There are certain rules a Sole trader must follow when it comes to the running and naming of their company.
For one a sole trader has to register with the HMRC.
Another, as a sole trader your business must be run by you as a self-employed individual. However, you are allowed to employ people to assist you.
A sole trader has several responsibilities:
2 A self-assessment tax return must be sent annually
3 A portion of your profits must be paid as tax (income tax).
4 Pay class and 4 National Insurance
5 Stay in charge of all business debts
6 Pay all bills that are related to your business
7 Register VAT if the business turnover is over the VAT threshold
8 Register with the Construction Industry Scheme if the business is a contactor of sub-contractor is within the construction industry
Rules for naming a sole traders business
1 1 A sole trader is able to use their own name or trade under a business name
2 The name of a sole traders business must be included on any official paperwork related to the business
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