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Business account / Legalities as a Sole Trader?
Hi.
Just a quick question...
Im going to be setting myself up as a sole trader, as well as working part time in my current employment. Im doing some freelancing on the side to earn a bit of extra cash to start off with, and then eventually form as a Limited Company.
Question is, do I need to set up a business account if i am a sole trader? I probably will be earning less than £5000 p/a.
Also, I have just finished Uni, and I have photoshop/Illustrator/InDesign etc as copies from friends, so they are not legit. Would I need to buy all these software packages officially when I start?
Thankyou
Just a quick question...
Im going to be setting myself up as a sole trader, as well as working part time in my current employment. Im doing some freelancing on the side to earn a bit of extra cash to start off with, and then eventually form as a Limited Company.
Question is, do I need to set up a business account if i am a sole trader? I probably will be earning less than £5000 p/a.
Also, I have just finished Uni, and I have photoshop/Illustrator/InDesign etc as copies from friends, so they are not legit. Would I need to buy all these software packages officially when I start?
Thankyou
- Not sure anyone is going to be brave enough to comment on the software dilemma! But..bank accounts - most freelancers would say set up a separate one, it just makes it so much easier to see what came in and what went out when it comes to sorting your tax.
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