk a fine of £100.
The Inland Revenue also publishes a free Starting Up In Business guide, which is full of useful information regarding taxation and national insurance, employing people etc.
Contact the Inland Revenue either by phone (08459 15 45 15. Open Monday to Friday Sam to 8pm and Sam to 4pm on Saturday and Sunday) or online at www.inlandrevenue.gov.uk/startingup/. You can register and download copies of their guides.
2. Your business name
We looked at what’s involved in choosing a name for your business in Chapter 3, but you need to be aware that if you are going to trade using a different name than your own, you must also include your own name on your headed note paper.
Therefore if you’re a sole trader and name your business Discover Cornwall on Foot, somewhere on your headed notepaper you will have to include your name, trading as Discover Cornwall on Foot.
For example, if it was my business it would read: `Paul Power trading as Discover Cornwall on Foot’.
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