A sole trader (often referred to as self-employment) is a simple business structure for small businesses. The person running the business owns the assets and earns the profit; they are personally responsible for any liabilities of the business including the consequences of unexpected events and downturns in the business. They must maintain financial records for the business and pay tax on the profit.
Subcontractors in the Construction Industry Scheme (CIS) also count as sole traders. They too must submit tax returns. Aside from avoiding HMRC’s penalty charges, if your earnings before CIS deductions are lower than £25,000, you will likely be due tax rebates.
Be your own boss
Keep all the profits
Easy to start
Easy to end
Low start-up costs
Easy to upgrade the structure
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Excellent Book Keeping Service highly recommended.
Aston Black have provided accountancy services to my company, Topcat Metrology Ltd for the last six years. They are efficient, professional and extremely helpful, always going out of their way to ensure that the company’s record keeping is accurate and timely. I would heartily recommend them to other small businesses for payroll, end of year and VAT accounting
Dr Michael Dixon
Aston Black have handled both my company and personal accounts for the last two years. The service has been absolutely impeccable, communication is prompt and clear and I’m able to relax knowing that everything will be dealt with at the correct time and in the most financially efficient manner. Would thoroughly recommend to anyone.
“Aston Black has been my accountant for personal and business purposes for many years now. I have always found them to be knowledgeable and helpful and, probably most importantly, always there when I need his expert help and advice. I would happily recommend their services to anyone at anytime.”