020 8582 0076

Specialist Accountants for
Sole Traders &
Self Employed

Latest Testimonial

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

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:

  • 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 & 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.

View more about QuickBooks Accounting

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LEARN MORE …

Self Employment

Helpful information for the self employed

Startup Business

Tips to get you get started in business

Business Growth

Advice and tips for improving your business

Tax Strategies

Tax planning strategies for all types

Watch our quick introduction Video

FREE Brochure Download

Download our FREE Self Assessment Brochure

 

Included in our Brochure:

  • Self Assessment
  • Record Keeping
  • Deadlines
  • Expenses you can claim
  • Much more..

OUR OFFICES

020 8582 0076

staff@pearlaccountants.com

ACCOUNTANTS
LONDON

Pearl Accountants London, Covent Garden

Central London Office
Ground Floor
90 Long Acre
Covent Garden
London
WC2E 9RZ

Accountants London

ACCOUNTANTS
EAST LONDON

Peral Accountants East London

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

Accountants East London

ACCOUNTANTS
HOUNSLOW

Pearl Accountants Hounslow

Hounslow Office
Quest House
Ground Floor
125-135 Staines Road
Hounslow
TW3 3JB

Accountants Hounslow

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KINGSTON

Peral Accountants Kingston

Kingston Office
Unit 3
Kingsmill Business Park
Chapel Mill Road
Kingston-upon-Thames
KT1 3GZ

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HARROW

Pearl Accountants Park Royal Office

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

Accountants Harrow

Pearl Accountants London, Covent Garden

Accountants London

Peral Accountants East London

Accountants
East London

Pearl Accountants Hounslow

Accountants
Hounslow

Peral Accountants Kingston

Accountants
Kingston

Pearl Accountants Park Royal Office

Accountants
Harrow

Accountants London
Company Registration No. 07078392