Although being a sole trader is one of the simplest ways to get started in business, there are many processes that need to be followed to ensure that you are compliant with HM Revenue and Customs’ requirements.
We offer a range of services for Sole Traders, tailored to suit the needs and budgets of our clients. This can include a simple tax return all the way up to a full bookkeeping & accounting service, Sole Trader accounts, tax returns, and even online software to help you keep track of things our other services includes;
1. End of year tax returns completed for minimal cost.
2. Dedicated account manager services.
3. The complete service for the self-employed and small business.
4. No tie-in period.
5. No set up or departure fees.
6. 100% compliant with legislation.
7. No extra charges if working through multiple agencies.
8. Loyalty scheme for those that move agencies and stay with us.
The main advantages of setting up as a sole trader are:
1. Total control – You have total control over the business. Decisions can be made quickly and easily, from accountancy and financial decisions to general business decisions.
2. Easy to change to another trading identity. It is relatively easy to change your trading identity from that of a sole trader to a limited company.
3. Keep the profit – As the owner of the business, all the profit belongs to you.
4. Business affairs are private – When you run an unincorporated business your accounts are not made available to the public therefore competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.
The main disadvantages of being a sole trader are:
1. You are personally liable and accountable for all your businesses debts - Should your business fail you could end up losing your personal assets such as your home, car, etc.
2. Can be difficult to raise finance -When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.
3. Can be difficult to enjoy economies of scale - Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.