Sole proprietor as the name suggests means you are the sole owner of your business. You may either work alone or employ others. The main advantages of being the Sole Trader are that it’s the easiest way to start up a business. There a very few legalities before actually getting the business established, plus all profits are not liable for auditing as they are classed as personal income.

As a Sole proprietor, you are required to pay income tax on any profits your business makes. You must also fill in a self-assessment tax return each year, which details your income and expenses. If your businesses turnover is higher or expected to be higher than a year, you will also need to complete the relevant VAT returns.

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