With the recent upheaval in employment and industry many people who may not have contemplated self-employment are giving it serious thought. Perhaps they have been made unemployed or want a new challenge but whatever the reason for their decision is could be a positive move. Becoming self-employed could be an option for many people if they have the necessary skills and experience that will be required however specific training may be all that is needed to pursue this ambition.

Deciding on your business is the first step along the self-employed path but once you have decided what your business is going to be you will need to decide on a business name that is memorable and that may reflect your business. Registering as a sole trader with HMRC is the next step so that they know that you will be completing a self-assessment tax form and paying class 2 and class 4 national insurance contributions.

You will be required to have a business bank account, but it is worth shopping around as some banks offer special rates for the newly self-employed. Setting up the account and any trade accounts for supplies will mean that you are ready financially.

An essential requirement for all self-employed people is to have public liability and professional indemnity insurance to ensure that you are covered against any injury or damage you may inadvertently cause in the course of your work.