Sole trader setup and tax

7 building blocks · blurt the topic, then mark it block by block against the answer key.

Topic preview

Guided prompts in this topic

Preview the first part of the topic. Unlock SQE1 FLK1 Playbook to answer prompts, get marked against the answer key, repair gaps, and carry the topic into review.

6 of 7 shown

Starting as sole trader
How does a sole trader begin trading in practice, and is incorporation at Companies House needed?
Self-assessment registration
What HMRC registration may a new sole trader need for income tax purposes?
VAT registration threshold
What determines whether a sole trader must register for VAT, and why is registration not automatic?

Sole trader setup and tax

Guided prompts in this topic

Starting as sole trader

Self-assessment registration

VAT registration threshold

Business records from day one

Registration and record risks

Start-up compliance checks

1 more building block