26 Jul Accounting 101: How Accountants for Sole Traders Take Care of your Monthly Woes
At Accotax, our accountants for sole traders take care of your monthly accounting woes. We’ll get you appropriately registered. File your self-assessment tax returns to get everything submitted at the end of every business year.
You register for HMRC to fall under the category of self-employed. This also helps HMRC classify you. Whether you sell goods or services, specific rules, and regulations apply.
Our expert accountants for sole traders at Accotax will ensure that you never miss any deadline with respect to accountancy. We provide you a bookkeeping software to get you started.
Accotax aims to take all the hard work from your hands. We take full responsibility for your account. Our accountants deal with a vast clientele of sole traders. This helps us know how and what works for your business. Your HMRC deadlines will be met. We do your bookkeeping right.
What are your responsibilities as a Sole Trader?
You’ll ride the risk of losses, and keep all your profits after taxes. That’s the difference between a company director who runs a limited company and a sole trader. Sole traders follow certain rules and regulations set by the HRMC. We help outsole traders with all the expenses. Here’s how the process rolls out.
- Submit a self-assessment form at the end of each business year.
- Pay national insurance with your tax.
- Register for VAT for a turnover of 83,000 each year.
Pros and cons of being a Sole Trader
Now that you’re in total control of your business, expect great ROIs. The only downside is that you’re liable for everything. As the sole business owner, you keep the profits. If your business incurs a loss, you’ll have to bear it. You might end up losing your assets as well. Customer service can make or break everything if you’re dealing with competitors/large organizations. It gets challenging to acquire loans and provide you with business a financial push to expand every year or two.