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When running a business and filing your accounts there are certain documents that you must keep in order to submit financial statements.

A sole trader is essentially a self-employed person. A limited company is totally separate to the owner of the business.

A limited company is a business that has been registered with Companies House and has ‘limited liability’. This means the business is only responsible for assets and liabilities within the company, whereas any personal assets of the business owner/director are completely separate.