Sole Trader Help
Starting your own business is an important milestone for any individual, and whilst registering as a limited company comes with its benefits, many people choose to harness the advantages of sole trading. As a leading accountant, we deliver a number of services to keep the books of local businesses balanced, and our sole trader accounts packages provide essential help for those going it alone.
Here we take you through the all-important steps that go hand-in-hand with setting up shop as a sole trader…
Why become a sole trader?
Becoming self-employed is a huge decision for anyone to make, not only does it come with the financial uncertainty that doesn’t accompany a regular 9 to 5 role, the first few months of life as a sole trader can be challenging. However, understanding the benefits of becoming a sole trader rather than a limited company will ensure you take a positive step forward.
Being a sole trader means that you have significantly less paperwork to deal with than if you were to set up and run a limited company. As well as less admin, handling sole trader accounts is much easier than completing the same process for a limited company. The flexibility of registering as a sole trader is also a major plus point. Sole traders can in fact employ people and become a limited company at a later date as their business grows and consolidates itself within its target market.
However, it is important to remember that you may need to apply for a permit from your Local Authority if you are completing certain types of work as a sole trader.
Registering with HMRC
Whilst you may not have to register with Companies House as a sole trader, you will have to notify HM Revenue and Customs (HMRC) of your new self-employed status. Registering with HMRC is easy and will ensure that you are ready to go ahead with self-assessment and pay any National Insurance contributions or tax due. Simply call their Newly Self-Employed Hotline or use their online service to register.
Getting help with sole trader accounts
It’s not just limited companies and large corporations that can benefit from an accounting service. Our accountants assist with sole trader accounts too, so you can concentrate on the job at hand. We understand that preparing your annual accounts can be a complex process but with help from us you can rest assured that your accounts are accurate and filed on time.
To find out more about the sole trader accounts services we can assist you with, please call 0191 251 7599.