Question

Which one of the following could a sole trader pay on its profits?

Please give 1 answer.

Sales tax

Income tax

Corporation tax

Indirect tax​

Answer 1

Explanation:

A sole trader must pay tax on business profits (minus expenses). They are currently required to pay Class 2 and 4 National Insurance and Income Tax on all taxable business profits.When operating as a sole trader, you will be taxed on the profits your business makes through an annual Self Assessment tax return. As a sole trader, there's no legal difference between you and the business you're running. When you've received your income it's up to you to pay the expenses, including any taxes.

Answer 2

the answer is sole trader pay on its profits by sales tax