Sole Trader

Sole Trader

Sole Trader Accounts from £55 + VAT a month

Partnering with a number of sole traders across the United Kingdom we have build an online based accountancy practice around your requirements.

Our services are very simplified, time efficient and cost effective.

Basically we have two price plans, if you prefer to use accounting software and record your transactions our fee would be £55 + VAT a month and you will receive the following:

  • Annual Income and Expenditure Accounts
  • Self-Assessment Tax Return
  • Quarterly Management Sole Trader Reports
  • We will deal with HMRC on your behalf
  • Immediate account set up
  • No set up cost, exit fee or contact
  • Dedicated Accountant
  • If you are VAT registered for an additional £15 a month we will prepare and submit your VAT Returns

We work with all major cloud based accounting software.

Should you have a preference to focus on your business we are happy to take care of all bookkeeping and accounting for you. This service does not involve the use of any software, simply send us all your statements,

 

invoices, and receipts and we will maintain accurate bookkeeping records, will crunch the numbers and prepare your accounts. This package includes all of the below listed services for a flat fee of £92 + VAT

  • Annual Income and Expenditure Accounts
  • Preparation of all major financial statements
  • Self-Assessment Tax Return
  • Quarterly Management Sole Trader Reports
  • We will deal with HMRC on your behalf
  • Dedicated Accountant
  • Preparation and submission of VAT Returns (if a Sole Trader is VAT registered)
  • Tax and profit position updates
  • Immediate account set up
  • No set up cost, exit fee, or contract
  • Support setting up a new business

Sole Trader – the basics

Starting a business as a Sole Trader has many advantages:

  • Less administration burden compared to a Limited Company
  • Business affairs are private and results does not have to be filed with Companies House
  • Flexible to change business status and full control over the business
  • The profit is kept by the owner of the business (obviously less tax)
  • Cheaper accountancy fees because accounting is simpler

Main disadvantage of being a Sole Trader:

  • Difficult to raise finance, it is harder to obtain credits from banks and suppliers
  • Personal liability for business debts.
  • Compared to a Limited Company you will take home less net pay from an equivalent turnover. You are personally liable to pay tax on all income earned.

Sole Trader – Tax Responsibilities

  • Complete a Self-Assessment Tax Return every year
  • Pay National Insurance
  • Pay Income Tax on your business’ profits