Generally speaking, a sole trader is a type of business structure, whereby the owner is entitled to all the profits after tax, but is also legally liable for any debts and losses. As a sole trader you remain in control of the business, but you can also employ staff to help you. Pros ...
As a business owner, no matter what structure you adopt will need to know about the taxes that apply to you. It’s essential that you understand the tax rates and information for the self-employed. Here is all the important tax information that you need to know as a sole trader. Persona...
If you earn over £50,000 as asole traderor fromrental income as a landlord, you’ll need to start following the rules ofMaking Tax Digital for Income Tax(also known as Making Tax Digital for Income Tax Self Assessment, or MTD for Income Tax, or MTD for ITSA) from April 2026. If ...
Sole traders in the UK submit a Self-Assessment tax return every year and pay tax on all of their profits above the tax-free threshold for that year. Sole traders in the US must fill out Form 1040 and Schedule C on their tax returns every year. ...
Sole traders in Australia submit a Self-Assessment tax returns every year and pay tax on all of their profits above the tax-free threshold for that year. How do I switch from sole proprietorship to a limited company? If you’re currently operating as a sole trader and want to step things...