Setting up as a Sole Trader
Working as a Sole Trader is probably the simplest and most popular way to get off the ground as a new business. It's cheaper and easier than setting up a Limited Company, but not as safe. From the taxman's perspective, you and your business are one and the same. If it all comes crashing down, you'll be personally responsible for clearing up the mess you've made. That means paying off debts out of your own pocket.