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Hi all, I have heard this site talked about sooo many times and never thought to register! My mistake! Anyway, rectified now
I was made redundant in May and have really struggled to find other suitable work so have decided to have a crack at working from home. I make kids' t.shirts (from scratch... sewing, printing etc.) and it started out just as something I did for friends - but said friends all think having go at making a living out of it is a good idea!
I just absolutely don't know where to start on the business side of things though. Do I need to register as a company or a sole trader? Is being self-employed the same thing as a sole trader? Also, where do you guys put yourselves out there? I mean how do you promote to people? I have so many questions to ask!! lol. I think I'll go and write down a big list!! Just wanted to introduce myself to you all
Do I need to register as a company or a sole trader?
It's up to you. You should bear in mind that it is almost impossible to comply with the reporting requirements for a limited company without using an accountant, which is going to set you back about £750, and if your profits are very small you won't benefit from the NI saving (basically 9% of profits over £7,600 and £42,500).
Is being self-employed the same thing as a sole trader?
More or less, although if you are in a partnership you are also self employed.