Sole Trader
Setting up in business as a Sole Trader is the simplest way to run a business. Record keeping and accounts are usually straightforward and any profits generated are your own. All key management decisions are also your own.
As a Sole Trader, you will remain personally liable for any debts that your business runs up which can make this a higher risk option if your business needs finance and trade credit in the early years.
Setting up as a Sole Trader is simple: you will need to register as self-employed with HM Revenue and Customs (HMRC) and make an annual self-assessment tax return to HMRC. You must also keep proper accounting records relating to all sources of income and items of expenditure.
For more information about your responsibilities as a Sole Trader, or advice as to whether you should be in business as a Sole Trader, please contact us for a free initial consultation.
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Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote.