Becoming a sole trader (or self employed as most people call it) can be a great way to start up in business. It offers the simplest and quickest way to start trading, it is also easier on the admin front and therefore often means cheaper accounting fees.
What’s included in our Sole Trader Services
Our all inclusive monthly service will cover everything you need to start up and trade as a sole trader, including:
• Free registration so you can start trading immediately
• Free, easy to use bookkeeping software
• Ongoing support & advice throughout the year
• Dedicated account manager
• Quarterly VAT Return
• End of year accounts
• Personal tax return
Things to consider as a Sole trader
There are some drawbacks to operating as a sole trader though. If you are contracting via an agency they will almost always insist you trade as a Limited Company instead of a sole trader (due to complex tax legislation). If this is the case check out the service we can provide to you as a Limited company.
Other reasons Limited companies are sometimes used instead of sole traders are that it can be more tax efficient to use a Limited Company depending on your circumstances, why not request a take home pay calculation and we can demonstrate the tax savings.
Depending on your circumstances, it is important to take into condiseration the difference between operating as a Sole Trader or as a Limited Company. The main thing to take into account is that as a sole trader there is no legal difference between yourself and your business, where as a Limited company offers you the protection of limited liability.
If you would like to discuss whether becoming a Sole Trader or a Limited Company is best for you please give us a call now.