Can a student setup a sole trader business

13
Found 18th May 2010
Well I go on my summer break soon. I have worked for a company doing IT last year but they don't need me this year.

Was wondering if its possible for me to setup my own IT business for over the summer? Just a little ad placed in the local newspaper. Most likely I would have to setup a a sole trader?

Thanks
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13 Comments
Of course you can.
Original Poster
DragonChris;8635674

Of course you can.



How do I go about it? Just place an ad in the paper? I wont be running it for very long (5 weeks) will I need to register with the government or something?
Of course, nothing stopping you.
for a five week stint, I wouldn't even bother telling tax people etc, not worth the hassle.
A bit of googling should answer your questions, but I wouldn't worry about tax etc. I don't
graaaham;8635751

for a five week stint, I wouldn't even bother telling tax people etc, not … for a five week stint, I wouldn't even bother telling tax people etc, not worth the hassle.



You aren't required to. You have 3 months to declare yourself self employed, and as you will only be working for 5-6 weeks this won't apply. Thus no need :thumbsup:
Original Poster
Just rang HM and customs, they said I need to register with them as self employed but they doubt I will have to pay any tax and stuff so that's ok

Just need to sort out a business name and the like now!!
willdev;8635802

Just rang HM and customs, they said I need to register with them as self … Just rang HM and customs, they said I need to register with them as self employed but they doubt I will have to pay any tax and stuff so that's ok :)Just need to sort out a business name and the like now!!



"Willdev Computer Repairs"

or something
willdev;8635802

Just rang HM and customs, they said I need to register with them as self … Just rang HM and customs, they said I need to register with them as self employed but they doubt I will have to pay any tax and stuff so that's ok :)Just need to sort out a business name and the like now!!



You will be tax free for upto £6500ish per annum and that is on profits not turnover, so unless you are going to have an amazing 5-6 weeks charging silly amounts you will have no tax to pay, and NI is technically optional as self employed.
Original Poster
awoodhall2003;8635834

You will be tax free for upto £6500ish per annum and that is on profits … You will be tax free for upto £6500ish per annum and that is on profits not turnover, so unless you are going to have an amazing 5-6 weeks charging silly amounts you will have no tax to pay, and NI is technically optional as self employed.


All good then!

"Devereux Computer Solutions" here we come :thumbsup:

This will show up my old company lol!
You may find that your university careers office can offer advice too and some Universities have 'enterprise' units that might also help. So ask.

Also think about insurance. Remember if you take on a contract and screw up you may very well be liable. Your home insurance might also be affected. And your car insurance.
Banned
Willdev, now trading as MEGACOMPUTECH CORP.
Banned
No point going to the extent of setting yourself up as a sole trader if your only doing it for six months.
All you need to do is make sure you do a tax return at the end of the financial year.
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