Individual or Sole Trader?

[SL82]

Hi,

I want to set up a business Paypal account but I'm still in the early stages of setting up my business, so I'm not currently trading and I've not registered as a Sole Trader with HMRC. In this case, do I choose Individual or Sole Trader? Can I initially set up as an Individual and then change to Sole Trader? Any advice would be much appreciated. Many thanks.

[PayPal_lucy]

Hey there SL82,

Welcome to the community.

You can pick Sole Trader for this. As it’s just a Sole Trader we won’t be asking for any company number or anything like that.

If you do register with company’s house at a later date the account can be updated for this.

Individual would be used for customers who would sell small amount but mostly buy.

I hope this helps.

[SL82]

Hi Lucy, thank you for your email, very helpful indeed!