Is Self-employed and Sole Trader The Same Thing?

The most notable difference between self-employed and sole traders is in the names themselves. The sole trader definition describes the word trader where self-employed doesn’t have to mean that you are necessarily trading in stock or products, but could also just be performing a service that doesn’t require any start-up costs for revenue.

Another way to define the two is in the way you pay your taxes. Sole traders would have to register to pay tax like a business, and self-employed individuals would need to pay PAYE (Pay As You Earn) and hand in their assessments.