Knowledge Centre

As a Sole Trader you have fewer responsibilities than Directors of Limited Companies.

You must keep up-to-date financial records and books for your business that can be inspected by HMRC.

You must file a personal self-assessment tax return once a year with details of your freelance income in the form of business trading accounts.

You must keep all of your financial records for 7 years so they can be inspected.

If your turnover is more than the VAT threshold currently at £90,000 in a 12 month running period then you must register for VAT and charge this to your clients on top of your fees.

You must not use your business for acts of fraud or to commit Money Laundering offences.

If you employ anyone then you must take out Employers Liability Insurance.


If you choose to freelance as a Sole Trader we can help you to set all of this up and ensure that it runs smoothly month to month.