Sole trader is basically you trading as your business. You are personally liable for all your businesses debts which puts you at risk at losing your personal assets.
The main advantage to being a sole trader is flexibility and you make quick decisions such as easily changing your trading identity as your business grows.
Another advantage to you as either a sole trader or partnership is that in the event you make a loss you can deduct your losses from future profits, provided these profits are made from the same business. You can also deduct losses from other income you have gained either in the year you sustained the loss, or the previous year, including any personal income you might have.
What we would do.
- We will register you to become a sole trader with HMRC
- Send you the relevant forms for you to sign so we are able to talk to HMRC
- Preparation of sole trader accounts
- Preparation and submission of personal Tax Return and advise of personal Tax Liabilities
What you need to do
- Give us a call so we can establish whether is beneficial for you to be a sole trader.
- Let us know a few details so we can register you with HMRC.
- Send us a monthly envelope. What do i send?