Register As a Sole Trader

[optastat55]

Hi Everyone,

This is my first ever post on here so please go easy!

I got made redundant from my job of 14 years last month and I’m going to change to business Account as a new venture.

I’ve registered with a UTR as a sole trader but I’m wondering how difficult it is as a sole trader to start tax returns etc, it scares me to death.

once I upgrade as a sole trader what would be the next steps? Am I overthinking?

thank you in advance 

[cobwebcottage]

You can do your own returns although I would highly recommend appointing an established accountant who will complete them for you. They will advise you about all the expenses which you can offset that you may forget or not think of.

Concentrate on keeping your books up to date, income and expenditure and have a good route around the payments tab so you can familiarise yourself with the reports which you can generate to help you.

Go for it. There is nothing better than being your own boss. Put in the hours and reap the rewards.

Best of luck.

[auctiongabble]

not difficult at all, 3rd year in for me as sole trader.  Get yourself an accountant as although i could do my own returns but having them completed by a certified accountant is much easier and they can advise on what you can and can't claim for.  It will save you having to deal with HMRC!

My other advice, don't solely concentrate on selling on this platform.  The fees are now too high in my line of items and im in process of my own site shop.  Ebays own destruction this year, i had many chats with managers even at trade shows and they just dont listern.

Good luck, being your own boss is the best!

[ojewellery]

Welcome to the community!

Its a lot to take in when you're first finding your feet in business and asking questions is a great way to get a cross section of answers.

As you're early days I'd suggest something to get your head around is how you want to manage your finance record keeping.  You don't need a business bank account, as a sole trader, but having an account you just use for your business does make admin much, much easier.  Also deciding how to keep your records so you can do those returns easily helps.  If you're a spreadsheet user then its worth starting asap with tracking sales, costs etc.  Whilst you don't need a business bank account there are free business bank accounts that come with free accounting software.  I don't use those but know others who happily do - so if you wanted to find out more and post another question in the forums I'm sure people would be happy to share their experience.

Some local councils offer quite good courses and even can direct you towards potential finance to help you on your way:

https://burnley.gov.uk/business/business-support-and-advice/starting-a-business/

Another thing worth putting your name down for is eBays free programme for new business:

https://www.ebay.co.uk/sml/start-up-scale-up?

I'm in agreement with @auctiongabble about thinking about different potential income sources.  But I'd caveat that by saying start with one platform, find your feet and flow then look to expand.  I got annoyed with eBay at one stage massively expanded to multiple platforms and was running around like a busy fool not really achieving headway anywhere.  I had to pull right back again to push forwards.  

Good luck

[vintage-emporium-jedburgh]

Concentrate on making profit  ,without profit tax is not a worry

[nigel_paul_wright7557]

You need to keep records of all income and outgoings.

Then once a year get a accountant to check it over and send it to the tax man.

[vintage-emporium-jedburgh]

You need to make money

then worry