Sole Trader, Self Employed, Self-Assessment

Sole traders are generally owner managed businesses. Individuals who own a business or a trade that they carry out and manage. 

Sole traders are by definition self-employed as they work for themselves. Examples of sole traders can include convenience store owner, a market stall trader, an electrician, an influencer etc...

Self-employed individuals are required to keep their financial records, produce accounts and file a self-assessment on annual basis. Self-Assessment is a tax return which is filed with HMRC. 

Self employed individuals often hire accountants to help meet HMRC requirements such as to produce their accounts and file self-assessment tax return as well as to help with their tax planning, tax savings and general business advice.

For more information or if you need assistance with your accounts or self assessment tax return please get in touch with us.