Specialist Accountants for
Sole Traders &
I would recommend them to everyone Saira Jafri
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, all of which Pearl can take care of.
When you join Pearl, we will provide you with a free bookkeeping software to get you started and ensure you never miss a deadline.
Specialist Sole Trader & Self Employed Accountants
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.
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:
Advantages & Disadvantages of Being a Sole Trader
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
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.
LEARN MORE …
Watch our quick introduction Video
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Download our FREE Self Assessment Brochure
Included in our Brochure:
- Self Assessment
- Record Keeping
- Expenses you can claim
- Much more..
020 8582 0076