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info@tycoonaccountancy.co.uk
+44 7520 645027
+44 7520 645027
Who We Support
SPECIALIST ACCOUNTANTS FOR SOLE TRADERS & SELF EMPLOYED
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.
What We Offer?
We have hundreds of self employed clients with years of experience. This means your in good hands. When you join us 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.
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.
Sole Traders
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
