Absolutely new....

[safety_steve]

Hi guys,

I have been considering making a move over to sole trader for some time now, and I think I'm about ready.

I'm a full time emplyed health and safety trainer, and I'm actively creating a network of HSE providers who will use my services.

I've had a meeting with an accountant to get a better understanding, and I've met/ am meeting with some of the providers, so I can visualise the level of work each can offer.

There does seem to be a high demand, but obviously I'm not making the move lightly.

I've had some cards printed and I'm about to sort out public liability and indemnity insurance.
My under is sole traders don't need to register at companies House?
But whqt do thry need to do in terms of registering....who and what etc?

Also, what other considerations are there, things thqt you tend to overlook.

The remainder of my mortgage is a fixed term/ tied in, but I assume once I go self employed I need to notify my lender?
My lease car is set up under my existing employed job, so imagine they won't need to be notified?

I imagine my line of questioning is pretty basic....but this is all very new!!

Tia

 

[StevensOnln1]

You will need to register with HMRC as self employed. You have until October following the tax you begin trading and you'll need to file a tax return by 31st January the following year (i.e. if you start trading in September 2024 you will need to inform HMRC by October 2025 and file your 2024/25 tax return by 31st January 2026). There is an exemption where you do not need to notify HMRC if your self employment income is less than £1,000 during the tax year.

Self Assessment tax returns

Self Assessment tax returns - deadlines, who must send a tax return, penalties, corrections and returns for someone who has died.

www.gov.uk

 

[Tables Force]

My under is sole traders don't need to register at companies House?
But whqt do thry need to do in terms of registering....who and what etc?

Should have been discussed when you

I've had a meeting with an accountant to get a better understanding..

 

[GriffithAccts]

Should have been discussed when you

Definitely should have come from the accountant those answers

 

[WaveJumper]

Read all you can ie follow the links ......... and also seek a new accountant who actually understands your needs. For insurance advice you can't do better than having a word with our forum member @Frank the Insurance guy he will put you on the right path. Best of luck

Working for yourself

What you need to do if you start working for yourself.

www.gov.uk

 

[Socio South West]

The remainder of my mortgage is a fixed term/ tied in, but I assume once I go self employed I need to notify my lender?
My lease car is set up under my existing employed job, so imagine they won't need to be notified?

I imagine my line of questioning is pretty basic....but this is all very new!!

Tia

Technically you should advise your mortgage lender, but this often opens a can of worms and causes more additional admin than it is worth - I would fly under the radar with this one but make sure the mortgage payments are kept up and no one should ask any questions.

Is the car lease yours - as in paid by you out of your salary? If so no problem... Again, keep making the payments.
More normally in an employed situation a lease car would be done through your current employer and the car would return to them or the lease company for reallocation or disposal.

 

[fisicx]

The mortgage and insurance and possibly your lease could all prevent you from running a business from your home. You may just need to inform the right people. Again, this is something your accountant should have advised. One wonders about their competency.

 

[Frank the Insurance guy]

Hi @safety_steve

Good luck on your journey - you're in the right place for advice!

For Insurance, speak to an independent insurance broker, who will be able to carry out a full marketing exercise. As long as its general Health & Safety (ie. not Building/fire safety) you are involved in, the premiums at at the lower risk end for Professional Indemnity and Public Liability. Happy to help if needed - just let me know.

Your home insurance should be fine as long as its only a home office (clerical only), but you will need to check with them.

 

[MyAccountantOnline]

Hi guys,

I have been considering making a move over to sole trader for some time now, and I think I'm about ready.

I'm a full time emplyed health and safety trainer, and I'm actively creating a network of HSE providers who will use my services.

I've had a meeting with an accountant to get a better understanding, and I've met/ am meeting with some of the providers, so I can visualise the level of work each can offer.

There does seem to be a high demand, but obviously I'm not making the move lightly.

I've had some cards printed and I'm about to sort out public liability and indemnity insurance.
My under is sole traders don't need to register at companies House?
But whqt do thry need to do in terms of registering....who and what etc?

Also, what other considerations are there, things thqt you tend to overlook.

The remainder of my mortgage is a fixed term/ tied in, but I assume once I go self employed I need to notify my lender?
My lease car is set up under my existing employed job, so imagine they won't need to be notified?

I imagine my line of questioning is pretty basic....but this is all very new!!

Tia

Did you discuss with the accountant whether it was best for you to trade as a sole trader or a limited company?

Assuming a sole trade is the best option for you (and to answer your question - no sole traders don't register with Companies House) this is the link you need to register with HMRC

Check how to register for Self Assessment

How to register for Self Assessment if you need to send a tax return or want to make voluntary Class 2 National Insurance payments.

www.gov.uk

 

[MyAccountantOnline]

What matters did the accountant discuss with you?