A Sole Trader is someone that has set up a business and operates it without a partner. The business is not set up as a limited company and is operated in a self employed capacity.
Sole Traders need to keep good records of the money they receive and the costs they have against the business. Payments of income tax are normally paid twice a year at the end of January and again in July.
Sole Traders need to complete a self assessment and this has penalty fees associated with it if submitted late.
If you reach the threshold for VAT, registration will be necessary with the standard quarterly payments.
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