Sole Trader Accounting icon

As a Sole Trader you are classified as self-employed by HM Revenue and Customs (HMRC) whether you sell goods or services. You also have to register with HMRC and certain rules and regulations will apply, all of which your account manager will handle so you can rest assured you will never miss a deadline.

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Filed on time, everytime

Never miss a deadline again

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Dedicated account manager

Always at your disposal

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No hidden fees

You focus on the grouting,
we’ll take care
of the accounting

We have helped hundreds of sole trader clients so your in good hands. When you join us we will provide you with a fixed monthly package that includes us getting you registered correctly, submitting a tax return at the end of the financial year and paying Income Tax when due.

We will take on all the hard work and stress that comes with doing the bookkeeping and meeting HMRC deadlines so that you can focus on running a successful business.

#AccountingSorted

  • Personal account manager who handles everything
  • Quick and simple to get started
  • Guaranteed we’ll never miss a deadline
  • We take away the pain off dealing with HMRC

Focus on your business. And we’ll focus on the numbers.

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Get a callback

The first coffee is on us to understand your needs and does not require any commitment.

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Find your solution

We know one size doesn’t fit all, so let our lovely experts find the right solution for you.

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Leave it to us

Dot the i’s, cross the t’s and we’ll take care of the rest.

Frequently asked questions

  • What are the responsibilities of a sole trader?
  • What are the advantages of a sole trader?
  • Do I need a separate bank account
  • Do I need to register for VAT?

What are the responsibilities of a sole trader?

The responsibilities that come with being a Sole Trader are different to those of a company director who runs a limited company. You run your business as an individual and keep all business profits after tax has been paid on them. You are also solely responsible for losses that your business may make.

There are also additional requirements from HMRC that must be followed including maintaining records and an annual submission of a tax return.

What are the advantages of a sole trader?

Becoming a Sole Trader is the simplest way to get your new business off the ground. You can start trading immediately, subject to any industry specific licences or insurances you might be required to have.
As a Sole Trader, you will have complete control over your business and its finances. You can adapt quickly to any changes in your business.

If you run your business as a Sole Trader, no distinction is made between your personal and business finances. It is therefore crucially important for you to realise that should anything go wrong, you will be personally liable for any business debts. Get in touch with one of our account managers to help see if a sole trader structure is right for you.

Do I need a separate bank account

While not essential we strongly advise that you keep your personal and business finances separate. This will mean you will have transparency across your business and a clear record of all business transactions.

Keeping your business affairs separate from your personal finances will ultimately save you a lot of administration time and effort.

Do I need to register for VAT?

You do not have to register for VAT if your business turnover is below the current 2020/21 threshold which is £85,000.
Regardless of whether they meet the turnover threshold or not, many Sole Traders will register for VAT as it will allow them to reclaim VAT on items purchased by their business. VAT registration can also allow, where relevant, entry into the flat rate VAT scheme and the benefits attached to it.

It is crucial that you take advice about VAT registration so speak to one of sole trader experts to make sure we set up the correct VAT structure for you.


What are the responsibilities of a sole trader?

What are the responsibilities of a sole trader?

The responsibilities that come with being a Sole Trader are different to those of a company director who runs a limited company. You run your business as an individual and keep all business profits after tax has been paid on them. You are also solely responsible for losses that your business may make.

There are also additional requirements from HMRC that must be followed including maintaining records and an annual submission of a tax return.

What are the advantages of a sole trader?

What are the advantages of a sole trader?

Becoming a Sole Trader is the simplest way to get your new business off the ground. You can start trading immediately, subject to any industry specific licences or insurances you might be required to have.
As a Sole Trader, you will have complete control over your business and its finances. You can adapt quickly to any changes in your business.

If you run your business as a Sole Trader, no distinction is made between your personal and business finances. It is therefore crucially important for you to realise that should anything go wrong, you will be personally liable for any business debts. Get in touch with one of our account managers to help see if a sole trader structure is right for you.

Do I need a separate bank account

Do I need a separate bank account

While not essential we strongly advise that you keep your personal and business finances separate. This will mean you will have transparency across your business and a clear record of all business transactions.

Keeping your business affairs separate from your personal finances will ultimately save you a lot of administration time and effort.

Do I need to register for VAT?

Do I need to register for VAT?

You do not have to register for VAT if your business turnover is below the current 2020/21 threshold which is £85,000.
Regardless of whether they meet the turnover threshold or not, many Sole Traders will register for VAT as it will allow them to reclaim VAT on items purchased by their business. VAT registration can also allow, where relevant, entry into the flat rate VAT scheme and the benefits attached to it.

It is crucial that you take advice about VAT registration so speak to one of sole trader experts to make sure we set up the correct VAT structure for you.


We can help with more than just Sole Trader Accounting

You can be serious without a suit.

When we say we’re at the forefront of accounting we mean it. We give our staff the freedom to ditch the suit and stamp their own personality on the business.

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Contact us today to schedule your free, no obligation telephone consultation.

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