An Individual or sole trader is a business in which one person is the owner. The business can employ other people ultimately, the business is the Individual. Operating in this way removes most of the formalities of establishing a business but may be more risky than other business types.
All income derived from your business is treated as personal income. Allowable expenses (ie. business expenses) are deducted to give a profit which is subject to personal income tax.
As a self employed person, it is very important that you comply with all regulations that are required of you by HM Revenue & Customs (if you are registered for VAT).
Circa provides a fully comprehensive and personal high - value accounting and taxation service to all self employed people based on a low fixed-fee basis.
If you have any issues or concerns regarding your business, please feel free to contact us for a no obligation meeting at your convenience.