Sole Trader Accounting Services

Whether you are an electrician, gas engineer, plumber, builder, freelancer, contractor, beautician, hairdresser, taxi driver, catering company, Healthcare worker or a rocket scientist, we have the right sole trader accountant and sole trader accounting package for you from as little as £20 per month

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.

Sole Trader Accounting

Why use Accounting Wise for your Sole Trader Accounting?

Online Accountant

Your Own Dedicated Sole Trader Accountant

When you join us, you will receive your very own dedicated sole trader accountants. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries.

Leading Accounting Software

Leading Accounting Software

You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.

Tailored Service

Tailored Services

Tax & Accounting packages tailored to suit your business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making your business a success.

Unlimited Expert Advice

Unlimited Expert Advice

Your dedicated sole trader accountant will always be on hand to answer any questions about your small business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.

Deadline Reminders

Regular Deadline Reminders

We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your small business again.

We currently help over 850 individuals and businesses in the UK

Included in the Sole Trader Accounting Package

Pro‘s and Con’s of being a Sole Trader

The main advantages of setting up as a sole trader are:

  • 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.
  • 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.
  • Keep the profit – As the owner of the business, all the profit belongs to you.
  • 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 reasons why sole traders are often successful are:

  • They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
  • They can be sensitive to the needs of their customers – Being closer to the customer allows you to react more quickly to their needs than a larger business.
  • Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.

The main disadvantages of being a sole trader are:

  • 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.
  • 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.
  • 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.

What is a Sole Trader?

Sole Trader Accounting

A Sole Trader is an individual that owns and runs a business. A Sole Trader is fully liable for any debts and contracts the business has and from a legal point of view there is no difference between the business and the individual.

Many people often start trading as a Sole Trader because it is the simplest way to begin and trade, then progress to operating through a limited company later on when the business starts to make reasonable profits.

Get in contact today if you are looking for a Sole Trader Accountant to help with your Sole Trader Accounting.

Sole Trader Accounting

A Sole Trader is an individual that owns and runs a business. A Sole Trader is fully liable for any debts and contracts the business has and from a legal point of view there is no difference between the business and the individual.

Many people often start trading as a Sole Trader because it is the simplest way to begin and trade, then progress to operating through a limited company later on when the business starts to make reasonable profits.

Get in contact today if you are looking for a Sole Trader Accountant to help with your Sole Trader Accounting.

Our Accreditations

You can feel safe in the knowledge that we are experts in our field.

Our online accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.

ACCA
ICPA
AAT