It all depends on how you’d personally like to operate as a small business owner. To keep things super-simple, adopt the sole trader legal structure. This means you and your business are legally the same, so there’s minimal administrative paperwork and any money you make is yours, after tax. However, you will be personally liable for any losses or debts you incur through your work. Setting up a limited company is another option. This means registering your business with Companies House as an entity in its own right. It’s a more complex process, and you’ll need to pay Corporation Tax, but it offers more financial security as you won’t be liable for business losses and debts.