Setting up a sole trader is the simplest and most straightforward way to trade.
There is no requirement to file the accounts at Companies House. All you need to do is to inform HMRC that you, the individual trader, is
An annual self-assessment tax return will need to be completed for income tax and Class 4NICs and sole traders and partners may need to make payments on
NIC Class 2 National Insurance Contributions (NICs) are payable by all self-employed people (sole traders and Partners). In addition, Class 4 NIC
If an individual believes that his contributions are too low and would like to preserve entitlement to basic state benefits (eg state retirement pension) then he/she can elect to pay Class 3 NIC. This is a voluntary contribution.
A person who retains employment as well as pursuing self-employment as a trader is still liable for tax on the employment income under the PAYE system operated by the employer.
Read more here.