Sole trader

Let us work for you

Being a sole trader comes with a lot of responsibility. You and your business are one and the same, which means you reap all the rewards — but you’re also personally liable for its debts.

As sole trader accountants, we believe in looking out for the entrepreneurs in our economy through our expert tax advice.


Your business taxes, managed

When you set up as a sole trader, there are fewer hoops to jump through compared to starting a limited company.

As your finances are exclusively tied to your business, you’ll be responsible for paying income tax on your profits each year. The more you make, the more you’ll pay: it’s as simple as that. Tapping into our expertise, however, can help you find ways to lower your obligations through allowances and reliefs. At the end of the day, you’re working hard for your money, so why pay more than you need to?

Income tax isn’t the only obligation sole traders need to consider. We can also manage your National Insurance contributions throughout your tax year so, when you reach your year-end, everything will be organised and ready for payment.

You may also have to pay other forms of tax such as VAT once you exceed the threshold, which can add to your administrative burden.

Our self-assessment services, alongside our VAT knowledge, mean we can handle all your paperwork and file everything with HMRC on your behalf. Why spend your valuable time filling out countless forms when you could be focusing on running your business?


Switching your structure

Although you may start out as a sole trader, this isn’t set in stone. There could be a time in your career when you start to consider incorporating your business. There are arguments for and against running a limited company, so it pays to know both sides.

We can help you determine whether incorporation is the right choice for you. Remember, you always have options when it comes to running your business.

If you decide to incorporate your sole trader business, we can help get the ball rolling. From registering with Companies House to calculating your corporation tax return, we can do it all.


Keeping you up to date

With the introduction of Making Tax Digital, it’s essential to know your legal reporting obligations to HMRC. Ever since the scheme’s launch, we’ve been keeping our ears to the ground and have been employing the latest accounting software to remain in the loop. By working with sole trader accountants like us, you’ll remain compliant, no matter how often legislation changes.

Heard enough?

To talk about what you need,  just drop us a message, and we’ll be right with you.

Ready to talk? Let’s start the conversation

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