Quote:
Originally Posted by dan300
True plenty of the big shot tycoons we all know, usually started out breaking rules. I'd bet Alan Sugar didn't do things completely by the book when he started out selling car ariels from the boot of his car.
It's not how I'm planning to start out though. I'm gunna make sure everything's done right. One of the first things I'll need to do is register as a sole trader.
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Baron Sugar used a telephone box as an office. He employed his mate to sit outside and take calls for him and prevent people from using it apparently.
I very much doubt he paid tax at 16!
Also you don't actually need to register anything as a sole trader. So long as you're registered for tax, there's nothing else you need to do. You're supposed to declare everything you make, but all which is under 12k (including other income) is tax free. Tax is calculated on everything you earn. For NI, you can top up whenever you like.