Sole Trader Accountant

Chartered accountants delivering a fresh approach to accounting. Working as part of your team to help your business thrive.

Sole Trader

Are you a sole trader? Being a self-employed sole trader is the easiest way and fastest way to start trading.

As a sole trader, you do not have a separate legal entity from yourself, such as with a Limited Company, you make all the decisions and any profit you make is yours, subject to income tax and national insurance.

Firstly, you may need help with the formal process involved to set up as a sole trader, as well as registering for VAT. As an accountant for the self-employed and sole traders, Makes Sense can simplify this process and take care of the detail on your behalf.

You should always bear in mind, that as a sole trader (as opposed to Limited Company), you are personally liable for any debts or legal action relating to the work you deliver. The upside of this responsibility, however, is that you can keep all the profits (after tax, of course!) For more information contact us today.

How do I register as a sole trader?

If you are a sole trader it’s vital that you register for self-assessment tax returns with HMRC. This is absolutely vital and it has to be done right to avoid possible penalties and prosecution. Here at Makes Sense, we are able to do this for you to ensure it’s done correctly as well as completing your accounts and self-assessment tax returns.

Click here to register as self-employed https://www.gov.uk/register-for-self-assessment/self-employed

Benefits for a sole trader

There are many benefits of being a sole trader. Start-up costs are very low and the initial setup is simpler and a lot quicker. You are your own boss and are entitled to make all the business decisions yourself and retain all the profits the business makes.

Do I need to submit a tax return?

If you are a sole trader you will need to submit a tax return. The tax year runs from 6th April to 5th April the following year.
Here at Makes Sense, we are able to complete your accounts and tax return ahead of the deadline, ensuring your return is submitted on time to avoid any late filing penalties.

Click here to pay your self-assessment taxes https://www.gov.uk/pay-self-assessment-tax-bill

Get In Touch

Makes Sense Accountants

12 Summer Hill Street

Birmingham

B1 2PE

0121 238 2206