Accounting Services for Sole Traders

Thank you for considering Target Accounting for your accountants for sole traders. We understand that starting a business can be a challenging endeavor, but rest assured, we are here to support you every step of the way. With our comprehensive range of services, we can provide you with the guidance you need to navigate through the complexities of tax regulations and financial management.

Choosing the right sole trader accountant is crucial, as a dedicated professional can offer unlimited support, advice, and assistance, ensuring a hassle-free experience with our sole trader accounting package tailored specifically for your needs.

Our accountants can help you start as a sole trader and evaluate other company formation options. We also offer services such as managing business accounts, ensuring you have a clear financial picture of your business. Thanks to an end-to-end service, you will get a clear financial picture of your business, expert advice on how to optimize tax planning, separate personal and business expenses for tax benefits, and deal with HMRC correspondence, including strategic tax planning advice.

Advantages of Sole Trading in the UK:

• Ease of set up
• Less administration
• Fewer costs
• More privacy
• Complete control

Our team of experienced professionals is dedicated to helping you achieve your goals and ensuring compliance with the ever-changing tax laws. Please don’t hesitate to reach out to us for a one-stop-shop experience tailored to your specific business and accounting needs.

Sole Trader Accounting

Target Accounting assists sole traders with several crucial tasks, such as preparation of annual accounts, calculation of tax liability and tax returns filing with HMRC. Our London business accountants will help you make sure your business complies with legal requirements and avoids penalties. When it comes to how accountants charge sole traders, our accountant cost is competitive and tailored to the individual needs of the sole trader, with a fixed monthly fee emphasizing the absence of hidden costs.

Why choose our sole trader accounting services:

• Preparation and submission of your self-assessment tax return
• A full set of Sole Trader accounts
• Guaranteed of satisfaction and no Penalty
• Dedicated accountant
• Free accounting software
• Fast Response

Sole trader or Limited Company?

Choosing between starting a limited company or setting up as a sole trader can be difficult, and one should simply evaluate carefully his own situation to make a good choice. There are many factors involved, such as the type of business, its turnover, accounting fees, your future plans business finances, commercial risk level etc.

An important consideration for sole traders is the implications of using one’s home as business premises for accounting purposes, which can affect how expenses are claimed and taxes are calculated. Specialized services like business planning advice may also be much more expensive, in the region of £125 to £150 per hour.

Setting up as a limited company offers several tax advantages compared to being a sole trader. As a limited company, you can benefit from lower tax rates, income tax, planning opportunities, and the ability to take advantage of dividends. For more detailed information on limited companies, you can find helpful guidance available here.

Sole Trader advantages

• No Ltd. company formation fees
• Tax return filing only once a year
• Less administrative work

Limited Company advantages

• You are separate from the company, so no personal possessions at risk
• Better tax planning opportunities
• Easier to grow