Sole Trader
Independent, less regulation, Privacy...
But is it less worry? Let SKN help you.
At SKN Chartered Accountants, we can offer you support as a sole trade. We have a wealth of experience and an impressive portfolio of sole trader clients. You will be able to tap into a vast array of resources and services to help you with business decision making.
Even though there are many rewards of being a sole proprietor, there is still a strict guideline that needs to be followed to allow the tax assessment year to operate with ease.
If you are already set up as a sole trader or are thinking of starting a business as a sole trader, then come in and visit SKN Chartered Accountants where we have a team of qualified professionals who can help small businesses and self employed individuals.
The advantages of setting up as a sole trader:
- Complete ownership - Any decisions such as accountancy, financial or general business decisions, lay solely on the individual
- Small business - Less finance is required to start up
- Sole keeper of profits - The sole trader keeps all profits and don't have to be shared with others
- Privacy - Any financial or business affairs are kept private so no competitors can have insight into the success of your business
- Little Regulation - Little or no regulation so there is not a requirement for an audit
The disadvantages of setting up as a sole trader:
- Unlimited Liability - You have unlimited liability, which means you are solely accountable for any debts your business may be in and the risk is upon yourself if you can not pay the business debts
- Small business - are often unable to buy bulk therefore prices are usually higher than larger organizations
- Higher risk of failure - As sole traders have a higher rate of bankruptcy, banks are usually reluctant to lend
- Reliance on Owner - Owner is fully responsible and is dependant upon own health otherwise the business may suffer
How we can help your business:
SKN Chartered Accountants can assess the benefits of staying as a sole trader or change to a Limited Company, HMRC Correspondence as well as National Insurance exemptions. Let us guide you and your business in the best possible way so you don't have to worry about your finances.
Please contact us on our free phone line 0800 612 3371 where someone is happy to help you today.
