Page 2 - Perfect Balance - Sle Trader Guide
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The construction industry is an ever evolving sector with ample opportunities for individuals looking to launch their own businesses.
Becoming a sole trader is an exciting step towards entrepreneurship but understanding the meaning of being a sole trader and the liabilities involved can be quite daunting.
As a sole trader, you are personally liable for your business debts. This means that you are required repay these debts out of your own income. If you cannot pay, the creditors you owe can take further action against you personally because a sole trader has unlimited liability.
You will be responsible for Income Tax on your business profits. Ensure you are aware of Tax Deadlines and what types of expenditure are eligible deductions you can claim to minimize your Tax liability.
In this comprehensive guide, we will walk you through the key steps to help you get started as a sole trader in thepceorfnescttrbuactliaoncienldtdustry.
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