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
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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.

Contact Us

Medic Accountants
Cromer Business & Innovation Centre
North London Business Park
Oakleigh Road South
London N11 1GN
Ph: + 44 (0) 207 183 0034
Fx: + 44 (0) 207 100 1082
Registered in Companies House England & Wales
Medic Accountants (UK) LLP
Registration No:  OC356493

Copyright © 2016 - Medic Accountants company. All rights reserved.