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Trader status: Sole Trader Vs Limited Company

To book shifts through Florence, you will need to be self-employed. In the UK this means that you need to register either as a Sole Trader or a Limited Company. If you haven't considered the difference between a Sole Trader and a Limited Company, here are the things that you need to keep in mind.

Sole Trader

This is the simplest option when starting out. To get things started, you need to register for self-assessment within three months of starting your business. Then you simply need to make sure you file your self-assessment tax return by 31 January each year.

You can start booking shifts through Florence but within 3 months of booking your first shift with us (assuming you are not working anywhere else as a sole trader), you will be required to register for self-assessment.

If you've never completed a tax return, there are many online tools to help for example https://www.basetax.co.uk/

Limited Company

Setting up as a Ltd company does add an extra admin burden. You need to appoint directors, register with Companies House and complete company accounts as well as your annual return.

Given this added burden, we would normally suggest working as a Sole Trader unless you are expecting an income in excess of £30,000 or you have been trading for 12 months, before registering a Ltd Company.

If you already have a Limited Company, you will need to set your Trader Status as Limited Company and you will be able to start/continue booking shifts through Florence.

Learn how to set up a limited company here.

Not Yet Registered

If you have not registered as either a Sole Trader or Limited company, you should select the Not Yet Registered option when completing your payment settings on Florence.

You can start booking shifts through Florence but within 3 months of booking your first shift with us (assuming you are not working anywhere else as a sole trader), you will be required to register for self-assessment.

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