Opting for the wrong structure can lead to higher taxes, missed deductions and more risks. For example, if you're a sole trader and own a house in your personal name, you're putting your personal assets at risk. In the unfortunate event of bankruptcy, your home could be seized to cover business debts.

If reminders don’t lead to payment, consider sending a formal letter of demand.

Include Details: Write down the invoice number, amount owed, and previous communications. Mention any potential late fees or further actions if payment isn’t received.

Are you ready to leave your full-time job and become a sole trader? It’s an exciting leap toward independence and entrepreneurship! Once you’ve determined that the sole trader structure is the right fit for you, here are the essential steps to set up your own small business successfully.

Let’s face it—running a business is busy! Set reminders for key deadlines like tax filings and financial reports. This small step can save you from penalties and last-minute scrambles, keeping everything running smoothly.