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Ask HN: Recommendations and tools for sole traders in the UK (web developer)?
I'm moving over to the UK in a few months and will be setting up as a sole trader (I'm from the EU). I'm a web developer and I wanted to stream-line the process as much as possible with regard to accounting, banking, invoicing, phone numbers etc. What are some suggestion and recommendations from anyone in a similar position?
- foldr 9y agoMake sure to weigh up the pros and cons of operating as a sole trader or as a limited company. It's very easy to set up a limited company in the UK. There are various advantages/disadvantages in terms of tax etc.
- shubb 9y agoI went the ltd route, and believe it has given me more paperwork. As developers we don't have all that many business expenses. Maybe you'll do better than me, but I don't think I made huge tax savings. As a director I have to do the personal tax paperwork on top of my company tax returns. There are more regulations, deadlines, and submissions for a company than an individual. For my first year trading I signed up with an accountant (I was painfully aware that I didn't have time to learn the tax stuff and worried about making a mistake). If you have the time and inclination, and use a good accounting program, I'd recommend learning to do it yourself asap rather than hiring one. If you go the sole trader route, I recommend opening a new current account and using it for all and only your business transactions, like it was a company credit card. That will make doing your expenses a lot easier.