If you’re a sole trader, you’re running your own business as an individual. This is known as being ‘self-employed’.

Sole traders have fairly simple accounts and are required to submit and individual self-assessment tax return annually, possibly along with any other VAT and payroll returns depending on their circumstances.

Benefits of a Sole trader

Control

Sole traders maintain full control of their business.

Profit Retention

Sole traders retain all the profits of their business.

Private data

Information about sole traders is kept private, unlike that of limited companies.

Personal

Because there is no need confer with other decision makers, sole traders can make decisions quickly and act on them swiftly, providing for the needs of their customers.