When do I need to set up as a sole trader?
According to GOV.UK, you need to set up as a sole trader if any of the following apply:
- You earned more than £1,000 from self-employment between 6 April two years ago and 5 April last year
- You need to prove you’re self-employed, for example to claim tax-free childcare
- You want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
Find out more here.
Further support with setting up as a sole trader
IPSE is running an incubator programme to support those who are new to self-employment. This 12-month programme covers everything from setting up, networking, and mental health as a freelancer. For more information, contact one of the membership team.
There is a ‘Set up as a sole trader’ step-by-step plan on GOV.UK, which you can do here.
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