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PENSION PRODUCTS
GENERAL
COMPANY / PARTNERSHIP INFORMATION
Sole Trader
A Sole Trader is an individual who runs a business and
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
GENERAL COMPANY / PARTNERSHIP INFORMATION
A Sole Trader is an individual who runs a business and
- is responsible for all of the losses and profits of the business, and
- is personally liable for any debts of the business.
- is a self employed individual, who is taxed under Schedule D.
- is not eligible to join an Occupational Pension Scheme (OPS).
- can have normal employees, who are assessed for tax under Schedule E and are, therefore, eligible for membership of an OPS run by the Sole Trader.
- can pay pension scheme contributions to either an OPS (for his/her employees) or a Personal Pension/Stakeholder plan (for his/her employees or him/herself). These contributions are allowed against his/her personal tax bill, in the same way as other business expenses are allowed.
