Sole Traders in the Construction Industry: Kick start your journey

Dec 12, 2024 | Bookkeeping, CIS, HMRC, Top Tip, VAT

Sole Traders – How to get started!

 

The construction industry is an ever evolving sector with ample opportunities for individuals looking to launch their own businesses.

Trades in this field cover a wide range of specialties, including plumbing, electrical work, carpentry, painting and decorating, and general construction.

Becoming a sole trader is an exciting step towards entrepreneurship, but it’s essential to understand what it means to be a sole trader and the responsibilities involved, as this can seem daunting at first.

What does it mean to be a Sole Trader?

As a sole trader, you are the sole owner of your business, which makes you personally liable for its debts.

This means:

  • You are responsible for repaying any business debts using your personal income.
  • If you’re unable to repay, creditors may take further action against you personally, as sole traders operate under unlimited liability.

Don’t worry! We’ve put together a comprehensive guide to walk you through the key steps to help you get started as a sole trader in the construction industry.

Sole Trader Brochure
sole trader brochure

Upcoming Workshop for Sole Traders

We’re also thrilled to announce an upcoming workshop tailored specifically for sole traders in the construction industry!

Date & Time: Wednesday 26th February 2025, 9:30 AM – 2:00 PM
Location: The Glasshouse at The Wyvern Pub, Church Crookham, Hants, GU52 8JY

Topics covered:

  • Deadlines: Understanding important timelines for tax and compliance.
  • Roles & Responsibilities: Clarifying your obligations as a sole trader.
  • CIS (Construction Industry Scheme): Ensuring compliance with the CIS.
  • VAT Registration: Determining if and when you need to register for VAT.
  • Domestic Reverse Charge VAT: Understanding how this affects invoicing and payments.
  • Bank Accounts: Guidance on managing your business finances effectively.
  • Insurance: Understand the types of insurance you need to protect your business.
  • Accounts & Record Keeping: Learn best practices for tracking your finances.
  • Invoicing: Tips for creating and managing professional invoices.
  • Tax Returns: Step-by-step guidance on filing your taxes.

What’s included?

  • Workbook: A handy workbook containing all the information covered during the session.
  • Refreshments: Unlimited tea and coffee throughout the day.
  • Lunch: Enjoy a delicious lunch with a drink of your choice—yes, you can have a beer if you want!
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