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Sole Trader Definition A sole trader by definition is the sole owner of their business through which they are self-employed. It is the simplest legal structure by which to run a business, with the most common alternative being a Limited Company. Sole traders hold personal financial liability for their business. With regards to tax calculations and liabilities, the identity of …

PAYE Reference Number A unique combination of letters and numbers given to every business that registers with the HM Revenue and Customs (HMRC) as an employer. It is a reference number that allows HMRC and the taxman to identify a business. It is composed of two elements. The first three digits identify the businesses local HMRC office, and the remainder …