Sole trading is the easiest, cheapest and least formal way in which to set up in business as well as manage that business. As a sole trader, you run a business as an individual, make all decisions affecting the business and own all the assets of the business personally, meaning a sole trader keeps all the profits of the business after the relevant tax has been paid. Operating as a sole trader means having sole responsibility for the business. It does not, however, mean that the sole trader has to work alone, many choose to work alone but sole traders can, and often do, take on staff.
As a sole trader, you are personally liable without limit for any debts and contracts the business has, and from a legal point of view, there is no difference between the business and the individual. This means that as a sole trader your personal assets are at risk if the business fails to pay its creditors.
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Setting up business as a sole trader for the first time? Struggling to get your head around sole trader taxation? You will not be alone. Even years down the line, many sole traders can find it difficult to get all of their figures together to file tax returns. However, it is crucial that you make sure you file sole trader tax accurately and on time. Otherwise, you may face fines and the tax authorities may take further action against you.
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