Sole Trader
The easiest way to become self employed. You have maximum flexibility and the least red tape to deal with, however dealing with invoicing, accounts and administration can be complex and time-consuming. We act as your back office leaving you free to concentrate on your business!
Our Specialised Sole Trader Services support you every step of the way:
- Annual Business Accounts
- Self Assessment Tax Return
- Expenses Advice and Record-Keeping
- Monthly Pay Advice
- FREE Comprehensive Insurance Cover
What is a Sole Trader business?
A Sole Trader is a business entity owned and run by one person. There is no legal distinction between the owner and the business and the individual holds all assets of the business and takes all of the business profits. A Self Assessment Tax Return is filed with HMRC each year and income tax is paid half yearly rather than monthly under PAYE. The advantages are the simple set-up, flexibility and, usually, tax-efficiency compared with PAYE employment. Disadvantages include your unlimited liability and the requirement to pay tax on all of the business profits regardless of whether you take them from the business.
Need more information? Speak to one of our Advisors or request our free Sole trader Advice Note by clicking the link below:
