CHAPTER 5
Becoming a
company
W
hen you become self-employed you’ll need to choose
a legal status. The two most popular options are
limited company and sole trader. Both have their own
benefits and drawbacks, so let’s look at what they involve.
Sole trader
It’s easy to become a sole trader. Simply notify HM Revenue
and Customs that you are self-employed. Make sure you notify
HMRC within three months of becoming self-employed or
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