020 8582 0076

Accountants for Sole Traders


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.

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

    Sole Trader

    £25/month + VAT
    • Perfect choice for the self-employed and wishes to file annual tax return to HMRC.

    Micro Business

    £49/month + VAT
    • Ideal for the startup business who requires statutory compliance with HMRC and Companies House.

    Get in Touch for a FREE Consultation

    Get in touch for more information and advice 

    Schedule a meeting for a free consultation.

    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
    90 Long Acre
    Covent Garden
    London
    WC2E 9RZ

    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

    ACCOUNTANTS
    KINGSTON

    Peral Accountants Kingston

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

    Accountants Kingston

    ACCOUNTANTS
    HARROW

    Pearl Accountants Park Royal Office

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

    Accountants Harrow

    Accountants London
    Company Registration No. 07078392