According to the Centre for Entrepreneurs, 663,272 new businesses were registered in the UK in 2018. Some people start their own business to earn more money, while others seek more freedom and flexibility, often so they can better balance work and family commitments.
Some people start their own business because they want to be their own boss, so they shape their own destiny. Working for yourself can be much more fulfilling and rewarding, although an easier life isn’t assured, because running your own business brings with it additional responsibilities and pressures.
When many people are considering whether to become a sole trader, a key question is – how much tax will I pay? Answering this can help them decide whether working for themselves will make them better or worse off.