Being Self Employed??
As a Sole Trader you are classified as self-employed by https://accountants-toronto.netwhether 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.
What we offer?
We have hundreds of self employed clients with years of experience. This means your in good hands. When you join Pearl we will provide you with a fixed monthly package. This includes getting you registered properly, 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 doing the bookkeeping and meeting HMRC deadlines so that you can run your successful business.
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.
Sole Trader Responsibilities
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
- 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 busines
- 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 Quick Books which can be used on any device from any location and supported by us, as we are Quick Books Pro Advisors in London.
Get in Touch for a FREE Consultation
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