Sole Trader

business.clickdo.co.uk SOLE TRADER Sole trader It provide all services relating to Sole Traders. Whatever you need, we always to take care of it. So that you can focus on your business! Sole trader vs limited company LIABILITY ТАX PRIVACY A sole trader comes with As a sole trader, you are responsible for National Insurance and submitting personal self-assessment returns every end of the tax year. If you are looking to keep your business information, then you unlimited liability due to the lack of a separate legal entity from the business. are better off with a sole trader. EASE OF SET-UP SALARY PRESTIGE Setting up a limited company is quite different from setting a A sole trader is quite flexible when it comes to paying Given the unlimited liability, sole trader is more like dealing with a person instead of a sole trader based on the salaries. requirements. business. LEGAL RESPONSIBILITY With the unlimited liability, the business owner operating as a sole trader is responsible for any legal obligations facing the business. Sole trader tax in the UK Self Employed Tax VAT Tax Payment on Account A sole trader is taxed on income just like when working any other job. Every business that accrues an The HMRC provides that you make advance payments towards your tax bill in the form income of the VAT level must apply for the tax deductions. of cash on account. National Insurance Contributions Other than the regular taxes payable to HMRC, the law requires you to make regular contributions to the national health coverage and pension scheme. https://business.clickdo.co.uk/sole-trader/