Even if you intend to work as a sole trader, you should not disregard your business or trading name. However, a sole trader does not enjoy this type of protection, so it is important you select a name and then have it trademarked. This will protect you if someone starts a business with the same name as you.
What is a sole trader legally required to do?
If you’re a sole trader, you run your own business as an individual and are self-employed. You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business.
Protecting goodwill is vital for any business. Find out the relevant considerations for trademarks when you register as a sole trader. In short yes! You can register a trademark as a sole trader.
Do sole traders need to register with Companies House?
Sole traders don’t have to register with Companies House, but they do have to maintain accounting records, pay income tax and file a self-assessment return with HMRC every tax year.
How does a sole trader work at home?
The good news is that HMRC accept that every sole trader who works at home some or all of the time, will have a different set-up. So, when you work at home, you’re allowed to take a proportion of all your home running costs and put those into your expenses, so that they reduce your profit and you pay less tax.
How are tax benefits worked out for sole traders?
The good news is that HMRC accept that every sole trader who works at home some or all of the time, will have a different set-up. So, when you work at home, you’re allowed to take a proportion of all your home running costs and put those into your expenses, so that they reduce your profit and you pay less tax. How is the proportion worked out?
Can a sole trader rent a room from a landlord?
Rent, if you rent your home from a landlord (as a sole trader you can’t claim to rent a room from yourself) General household repairs and maintenance, for example repairs to the roof (but you can’t claim for redecoration to a room that has no business use)
Can You claim mortgage interest as a sole trader?
Home insurance, unless your business is covered by a separate policy. Mortgage interest (not repayments of the capital, you can’t claim any of that) Rent, if you rent your home from a landlord (as a sole trader you can’t claim to rent a room from yourself)
