Sole Trader

This is the simplest way of trading with only a few formalities required, as follows:

  • HMRC must be informed. You can register as self employed by telephone on 08459 15 45 15 or by completing form CWF1 and submitting by post.
  • Once you have registered you will be required to pay class 2 national insurance contributions.
  • You are required to keep business records in order to calculate profits each year and they will form the basis of how you pay your tax and class 4 national insurance. Any profits generated in this medium are taxable.
  • An individual is required to notify HMRC of their self employment within three months of commencing otherwise will be liable to a £100 penalty.

Sole traders have unlimited liability and responsible for business debts

Contact us today for free consultation

Telephone 0207 183 1082
Email This email address is being protected from spambots. You need JavaScript enabled to view it.

About Us

We are qualified and experienced medic accountants and business advisors who have been in general practice for over 20 years having helped medic & dentist clients in meeting their aims of maximizing profits and both retaining and building on the rewards of their hard work.


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Contact Us

Medic Accountants
Unit 4, Stirling Court, Stirling Way
Ph: + 44 (0) 207 183 0034
Fx: + 44 (0) 207 100 1082
Registered in Companies House England & Wales

Birmingham office
Cambrai Court,
1229 Stratford Road,
Hall Green,
B28 9AA
Ph: 0121 285 4550
Fx: 0121 285 4551

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