What is a sole trader? In a nutshell, a sole trader is someone who runs their own business as an individual, and is self-employed. They keep all the profits of the business after they've paid tax on them. However, they are personally responsible for any losses the business makes.

If you are unsure whether to work as a sole trader or through your own limited company, see our page: Limited Companies versus Sole Trader

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What are the responsibilities of a sole trader?

When you are in business as a sole trader you are required to register with HMRC for Self-Assessment. You need to keep proper records, prepare annual accounts showing your income and outgoings, and file a tax return with HMRC each year.

If your turnover is over £85,000 or you expect it to go over in the next month you must register for VAT.

Accounting services for sole trader businesses

It can be very daunting when you first set up a business but with our assistance we can help you through the process. If you get it right from the start you can save time, money and stress. There is a lot to think about and we are happy to help you with it.

If you have been in business for a while, we can prepare your annual accounts and tax returns.

We are very proud of our friendly, professional approach and we tailor this service to suit you.

We also offer a BOOKKEEPING AND MANAGEMENT reporting accounting service.

Sole Trader Businesses

"We give you complete peace of mind, so that you can concentrate on running your business".

What are the benefits of working with us?

We have extensive experience helping sole trader businesses in Farnborough and across Surrey, Hampshire and Berkshire.

Peace of mind
Free up your time
Help you to legally save tax
Tax returns filed on time
Prevent you from receiving hefty fines and penalties
Dealing with HMRC on your behalf
Flexible bookkeeping options
Paperless expense and receipt processing system
Management Reporting using Xero giving you access to information anytime/anywhere
"One of the most rewarding aspects of our job is seeing our clients’ businesses flourish as a result of working with us". - Fernhill Accountants.

I'm happy that I found Fernhill Accountants

"Thank you for your help in steering me in the right direction".
Dear Judy and Lucy, I had to drop you a line, to say thank you for your help in steering me in the right direction, and advice on becoming self-employed for the first time. You were always contactable and never shut your door at 5:30pm, unlike some other offices. I’m happy that I found Fernhill Accountants. Many thanks.
Paul Fletcher
Owner of a sole trader business (property maintenance).

We look forward to hearing from you!

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