Becoming a sole trader is the simplest and easiest way in which someone can start a business.

The first thing you have to do is register as self-employed with HMRC. Registration can be done online, or by completing a CWF1 form within three months of setting up. This enables HMRC to send your quarterly bills for what is known as ‘Class 2’ National Insurance, which will ensure that your state pension is not adversely affected in any way in the future.