Accountants for Sole Traders

Comprehensive Accounting Service for Sole Traders starting at just £22+vat per month. We take the stress out of your accounting, so you can focus on growing your business.

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Complete Sole Trader Accounting Service built for you

Dedicated Accountant

We provide a dedicated accountant for all our Sole Trader accounting packages ensuring you get the best of customer service experience. Your Dedicated Accountant will take time to get to know your businesses and advise you appropriately.

Self-Assessment Return SA302 & Sole Trader Accounts

We will prepare and submit your Personal Tax Return & Sole Trader Accounts directly to HMRC. We will advise you on how much tax to pay and when to pay. We work with our clients to prepare accounts that will help them in making critical business decisions.

Award Winning Accounting Software

We use only the best accounting software for our clients. You get to choose from the top three Award Winning Software in the UK; FreeAgent, Xero or QuickBooks. Even better, the cost of these software are included as part of your package.

Never Miss a Deadline

As your dedicated accountants, we will ensure that you do not miss any deadlines. We will send out automated reminders and chase when needed about when to file or pay your taxes.

Tax planning & Advice

We believe in providing a Value-Add service, that why all our Sole Trader Accounting packages come standard with regular Tax efficiency reviews to help you save tax.

Fixed Price – No Surprises

We don’t charge you every time you call us, need help or advice, with our fixed monthly packages you can be relaxed when speaking to us about your accounts and tax matters.

Read more on our
Self-Assessment Tax Return Service

Our Accounting
Software Partners

Our Sole Trader Accounting Service Service

  • VAT Registrations & Returns
  • Payroll Registrations & RTI Returns
  • Pensions & Auto-Enrolment
  • Bookkeeping
  • Tax Investigation Service
  • Business Plans
  • Management Accounts
Our sole trader accounting service
We Do Accounting

After 25 years of running a business I have finally found the ideal accountants. They offer a great service integrated perfectly with the online software. They handle all my compliance efficiently and rapidly respond to my queries.

Fred Warman client profile

Fiddian Warman

Responsibilities of a Sole Trader

Here are some of the responsibilities that a sole trader has to look after.

  • Submit a Self Assessment tax return every year
  • You must pay Income Tax on any profits of your business
  • Pay your National Insurance
  • Register for VAT if you expect your takings to be more than £83,000 a year
  • Your businesses debts
  • Pay bills for anything related to your business
  • If you are a contractor or sub-contractor in the construction industry you will need to register with the Construction Industry Scheme (CIS)

What Is A Sole Trader

As soon as you start working for yourself, you will be classed as a self-employed “Sole Trader”, this happens even if you’ve not let HM Revenue and Customs(HMRC) that you have started trading.

Advantages & Disadvantages of being a Sole Trader

A sole trader is a type of business owned and run by a single person on a self-employed basis. Most people thinking of becoming self-employed will choose between sole trader and a limited company. A limited company is a company where the owner and the business are separate legal entities – below are the advantages and disadvantages of running a business as a sole trader.

Advantages


Faster Decisions

Businesses bigger than sole traders often have multiple levels of management, owners, and stakeholders, all with competing ideas and goals – it can mean even the simplest decisions can take a long time. As a sole trader, you’ll be the owner and the manager, so you get to make all the decisions without anybody telling you what to do – it means you can make decisions quick enough for them to matter.

Keeps all profits

A sole trader gets to keep all the profits (after tax) that they make. There’s no Corporation Tax to pay, and there’s usually no employees to pay.

Cheaper Accounting

Sole traders are only legally required to complete a profit and loss account (as well as filing yearly Self-Assessment Tax Returns) – limited companies must do a balance sheet and cash flow. Accountants usually charge sole traders lower fees than they do limited companies because there’s less work for them to do.

More Privacy

Limited companies don’t get to keep certain information private, as they have to register with Companies House, which means it is in the public domain.

Diadvantages


Personally Liable

Because, unlike limited companies, sole traders are not legally separate from the business they run, a sole trader is personally liable to pay any debts incurred. This could be especially troublesome if the debt forces the sole trader to stop trading, as they will not be getting any income, but will still owe money.

Can be difficult to get large clients

Many businesses, especially the larger ones, view sole traders as small and a liability, which means it can be difficult to get work from larger clients. Often people working as a limited company will find it easier because they will be perceived as being bigger, even though a limited company can still be owned and managed by a single person.

No Sick Pay

Sole traders don’t get paid if they’re not working, so that could mean trouble if they fall ill – they will not be making money, nor will their business be providing the service they had agreed to do for another person or business. There is also a risk of clients looking elsewhere when you are unable to provide your services.

Still needs to do some accounting

Though accounting is a lot simpler for sole traders, you still need to do things like keeping receipts, paying tax (and even VAT if you earn over £83,000 per year) and National Insurance. Fortunately, 1Stop is full of specialist sole trader accountants who will do most of the work for you for a fixed monthly fee.

Meet Our Sole Trader Specialist

Rima Abou

Rima Abou

Client Accountant

"Hi there, I am a Client Accountant here at Fusion Accountants handling a portfolio of small to medium size entities across a range of industries including, Hospitality, IT consultancy , Manufacturing , Construction (CIS) and E-commerce.

Working closely with my clients and understanding their business is key when it comes to devlivering a value add account reporting that is aimed to provide the business the tool to make key decisions. Outside work, I enjoy cooking international dishes, spending quality time with my Husband and three children."

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