ADVANTAGES & DISADVANTAGES OF BEING A SOLE TRADER IN THE UK
Due to its ease of setup and many benefits, the sole trader structure is prevalent. Sole traders are self-employed, and this is the preferred structure for most start-ups and freelancers. If you are thinking about opening your own business, you might consider becoming a sole trader. A sole trader, also known as "sole proprietor," is one type of business used in the UK. Because it is easy to set up, this form is the most popular as there are downfalls, and we all must be aware of such declines. The self-employment trend is not slowing down, and many people who embark on the self-employment journey choose to work as sole traders, which seems more convenient than working in limited companies . SOLE TRADER AS A BUSINESS The sole proprietor has complete authority over the management and operation. They also own all assets and profits earned by the sole proprietor and are responsible for all business liabilities and debts. A sole trader must register with HM Revenue & Customs a
