Retained profits as sole trader

[Ragwin]

Quick question......

Can a sole trader retain profits in their business and pay it out as income in following years (to reduce personal income tax / NI over several years), just as a limited company can do?

Thx

[GlobalTaxAdviser]

No

[wamstax]

I think you are misunderstanding the process as regards company taxation and confusing the difference between someone leaving company profits in the company and then drawing them out at a later date and the incidence of tax on those drawings