As an increasing number of British people become sole traders, working for themselves and becoming part of the UK micro business community, we look at what the key ingredients to making it big by going alone.
Unlike a limited company, a sole trader is responsible for all losses incurred as a result of business operations – so making sure issues such as VAT, insurance and invoicing are being dealt with correctly is paramount.
Insurance company Boothby Taylor has compiled a useful infographic outlining what it calls a “checklist” for British sole traders. The firm noted that the amount of sole traders has increased by 123,000 since the start of the year – signifying the entrepreneurial endeavour currently being demonstrated in the UK.
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