Who is a sole trader

[Expensivejoy01]

Who is a Sole trader

Sole traders are business persons engaged on different types if bussiness with the aim of making profits. They are expected to register their bussiness names. They are also expected to register to prepare Financial statement at the end of each accounting period to be subjected to audits. To enable the state service charge their profit to tax the account has to be audited for authenticaton of it's contents. In determining tax liability of a sole trader each of the income vamd expenses has to be examined to know whether they are admissible for tax purpose.

 

[Suba]

If you operate a sole trader, it means you will manage the business alone and you also have to take full responsibility for assets, debts/receivables, profits and losses, for which you are legally responsible. To maintain assets and debts, you need to make a financial statement which will later be audited to determine whether the figures you present are accurate, feasible and reasonable. For tax reporting, you can choose to use the Tax File Number or Business Number.

 

[Stardom22]

A person that runs his/her own business. It's the kind of business whereby the owner for the business is the own boss. That means they have full control for the business including the decision making sector for the business.