Sole trader

Home » Our services » Sole trader

Setting up a sole trader is the simplest and most straightforward way to trade.

There is no requirement to file the accounts at Companies House. All you need to do is to inform HMRC that you, the individual trader, is self employed. Notification must be made by 5 October following the end of the tax year (the tax year for individuals runs from 6th April to 5th April).

An annual self-assessment tax return will need to be completed for income tax and Class 4NICs and sole traders and partners may need to make payments on account every six months in respect of their tax and National Insurance contributions.

NIC Class 2 National Insurance Contributions (NICs) are payable by all self-employed people (sole traders and Partners). In addition, Class 4 NIC are payable by self-employed people when profits reach a certain limit.

If an individual believes that his contributions are too low and would like to preserve entitlement to basic state benefits (eg state retirement pension) then he/she can elect to pay Class 3 NIC. This is a voluntary contribution.

A person who retains employment as well as pursuing self-employment as a trader is still liable for tax on the employment income under the PAYE system operated by the employer.

Read more here.

Pinacrown Consulting offers a comprehensive range of company administration services for sole traders in London

Companies limited by guarantee

An alternative structure to the company limited by shares.

Learn more

Limited liability partnership

A corporate vehicle, which is limited by capital contribution by the partners but transparent for tax

Learn more

Sole trader

Setting up a sole trade is the simplest and most straightforward way to trade.

Learn more

For small to medium businesses

Take care of your business while we take care of your tax & accountancy needs.

Learn more

Limited companies

Advantages of trading through a limited company.

Learn more


Several individuals are carrying on the same trade.

Learn more

Residency & tax planning

We offer advice of residency status and immigrational tax planning for individuals and corporates.

Learn more

For individuals

Pinacrown can relieve you of the stress of doing your own accounts and working out your tax liabilities.

Learn more

For start-ups

Are you planning to set up a UK company? Let us save you time and trouble.

Learn more