Sole trader, partnership or company?
Consider responsibilities alongside tax.
Compare personal liability, administration, ownership and funding needs. A company has separate accounts and filing obligations; a sole trader reports business results through personal tax; partnerships also need agreed profit-sharing and coordinated reporting. The best choice depends on the whole position, so discuss your plans before changing structure.
Your next steps
Gather your current records, identify upcoming deadlines and discuss how the rules affect your circumstances.
Guidance reviewed 1 October 2026. Check the current official rules before acting.