Sole Trader Accounting Services
Dedicated Sole Trader Accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline
Dedicated Sole Trader Accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline
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.
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.
Tax & Accounting packages tailored to suit your sole trader 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.
Your dedicated sole trader accountant will always be on hand to answer any questions about your limited company. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.
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.
Get started with the right accounting solution for your Sole Trader business
Get started with the right accounting solution for your sole trader business
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.
Get started with the right accounting solution for your Sole Trader business
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.
Get started with the right accounting solution for your sole trader business
What is a sole trader?
A sole trader is a self-employed individual who owns and operates their business. They are personally responsible for all business debts and liabilities.
Do I need to register as a sole trader with HMRC?
Yes, you must register as a sole trader with HMRC for Self Assessment to report your income and pay taxes on your business profits.
What taxes does a sole trader need to pay?
Sole traders pay income tax on their business profits and are also required to pay Class 2 and Class 4 National Insurance Contributions (NICs).
Do I need an accountant as a sole trader?
It’s not mandatory, but an accountant can help with bookkeeping, filing tax returns, and ensuring compliance with tax laws, saving you time and potentially reducing your tax bill.
What records do I need to keep as a sole trader?
You need to keep records of all sales, expenses, and receipts, as well as detailed records of your income for tax purposes. These records must be retained for at least five years after the Self Assessment deadline.
How do I file my taxes as a sole trader?
Sole traders must submit an annual Self Assessment tax return online to HMRC by 31 January each year, detailing their income, expenses, and profit.
What is the tax-free Personal Allowance for sole traders?
Sole traders can earn up to the Personal Allowance (£12,570 for the 2023/24 tax year) before paying income tax, though National Insurance Contributions may still apply.
Can I claim expenses as a sole trader?
Yes, you can claim allowable business expenses, such as office supplies, travel, equipment, and utilities, as long as they are wholly and exclusively for business use. These can reduce your taxable profit.
Do I need to register for VAT as a sole trader?
You must register for VAT if your turnover exceeds the current VAT threshold. You can also register voluntarily if it suits your business.
What is the difference between a sole trader and a limited company?
A sole trader is personally liable for business debts, while a limited company separates personal and business liabilities. Sole traders have simpler tax affairs, but limited companies offer more protection for personal assets.
What happens if I make a loss as a sole trader?
If your business makes a loss, you can carry it forward to offset against future profits or sometimes offset it against other income to reduce your tax liability.
Can I employ staff as a sole trader?
Yes, you can employ staff as a sole trader. You’ll need to register as an employer with HMRC and operate PAYE to manage tax and National Insurance deductions for your employees.
Do I need a business bank account as a sole trader?
It’s not legally required, but having a separate business bank account can help you manage your finances, keep records clear, and make it easier to track business income and expenses.
Can I use my home as a business address?
Yes, many sole traders run their businesses from home. You can claim a proportion of your home expenses, such as utilities and rent, as business expenses if used for business purposes.
Do I need to pay business rates as a sole trader?
Business rates are only applicable if you use commercial premises. If you work from home, you usually won’t pay business rates, but this depends on how much of your home is used for business purposes.
Can I convert from a sole trader to a limited company?
Yes, you can incorporate your business into a limited company. This process involves registering with Companies House and transferring assets. It’s advisable to seek advice from an accountant before making this transition.
1 Choose Your Package
Pick the sole trader accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.
2 Sign up with Us
Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone
3 You’re ready to go
That is it, we will begin to set your limited company services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC