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Sole Traders Accountants at Affordable Price
You take charge of your business, and we will take charge of your sole traders accounts. Both will enable business confidence and expansion.
What is a Sole Trader?
Getting total control over the financial and business decisions of your enterprise is a dream come true for any businessperson. To achieve this, you will have to qualify as a sole trader. Once you qualify, you will be able to make all kinds of important decisions and keep the profits with you.
If it looks attractive, then why are many businesspersons not opting to become one? It’s because of the risks involved. Also, for one person to make informed decisions on important matters such as finance single-handedly is simply not possible. That’s why business enterprises such as yours are increasingly preferring to hire sole traders accountants to get the job done.
Why Choose CoxHinkins for Sole Traders Accounting Services?
As noted above, there are certain risks involved when it comes to becoming a sole trader. Firstly, it will not be easy to manage single-handedly, and secondly, any losses will be yours, leading to debts that you may not be able to recover from. Taking such risks and adding additional responsibilities can lead to financial losses for your business and a reduction in productivity.
Instead of shouldering such responsibilities, you can start exploring the option of handing them over to a service partner such as CoxHinkins. We can offer you sole traders accounting services through our professional and experienced sole traders accountants.
Benefits and Drawbacks of Operating as a Sole Trader
It is quite attractive to register as a Sole Trader; after all, it gives you complete control over the decision-making of your enterprises. Apart from that, there are many other benefits that will entice you enough. However, there are some drawbacks that you must take notice of. Let’s focus on the Benefits first.
If you are running a large business, you must have faced delays in decision-making because of the number of departments and stakeholders that need to be considered. Instead, by becoming a sole trader, you can make all decisions singlehandedly.
Keeping All the Profits
Sole traders can keep all the profits after paying taxes because of the risk they have taken in decision-making. There will be no sharing of profits with the employees because they have not worked on it.
Privacy
You will not be required to share your information with anyone. By becoming a sole trader, you are basically keeping sensitive information to yourself, thus reducing the chances of data theft and information entering the public domain.
Drawbacks
Not Ideal for Large or Expanding Businesses
Large or expanding business owners will find it challenging to take on the responsibility of a sole trader singlehandedly because of the sheer volume of data involved. You can own a business, but running it requires department heads and accountants who can manage the volume of work.
Take on the Losses
Once you become a sole trader, you are not separate from your business, so all the losses will be liable to you. Therefore, you will be without any income and will be owing money.
Responsibilities of a Sole Trader
There are certain responsibilities of a sole trader, which are as follows:
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You must pay Income Tax on any profits of your business
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Pay your National Insurance
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Keep all records of your expenses and sales
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Register for VAT if you expect your takings to be more than £85,000 a year
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Your business debts
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Pay bills for anything related to your business
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If you are a contractor or sub-contractor in the construction industry you will need to register with the Construction Industry Scheme (CIS)
50+
Years of Experience
Our Accounting Software Partners That Will Grow Your Business
Our sole traders accountants package covers everything you require, including all-around accountancy support and accounting software. Due to the usage of multiple accounting software, such as Xero, FreeAgent, and QuickBooks, maintaining records has become much more manageable.
Through these accounting software’s you can check your finances via mobile or desktop. Also, you can download bank statements, record expenses, send invoices, and look at your accounts and the tax amount you owe in real-time.
Complete Sole Trader Accounting Service Built for You
CoxHinkins understands your difficulties and needs, and we have accordingly trained our sole traders accountants to offer tailored business requirements. We have invested in processes and technologies that can improve your decision-making and help propel your business. Here’s what we offer you.
In our package, you will receive a dedicated accountant who will offer you the best possible services. The accountant will study your business and its requirements in detail and, based on that, provide you with the best possible advice.
We will handle all the tax returns and your sole traders accounts with HMRC. Our sole traders accountants will keep you posted regarding tax rates and payment deadlines. We will also support you in preparing financial reports that will help you make better decisions.
Our sole traders accountants use the latest and well-known accounting software such as FreeAgent, QuickBooks and Xero. These software’s will not cost you extra because it will come with our sole trader accounting package.
Because you now have a dedicated accountant, meeting deadlines will not be an issue. Our accountant will send you reminders about filing or paying taxes.
