Sole traders must register with HM Revenue and Customs (HMRC) and follow certain rules on running and naming their business.

If you’re a sole trader, you’re running your own business as an individual. This is known as being ‘self-employed’.

You can keep all your business’s profits after you’ve paid tax on them.

You can take on staff – ‘sole trader’ means you’re responsible for the business, not that you have to work alone