What is a sole trader business?
A sole trader is the individual owner of a business which, unlike a limited company, is not legally distinct from its owner. It means that a sole trader is entitled to keep any after-tax profits they make, but also that they’re personally responsible for any debts.
You’ll need to tell HMRC about your profits, so that you pay the right amount of tax on your earnings.
Download our guide to learn more about operating as a sole trader, or talk to us about our online accountancy services for sole trader businesses.