Sole trader setup and tax

Topic preview

1. 01

   Starting as sole trader

   Tell me how a sole trader begins trading in practice, and say clearly whether Companies House incorporation is needed.

2. 02

   Self-assessment registration

   What HMRC registration should you check for when a client starts trading as a sole trader, and when would you advise them to do it?

3. 03

   VAT registration threshold

   How do you decide whether VAT registration is required, and what should you warn the client about if turnover is close to the threshold?

4. 04

   Business records from day one

   What records should a sole trader keep from day one, and why do those records matter?

5. 05

   Registration and record risks

   If a sole trader ignores registration or record-keeping, what problems can follow in tax and compliance terms?

6. 06

   Start-up compliance checks

   Give a short client advice summary for someone starting a small sole trade tomorrow, covering the first compliance steps you would tell them to take.

7. 1 more building block

   The full topic unlocks with FLK1 Playbook, including the remaining prompts and answer-key marking.