A 'sole trader' is the sole owner of a business, meaning the owner and the business is one combined legal and financial entity; whereas a business partnership works in a similar way, but is shared between two or more co-owners.
It is a relatively popular form of business. There are various types of occupations you can have as a sole trader. Tradespeople: plumbers, electricians, or gardeners.
Challenges
Managing a small business by yourself is complicated at times. The owner must keep proper record of bookkeeping, record income and expenses properly, manage payroll and comply with HMRC regulations with timely submissions of the tax return and VAT.
Why DAX?
DAX can take away the stress of these challenges and complexities and its team will prepare all the accounting and admin work along with timely submission of statutory HMRC so you can then focus more on your business development and strategies.