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3 Comments
We assume that the business is not a limited company and on that assumption, you may need to register for self-assessment although it would usually be recommended to get an accountant to help with this kind of thing. For details of when registration is necessary and a link to complete, please see here.
A sole trader isn’t technically a business in it’s own legal entity but instead will be you as an individual. The official title of the business would be ‘your name t/a your chosen company name’.
The link earlier has a brief overview about income and expenses but it all very much depends on other income and personal circumstances too. That’s why an accountant is always recommended to get the most out of allowances.
We also have more information here and it would be worth glancing through some of the articles to see if anything looks useful (scroll down to useful links and more from website).
Thanks for your reply.
All I’m really wanting is so I’m able to just have like a company name for emails and stuff when I get new tenants. As example I can put “John’s Property Management” in the email with a logo. Would it be best to class this as a sole trader then? It’s only for 1 Property
Yes, if the property hasn’t been bought in a limited company, best to be a sole trader