As a sole trader you are personally responsible for your business activities. You may take all the profits made by the business, but you are also responsible for all its debts and liabilities.
You are taxed on your total personal income, derived from your business Accounts and any other source disclosed on your personal tax return. As soon as you become self-employed, you need to complete and submit within three months Inland Revenue form CWF1 to avoid incurring a penalty.
B20 Wessex can prepare your tax return for you and submit this long before the 31 January deadline.