(b) Taxation of the income profits of the business18 Sole trader18.1 Rates of tax and basis of assessmentA sole trader, like any other individual, is subject to income tax on his chargeable income for the relevant tax year at three rates. Income tax is charged on an individual’s taxable income at the following rates for the tax year 2011/121:18.1.1 the first £39,200 is taxed at the basic rate of 20%; and18.1.2 any income over £39,200 but not more than £150,000 is taxed at the higher rate of 40%; and18.1.3 any income over £150,000 is taxed at
A sole trader, like any other individual, is subject to income tax on his chargeable income for the relevant tax year at three rates. Income tax is charged on an individual’s taxable income at the following rates for the tax year 2011/121:
the first £39,200 is taxed at the basic rate of 20%; and
any income over £39,200 but not more than £150,000 is taxed at the higher rate of 40%; and
any income over £150,000 is taxed at
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