top of page

Your Very Own "Just Starting Out in Business Guide"

The lovely Liz at MoneyBee has created this amazing "Just Starting Out in Business" document which should answer all those business/money/tax related questions. We all know how confusing it can be to get your head round that side of it.

  • How do I register as a new sole trading business?

  • You don’t. The most you have to do is to register for self-assessment. This will put you on the HMRC radar and let them know they might be getting some tax off you when Self-Assessment time comes. They will send you a reminder to self-assess in the April after you register

  • What happens then?

  • You will receive a UTR (Unique Taxpayer Reference). You need to keep this safe as you will need it to report your profits to HMRC. You can then Self-Assess any time after April 6th.

  • I have only just started my business – do I need to do this NOW?

  • No, not really. You don’t have to report any income until it reaches over £1000.


  • It is worth registering if this is your ONLY income as it allows you to pay voluntary NICs – which count towards your state pension, maternity allowance, tax free childcare costs etc.

  • What about Companies House though? Do they need to know?

  • No – not unless you want to be a Limited company (e.g., ‘Things Ltd’). There is no requirement to do this unless you want to – there are pros and cons to it (but that’s a whole other factsheet) … for now, while you’re starting out, it’s simpler to be a Sole Trader.