Money & Business
Companies and financial accounting
...human being). In the UK, there is no formal procedure for setting up or winding down a sole trader business. However, the sole trader is responsible for registering with Her Majesty’s Revenue and Customs authority (HMRC) as self-employed, and for registering for Value Added Tax (VAT) if the taxable revenue is more than £85,000 (at the time of writing). In other...