Sole Trader Accountants

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 apply.

Pearl Accountants are Specialist Sole Trader and Self-Employed Accountants. We will provide you with a comprehensive inclusive package. This includes setting you up as a sole trader, submitting a Self-Assessment Tax Return at the end of the financial year and paying Income Tax due.

We will take on all the hard work and stress that comes with filing your accounts and meeting HMRC deadlines so that you can run your successful business.

Accountants for Sole Traders Sole Trader

Small Business Accountants Kingston Sole Trader Responsibilities

Sole Trader Responsibilities

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 certain HMRC rules and regulations that must be followed:

  • Keep records of all business sales and expenses
  • Submit a Self-Assessment Tax Return each year
  • Pay Income Tax due on profits made
  • Pay National Insurance
  • Register for VAT if your turnover is expected to be more than £83,000 a year

Advantages of being a Sole Trader

  • Decisions can be made easily and swiftly as you are in total control of your business
  • You get to keep all the profits that are made as the sole owner of the business
  • Customer service can be delivered with a personal touch giving you the upper hand over larger more complex competitors
  • All business financial data are private and are not available to the public keeping your business affairs under wraps
  • You are able to hire staff to work for you in the running of your business

Disadvantages of being a Sole Trader

  • Personal liability lies with you as the only business owner
  • If any losses are made you could end up losing your personal assets
  • If it not easy to obtain large financial loans from banks and raising finance is often difficult
  • Economies of scale cannot be leveraged because lower prices and discounts from suppliers are often only given to larger businesses
  • If you fall ill, you will not get paid if you are not working and your business and financial status will suffer

Online Sole Trader Accountants Online Accountants for Sole Traders

Specialist Online Accounting Services

Pearl Accountants are Specialist Online Accountants with expertise in Sole trader accounts and as Qualified Chartered Accountants we can provide you with expert business advice.

For a fixed monthly fee our dedicated accountants will ensure that all HMRC tax returns and Self-Assessments are done online and deadlines met using specialist software that is HMRC approved.

We will also ensure that your year-end accounts are ready by setting you up with our specialist online software accounting package QuickBooks which can be used on any device from any location and supported by us as Certified QuickBooks Platinum Pro-Advisor's

Online Accountants for Sole Traders

020 8582 0076


Pearl Accountants London, Covent Garden

Central London Office
90 Long Acre
Covent Garden


Peral Accountants East London

East London Office
29th Floor
One Canada Square
Canary Wharf
E14 5DY

Read More..


Pearl Accountants Hounslow

Hounslow Office
Pinnacle House,
First Floor,
31 Cross Lances Rd

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Peral Accountants Kingston

Kingston Office
Unit 3
Kingsmill Business Park
Chapel Mill Road

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Pearl Accountants Park Royal Office

Park Royal office
Suite 618
Crown House
North Circular Road
Park Royal
NW10 7PN

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Advice from accredited accountants
a2z rout

We have been a client with Pearl Accountants for the last 5 years and we can only say that we have had nothing but an exceptional service and the advice we have received has been correct and perfect for our business.

Koser Praveen, Director at Usman Telecom Limited


Pearls Accountants are unique as you get a personal one to one service and they always answer your queries in a fast and professional manner.

Then i first opened up as a limited company i was clueless, but Pearls Accountant kindly assisted me the best way so i felt at ease and understood how the operation works.

Everything was explained clearly in detail and i could ask as many open questions and they where happy to help.
How bigger team is on board so its quicker response turnaround. and


I found Pearl accountants to be really professional.

They make me feel that I am a valued customer and to me what makes Pearl accountants unique is their helpful team of dedicated staff members.Their response is always prompt and it makes the daunting task of accounting really easy for me. Pearl Accountants is really a five star accountant company.

I would recommend them to everyone.

Saira Jafri, Kumon Hounslow Central


After being in business for years, I must admit that Pearl Accountants are far the best accountants I have worked with. They are helpful, friendly and trust worthy and most of all provide excellent tax advice.

They provide high level client care. I would certainly recommend Pearl Accountants to all.

Bobby Liddar, Director at Ashbo Limited



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Accountants London
Company Registration No. 07078392