What is a Sole Trader?
A sole trader is a business that is owned by one person, although you can have people working for you. As a sole trader, you are personally trading as your business, thus you and the business are treated as a single entity for tax and administrative purposes.
As a Sole Trader you must maintain accurate business accounts and records for HMRC. You are also required to comply with legal requirements that concern the protection of the customer.
Why Work as a Sole Trader
Setting yourself up as a sole trader can be a great way to start up in business. Administration costs are next to nothing, and there are no set up costs for registering at Companies House. It is the quickest and simplest way to get your business up and running.
As with setting up any business however, as a sole trader you are responsible for making all the decisions and the requirements of administration lie with you. There is always assistance when you need it, but ultimately, the responsibility sits with you to manage your business efficiently and in compliance with legislation.
Choosing to operate as a sole trader offers great freedom and a high degree of flexibility, but it is not the best route for everyone. You should consider your options carefully.
Do you need an accountant?
In theory it is cheaper to look after your day-to-day bookkeeping and compliance tasks yourself. But in reality, many self-employed professionals realise that the time, stress and uncertainty of trying to keep on top of everything, as well as doing their day job, costs much more than any initial cash saving.
At Numerix Accountancy we aim to make the day to day running of your business as simple as possible. As a sole trader, getting the accounts right, is important but time consuming; getting them wrong could be costly. Which is why, we specialise in offering, bespoke fixed fee accountancy packages that fulfil, all your business and personal taxation needs. Let us take care of your accounting so you have more time for yourself.
What do we offer: