Do you operate as a sole trader?
You'll likely find yourself constantly short on time. So, when it comes to filing your accounts and returns, they must seem a bit of a chore. Pair this with having to try and stay abreast of changing tax legislation, and you may find yourself fighting a losing battle. With the help of an accountant, you'll save time and be less likely to make mistakes and be fined.
Can we help you?
Want MoynanSmith to rid you of the stress of running your sole trader business?
Get in touch today to arrange a FREE 60-minute health check. Give us a call on 01228 586790 or click the button below to book one now.
We have the expertise to make your business the best it can be
Whether you've been a sole trader for years, or are looking into registering as a sole trader, we'll help. At MoynanSmith Accountants in Carlisle we have experience of working with all kinds of businesses.
Sole traders are businesses owned and operated by just one person. Despite just one person being in control, they can still have employees. Setting up as a sole trader means you'll have unlimited liability, and so be responsible for paying any debts your business might accrue.
Considering sole trader registration? Benefits of being a sole trader include:
- Easy to set up - due to their small size and lack of complex regulations, they can set up without hassle.
- Low capital - doesn't require a great deal of money to be invested initially. This means start-up cost can be minimised.
- Low wage bills - few or no employees mean not much is spent on the running of the business.
- Easy to keep control - no one else has any input, decisions are solely up to you, the owner.
As a sole trader, you're expected to complete a self-assessment tax return annually, pay income tax and pay national insurance. Depending on your takings, you may also need to be VAT registered.
Want to free up time? Want advice setting up as a sole trader? Or even want help changing your business structure?
At MoynanSmith, we have the knowledge to advise you on the best structure for your business. We'll make sure you never get in trouble with HMRC, and pay as little tax as you need to.