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