If you operate as a sole trader, you run your own business as an individual and are self-employed.
A sole trader is the simplest business ownership structure as the individual does not need to register the company with a formal constitution or submit any documents to Companies House for incorporation.
Once you have paid the applicable income tax and NI, you keep all your business’s profits. You will need to keep records of your business’s sales and expenses, Register for Self-Assessment and file a tax return every year.
However, you should be aware that as a sole trader you are personally responsible for any losses or debts of your business. There is no limited liability. So, if your business fails it can mean real personal and financial difficulties for you as the sole owner.