Self Assessment

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Solo Trade

Self Assessment

A sole trader is one of the simplest way to get started in business. All you need to do is to inform the government agencies of your business intentions and then you would be from there on known as self-employed.

Trading can take place straight away (this is dependant on the type of business you run and if any specific licenses is needed to trade).

A sole trader has a very simple business structure, another benefit of this is that you are able to adapt to changes very quickly with minimal bureaucratic changes required. You have complete control over your business, decisions and any accounting affairs. However, a sole trader is solely responsible for any liabilities and if the business suffer any loss this in turn can affect your personal belongings if this has not managed properly. However this depends on the type of business you will set up and a decision will be made if will have a major affect on the business and you.

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