A sole trader is a self-employed person who operates on his own.
What Is Self-assessment?
Self-assessment is the annual tax return that must be submitted to HMRC by 31st January each year for anyone who has untaxed income such as self-employed income.
What Is A Partnership?
A partnership is where more than one person works in the same business on a self-employed basis sharing the profit.
Does A Sole Trader Need To Prepare Accounts?
Yes, to be able to calculate what the taxable amount of the profits are in the business.