Sole Trader Accounting Services

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.

Included in the Sole Trader Accounting Package

What is a Sole Trader?

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 most simple way to begin and trade, then progress to operating through a limited company later on when the business starts to make reasonable profits.

Why use Accounting Wise for your Sole Trader Accounting?

At Accounting Wise we take care of all your Sole Trader accounting and taxation requirements for a monthly fee. We can offer many Sole Trader accounting services including help with registering the business and offer ongoing support and assistance going forward. We also regularly review your business to see whether it is operating in the most tax efficient way.

Unlimited Support

Sole Traders tend to be small businesses and so need as much help as possible from their accountant. This is why our Sole Trader accounting service offers unlimited help and advice throughout the year, included within the monthly payment.

Regular Monitoring

We monitor our Sole Trader clients on a regular basis to ensure that they are operating as tax efficiently as legally possible. With every piece of work that we do we look to make recommendations to improve your business. These recommendations could include tax efficiency suggestions, advice on how to better keep records or even suggestions of an insurance company that would be able to give you a better quote.

Support in Tax Inspections

Although tax inspections are rare, it is possible that you could be investigated at random. In the event of a HMRC investigation we would represent you at no extra cost. This would be included in your monthly fee. We would fight your corner and ensure that HMRC receive only the money they are due and not a penny more.

Bookkeeping

We can complete the bookkeeping for our clients or alternatively they can complete the bookkeeping themselves to keep costs to a minimum. We provide simple accounting software to sole trader clients which help them to keep their records properly and in a way that we can use their information to complete accounts.

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 unless you are prepared to change your ownership status.
  • 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.

Reviews from google.com

    review rating 5  I have been using Accounting Wise for the last few years now they have helped me stay on top of my accounts, I now have a simple process which saves me hours of personal time all thanks to there expertise and friendly effortless service. Highly recommend

    thumb lee thompson
    3/11/2018

    review rating 5  I have been using Accounting Wise for the past 3 years and have nothing but positive feedback. Ian is contactable at all hours and responds in a very fast manor. He takes time out to answer any queries and is very approachable and professional. Highly recommend!

    thumb Sinead Brophy
    6/22/2018

    review rating 5  They always looks after myself & my wife when it comes to tax time of the year. Highly recommend!

    thumb Stuart Mackay
    3/16/2018

    review rating 5  Great accountant, the service was incredible highly recommend them.

    thumb Tanina Giannone
    3/16/2018

Our Accreditation’s

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

Our 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.