Sole Trader Tax

Posted by brampton

  • blog
  • |
  • 29 May , 2020

As a sole trader, traders are liable to file a tax return. An accountant is the best person to approach considering the other important business tasks the trader has to handle. You will come across many accountants providing the services. Brampton accounting services is one of the best firms with leading tax accountants providing assistance to the traders to file their tax returns.

Sole traders have complete control over their business and finances. These are the individuals who along with enjoying all the profits and rewards suffer the losses with the risk taken while running their business. Being the sole trader, he is solely responsible for the company unlike private limited companies or the partnership firms where more than one person is involved in the business operations. Each and everything have its pros and cons. It is imperative for the sole traders to have an apprehension of their business and all the things related with it.

Sole trading is not considered as a separate endeavour. The trader invests from his personal funds. He has limitations over the investments. However, they can withdraw any amount of money as required. They do not have to pay any additional taxes if they do so. Speaking about the taxes, A sole trade business does not pay its own tax on profits and gains (as in Pvt. Ltd. Company), instead under the income tax rules and regulations, the profits and gains are accessed as owners personal tax. Losses can be adjusted against owner’s income from other sources. No tax is charged when profits are withdrawn from the business as all profits already assessed to tax on the individual as trading profits. There are many other aspects to be taken care of related to tax.

We, at Brampton Accounting firm, have a team of accountants who has gained experience over the year. With the involvement of our elite accountants, we strive to give the best services for all the needy sole traders. We provide complete valuable services favourable to your business. We give honest solutions about the business and render complete assistance in completing the tax returns. We are just a call away.

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Sole Trader Tax

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