Registering as business

[Steve]

For a few years now I've been operating in my local area as a Handyman. My sole form of picking up business has been a Facebook page which I occasionally share in local groups.

The only thing I have registered for my business is public liability insurance. I'm not registered with anybody else and haven't paid any tax on my earnings, though as work is fairly sporadic and low value I haven't earned over £1000 (if I don't count my gran vastly overpaying me for jobs I do for her).

It struck me recently that if trade picks up (it might do soon) and I want to subcontract from other people (my boss at work does work on the side, legit and has mentioned I could subcontract on his bigger jobs), I could do with being registered as a business.

What would be the best to register as? sole trader or Ltd business? I don't really want to have to pay an accountant. I'm pretty savvy with numbers so could do any online submissions, balance sheets necessary etc. Recommendations for free business bank accounts? Advice on this subject in general?

Cheers guys.

 

[blup]

If I was a builder doing six figure extensions I would definitely set up as a company for the limited liability protection it gives. Starting out as a general handyman doing work I was competent to do, probably not, although insurance is sensible. There are tax advantages when a company gets bigger. Sub contracting to a larger company, I would also factor in meeting high health and safety standards that might be expected

This is fairly basic but might help:

Set up as self-employed (a 'sole trader'): step by step - GOV.UK (www.gov.uk)

It does make sense to take an accountant's advice unless you are confident weighing up the pro's and cons.

Blup

 

[Deleted member 292770]

sole trader