A sole trader operates their business as a self-employed person and is solely responsible for the success of it...being a sole trader refers to the structure of the business, whereas self-employed refers to how you pay your taxes – typically just a tax return only and no need for annual accounts. (If you are self-employed and do not require accounts see our self-employed section).
A sole trader will typically have a business bank account, have assets, will require year-end annual accounts, may be VAT registered, will tend to have a lot of business transactions and may require business advise during a trading year.
Being a sole trader can be a very lonely place so knowing someone has got your back when it comes to helping with the finance function of your business is of paramount importance. You do not have to produce a set of annual accounts... it is not a legal requirement. You only need to keep records of the invoices you have raised, the expenses that you have incurred and what your profit was but a set of accounts will help you understand in more details where you have been spending your money and accounts would definitely be needed if you have assets or liabilities that need to be recorded...and as Making Tax Digital (MTD) is not far away for the small business what better way of doing this than using our MTD compliant Cloud Accounting software.
See below for how we have got your back and can give you Peace of Mind.
You have access to our entire team for ad-hoc enquiries. Knowing that you can pick the phone up at any time and seek advice or answers to questions is vitally important. The only "silly" question is the one you don't ask!!
We operate using a fixed price agreement. Easy monthly payments...no big or surprise bills at your year-end.
Use Receipt Bank and MTD ready QuickBooks Online to give you access to your financial information over a digital platform...no more paper, no more spreadsheets,
This is something that you can do yourself on the HMRC web site. However, a lot of clients prefer us to do this for them.
Is being a sole trader best for me? Should I consider forming a Ltd Co? Get in touch and we will have a chat, discuss your situation and advise the most suitable legal entity for your business...and what is most tax efficient for you!
MTD for the self-employed is around the corner. It will be increasingly important that a small business owner works with an accountant that can provide you with the tools that are HMRC approved so that MDT does not become a problem. We are MTD ready...are you?
When you embark on your journey as a business owner and a self-employed person you often dont realise all of the pitfalls that can prevent you from enjoying the benefits of being self-employed. No boss telling you what to do and when, being in control of your own destiny. Ring a bell? However, that can come with a price...and that price can be the added pressure of running a business on your own, the countless hours that you have to spend doing all of the mundane things that are nonetheless important to you running a successful business and then not knowing how much tax you will have to pay. See below for how we can help you take away some of that pressure and relieve you of some of the stress...
Below is a list of the services that we provide as a standard to our Sole Trader business clients that help in providing Peace of Mind not just at the year-end but throughout your tenure with us and what we will need from you and how you get started with us...quickly and easily!
Transferring from another Accountant? Not a problem, we take care of all that for you and don't worry, your previous accountant will still talk to you.
FROM £42 exc VAT per month
We do the rest.