Registering as a Sole Trader.

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DrPrincess
Posts: 91
Joined: Wed Aug 31, 2011 5:02 pm

Registering as a Sole Trader.

Post by DrPrincess » Thu Sep 13, 2018 7:43 pm

Evening all,

Hoping for some advice please...! I'm currently in full-time employment and I've started doing some private work (assessments for the Parole Board etc) alongside. I've also agreed to undertake some clinical and service-level supervision for a couple of Band 7s at my local health board (I work in the independent sector). However, the health board have said they don't invoice individuals and would need to invoice a company. I've done a tiny bit of research and I think I'll have to set-up as a sole trader...what exactly does this involve? I will need to register with HMRC right? Any advice would be gratefully received! I'm new to all of this so have no idea what I'm doing :shock:

DrP

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maven
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Joined: Sat Mar 24, 2007 9:00 pm

Re: Registering as a Sole Trader.

Post by maven » Sat Sep 29, 2018 11:39 pm

I missed this at the time, but hopefully not too late to advise. A sole trader is not a company. You just need to notify HMRC within a month of starting to do private work, and then complete a tax return each year. But I think you'll need to be a limited company to meet the requirements of your health board, and that's a whole lot more complex, expensive and burdensome. You'd need to do quarterly statements and be registered with companies house, and do corporation tax returns as well as personal tax returns. It will cost near enough a grand a year (or more if you get bigger). So I'd suggest you speak to an accountant and look into whether it will be worthwhile, if it is just a small scale side-project.
Maven.

Wise men talk because they have something to say, fools because they have to say something - Plato
The fool thinks himself to be wise, but the wise man knows himself to be a fool - Shakespeare

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