Sole trader name registration

[AC123]

Hi

I’m wanting to start up a little side line money maker in addition to my full time job.

Working as a sole trader seems to be the best way to go, but I want to register and trade under an business name. Is this a service I have to pay for? Spent a long time looking on the HMRC website and getting nowhere.

Many thanks

[marshalla]

No need to register a name, just don't use one that's too similar to an existing business or you might get hit with accusations of "passing off". You will need to register as self-employed for tax purposes.

More info. here : https://www.gov.uk/set-up-sole-trader

[AC123]

Brilliant thanks - that'll be why I couldn't do it then!

Will it be OK to use the business name to set up a business bank account?

[Eric Mc]

It's up to the bank. They are usually quite amenable to having an account labelled something like "J Bloggs Esq Trading As - XYZ Brilliant Business".

HMRC is only interested that you let them know that you have started trading. You have a three month window from the date of commencement of trading to notify them.

Once you do they will ask you to start paying Class 2 NI contributions and they will issue you with a Unique Tax Reference (or UTR). This is the number that will be used as your Self Assessment tax reference.

Edited by Eric Mc on Thursday 11th December 16:47

[megaphone]

Do you really need a business account? They often have fees and charges. Why not use a personal account which will usually be 'free'.