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sir kindly explain self employed with example?
sole trader are self employed and explain its limit means concept behind this.The person who is not a company and doing his business on his/her name, not registered as a company is a sole trader. partners in a partnership firm are taxed as sole traders.
Self employed are unincorporated traders – sole traders and partners in a partnership – and these individuals are subject to income tax on the tax adjusted trading profits of the business.
If an individual operates a business through a company – an incorporated trade, then the company is subject to corporation tax on its adjusted trading profit and the owners of the business will be charged to income tax on what they take out of the company – salaries and dividends
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