Accounting for Sole Traders
If you’re thinking about starting your own business, being a sole trader is one of the simplest ways to get started.
There are just specific processes that need following, but it may be difficult for success in this type of ownership model if those steps aren’t taken!
The Pros and Cons of Being a Sole Trader
Pros:
- The benefits of running a sole trader
- Total control and easy decision making
- Keep the profit and remain private
- Change to a limited company easily
Cons:
- Sole traders are 100% liable for any debt that the business takes on
- Sole traders have less flexibility in terms of how they can share profits, which means that it is harder to save money for themselves
- As a sole trader, you cannot deduct your salary from your taxes.
We can help sole traders with their accounting, just follow these 3 easy steps.
1
Get in touch
We offer free consultations because it's so important to have the proper financial guidance. You can meet with one of our accountants in person or through video chat at your convenience!
2
Talk to an expert
We are here to help you grow your business, and we will provide a range of support services that can be tailored for different types of companies.
3
Get a quote
We believe in a pricing structure that is fixed and tailored specifically to each individual's needs, so you only pay for the services or support required.
Our simple process makes it easy to switch
There are no tax implications, and you can switch at any time in the year.
Our team will guide you through this process for a smooth transition! Our team will guide you through this process so that everything goes smoothly!
Ready to get Started?
We provide flexible appointment times so you can get in touch no matter what works best for YOU, so we're here for you.
Our team of accountants can take the next step with a chat – book yourself in on one of our video calls with Barry!
