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You don't have to seek anyone else's approval before taking any course of action.
There is no registration process and no public information available; so unlike a limited company your annual accounts are not available to your competitors.
The administrative costs of running as a sole trader are relatively small, you will still need to keep records for Inland Revenue (and also for VAT if you are VAT registered?), but there are no other legal requirements. Although your accounts must of course be accurate, you do not need to have them audited.
On the disadvantage side; from a legal standpoint you are personally liable for any debts that the business may incur...
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