Owned and run by one person. Often seen as the simplest structure in terms of set up, however it has its drawbacks when it comes to how it is perceived by its customers, suppliers, bankers or any potential lender or investor. There is no legal distinction between the individual (owner) and the business so the owner is responsible for any debts the business incurs.
Sole Traders need to register with HMRC. Tax and Class 4 NIC declarations are made under a Self-Assessment Tax Return. Class 2 NIC is payable weekly. Other factors such as VAT and PAYE may also need to be considered.
We offer a number of services to the sole trader, including registrations and ongoing services such as VAT returns and self-assessment tax returns. Please click here for more information.