A sole trader is a self-employed person who owns and runs their own business as an individual. A sole trader business doesn’t have any legal identity separate from its owner. That leads many to say that as a sole trader, you are the business.

If your sole trader has earned more than £1,000 in a tax year, then you are required to register with HMRC by 5th October in the second year of your business.  We would always recommend registering early as being late just costs you money in fines.

An example pricing for a Sole Trader with an annual turnover under £85k and under 250 transactions a year can be viewed here