• Sole Trader Tax

Our Services - Sole Trader Tax

What is Sole Trader Tax?

  • A sole trader must pay tax on business profits (minus expenses).
  • They are currently required to pay Class 2 and 4 National Insurance and Income Tax on all taxable business profits.
  • A sole trader can withdraw cash from the business without tax effect.
  • If a sole trader has a business bank account that is separate from their personal one, they can claim tax relief on interest and charges.
  • When a sole trader sells assets or the business, any monetary gain is taxed.
  • Tax relief is given to sole traders for expenses incurred wholly and exclusively for the business.

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