See guidance. Business Travel Documents are no longer used. Going it alone means you control your business, and get to keep all the profits. You get some of the same benefits employees get, eg paid parental leave.
But you will miss out on other things, eg paid sick leave or bouncing ideas off teammates. Use our Choose Business Structure tool to help you decide. Business structure overview. Is sole trader the best structure for your business? Make sure you have a clear idea of why you want to be a sole trader and what you want from it. Being a sole trader can be a flexible way to work. But you may also be your entire staff, too.
Use our tips and tools to test your business idea or work out what you want to earn contracting. Think about getting an advisor, eg a lawyer or accountant who specialises in your industry. Questions to ask before you start. Government help for sole traders. Using it will speed up your interactions with government, suppliers and customers, and other businesses, eg when sharing invoicing details. Check whether your name has been registered as a business name, trade mark, web domain or social media username with our ONECheck tool.
Why IP is important. Simple steps to protect your IP. You can hire staff, but you must be registered as an employer with Inland Revenue and meet certain obligations. Most sole traders start out as the only person working in their business.
Registering with government agencies. Law change: Anti-money laundering. People often become sole traders because they have certain skills that they want to make a living from. Think about getting advisors, eg accountants, mentors and lawyers, to help you from an early stage. How business advisors can help. Before you start your business, check out options to manage your finances, for example online accounting software, or working with an accountant or bookkeeper. Talk to those you owe money to — they may agree to a more manageable payment plan.
Also check if you are getting paid on time. If your debts get too big, you may risk losing assets like your car or home. It helps to talk to an accountant or lawyer before you start your business. Ask about ways to protect your home, eg putting it in a trust. But make sure you keep a record of money taken from any work accounts for your living expenses. This offer applies to businesses that are less than 2 years old. For more information, read the full terms and conditions.
Kickstart your small business. Get the offer. All the features you need, for less. Keep an eye on your cash Get a clear view of the money coming in and out of your business with detailed cashflow reporting. Get the data you need to grow Customise your financial reports to gain valuable insights into your business. Speak to a human Need a helping hand? No worries, our support teams are available 7 days a week. Work anywhere, anytime Essentials makes it easy to send invoices, manage cashflow and collaborate from any device.
Start your business journey today. Try FREE for 30 days. Frequently asked questions. How long does it take to set up? Toggle Section Just a few minutes — honestly. Set up an account in just a few minutes and cancel anytime. Solo is designed with speed and flexibility in mind. All your bank transactions automatically appear in Solo.
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