Setups
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Register the right way, pick your structure, set money aside for tax and get insured — dated to the day you start trading.
Everything this setup adds to your household. Dates are worked out from your answers when you set it up.
Created as a project, with everything below inside it.
Decide: sole trader or limited company?
Task · Due 2 weeks before your date you start (or plan to start) trading
Most people start as a **sole trader** (you can begin trading straight away). A **limited company** is a separate legal entity you must register with Companies House first, with more admin. Compare the options before you commit.
Register as a sole trader with HMRC (Self Assessment)
Task · Due 4 weeks after your date you start (or plan to start) trading
Registering as a sole trader means **registering for Self Assessment** with HMRC. You must do it if you earn more than **£1,000** from self-employment in a tax year (the trading allowance). **Deadline: by 5 October** after the end of the tax year (the tax year runs 6 April–5 April) in which you started — don't leave it that late if you can register now.
Sign in to add this setup to your household — every task, project and cost dated to your own timeline in one tap.
Sign in to set upCheck this year's self-employed National Insurance
Task · Due 4 weeks after your date you start (or plan to start) trading
Self-employed National Insurance (Class 2 and Class 4) and its profit thresholds are set each tax year — check the current rates and thresholds so you know what you'll owe. You pay it through your Self Assessment tax return.
Open a separate account for business money
Task · Due On your date you start (or plan to start) trading
As a sole trader you're **not legally required** to have a separate business bank account, but keeping business money apart from personal money makes your records — and your tax return — far easier. (A limited company does need its own account.)
Sort out business insurance
Task · Due On your date you start (or plan to start) trading
Depending on what you do you may want public liability, professional indemnity or equipment cover. Employers' liability is legally required the moment you take on staff. Work out what your trade needs before you start.
Accounting / bookkeeping software
Subscription · £15.00/mo · Next delivery On your date you start (or plan to start) trading
A recurring monthly outgoing — bookkeeping software keeps your income and expenses tidy and makes the tax return painless. Adjust the amount to the plan you pick.
Business insurance
Cost · £200.00 · Recurring · Payment On your date you start (or plan to start) trading
A recurring outgoing for your cover — premiums vary widely by trade, so adjust the amount to your quote.
Set money aside for your tax bill
Routine · Repeats monthly
Each month, move a portion of what you earn into a separate pot for your Income Tax and National Insurance — self-employed tax isn't deducted at source, so it's on you to save for it. Set aside enough that January's bill isn't a shock; adjust as your profits become clearer.
What happens next: your first tax return
Guidance
Once you're registered, HMRC will expect a **Self Assessment tax return** each year. The deadlines are **31 October** for a paper return and **31 January** for an online return — and 31 January is also when the tax is due. When you're ready, add the **Self Assessment** setup to walk through filing and paying. This note creates nothing.
Welcome to your Going Self-Employed setup
Guidance
We've added the structure decision, registering with HMRC, a routine to set money aside for tax, business banking, insurance and accounting — all dated to when you start trading. The two not to miss: **register with HMRC by 5 October** after the end of the tax year in which you started, and **put money aside for tax from day one**. This note creates nothing.