This table compares the tax treatment of:

1. •

   sole traders

2. •

   partnerships (which in this table includes general partnerships, limited liability partnerships and limited partnerships), and

3. •

   companies

This table does not consider any reliefs or exemptions which may be available to particular taxpayers or any anti-avoidance provisions which might apply to particular circumstances.

For the rates and thresholds applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances.

For further details about the tax treatment of each type of business vehicle, see Practice Note: Forms of business vehicle—tax summary.

For further details on the choice between the types of business vehicle, see Practice Note: Tax influences on choice of business vehicle.