A sole trader is an individual who runs their own business and has complete control over its operations. They are personally responsible for the business’s finances, debts, and legal obligations. 

To register as a sole trader in the UK, you need to inform HM Revenue & Customs (HMRC) that you’re self-employed. You can do this by registering for self-assessment online or by filling out a CWF1 form and sending it to HMRC. 

Yes, a sole trader can have employees. While sole trader typically operates alone, they can choose to hire employees to help run their business. In such cases, the sole trader assumes legal responsibilities as an employer, including obligations related to payroll, taxes, and employment laws. 

A sole trader business is a type of business structure where an individual runs and owns the business on their own. It is the simplest and most common form of business ownership. As a sole trader, the individual retains all the profits but is also personally liable for any debts or legal issues that arise in connection with the business. 

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our qualified tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.