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.