Limited Company in the UK

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A financial requirement that is a disadvantage for limited companies is that financial accounts are published.

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Financial accounts are published

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Annual home delivery by Vistry Group

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Around 12,000 homes a year across the UK

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Vistry Group's construction output

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Delivers around 12,000 homes annually

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Definition of a sole trader

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A sole trader is an individual person trading under a business name, termed 'self-employed' and personally liable for business debts.

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Advantage: Ownership structure

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No shareholders

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Disadvantage: Income stability

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No regular salary, so income can be variable

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Disadvantage: Financial responsibilities

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Sole traders must keep accounts and pay tax and National Insurance

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Small and medium enterprises (SMEs)

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SMEs are businesses with a limited number of employees and turnover. Advantages include flexibility and innovation. Disadvantages include limited resources and market reach.

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Role of a plumber in sole trader businesses

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Plumbers can operate as sole traders in the construction industry.

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Role of a Gas Safe registered heating engineer in sole trader businesses

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Gas Safe registered heating engineers can operate as sole traders in the construction industry.