Should I register as a sole trader now?

[RemoTheBoss]

Hello everyone,

I have already posted the same thread in another forum but i thought more people will see the question in this forum, I am very sorry if this is not allowed.

I am in the process of building my ecommerce store selling clothes and accessories. I already bought some stocks and I am currently setting up my shop, however i was wondering if i have to register as a sole trader now as I am not sure whether this is going to be a success or not. Can I wait for sometime before I register once i open my store?

Thanks for any help!

 

[Tyree Mckinney]

Hi, I'm no expert and have only just registered myself last week, i spoke to a good friend who is also my accountant,and also contacted HMRC prior to that just to clarify for myself,I began my building process last july, and for the same reasons as yourself did not register instantly.I had to register by 5th october this year.From a cost point of view,it doesn't,quite simply, and if you are not yet trading,you can apply for nat. ins. exemption for the time being.

This is what i have done and has been fine for me,i did do some trading before i registered,but made sure my books were in order,and then i registered,i put in the correct date of when i first begun doing so,therefore my returns will all be in order

someone may correct me or add to this,as this is just my experience and the process i have done as per hmrc

hope it helps

 

[RemoTheBoss]

Hi, I'm no expert and have only just registered myself last week, i spoke to a good friend who is also my accountant,and also contacted HMRC prior to that just to clarify for myself,I began my building process last july, and for the same reasons as yourself did not register instantly.I had to register by 5th october this year.From a cost point of view,it doesn't,quite simply, and if you are not yet trading,you can apply for nat. ins. exemption for the time being.

This is what i have done and has been fine for me,i did do some trading before i registered,but made sure my books were in order,and then i registered,i put in the correct date of when i first begun doing so,therefore my returns will all be in order

someone may correct me or add to this,as this is just my experience and the process i have done as per hmrc

hope it helps

Thank you for your input. So if i start my business this month, will it be fine if i register by October 2016 (while still keeping all records)

 

[Tyree Mckinney]

As far as i know yes,i can't comment on if anything will change with them between now and then but based on current process,i would believe it to be all fine,but just remember from a business name point of view,if you want to make absolutely certain it will be yours,register sooner rather than later