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Sole Trader Accountants

Sole Trader Accountants

Starting alone in small business, is a very popular choice nowadays. The Department for Business Innovation and Skills reports that 75% of all UK businesses have no employees: a huge impact on the economy. Sole trading has many advantages and Target Accounting helps many solopreneurs taking care of all the accounting tasks.

Sole Traders Accountants

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.

Accounting

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:

Accounting

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

Frequently Asked Questions

Target Accounting’s sole trader accountants are specialized in meeting the unique needs of UK entrepreneurs. Their expertise in the nuances of sole trading in the UK ensures tailored, effective financial strategies for each client.

These accountants streamline the business setup process for sole traders by offering guidance on financial matters, handling paperwork, and ensuring compliance, making the setup process more manageable and less time-consuming.

They provide comprehensive tax services including preparation of annual accounts, calculation of tax liabilities, and filing tax returns, ensuring accuracy and compliance with HMRC regulations. Additionally, they offer insights into self assessment accountant fees, helping you compare costs and services to find the best fit for your small business.

Yes, they offer financial planning services, giving you a clear picture of your financial standing and advising on tax planning and business growth strategies.

They handle all aspects of HMRC compliance and correspondence, from ensuring accurate tax filings to responding to inquiries, thus relieving clients of this complex responsibility. Additionally, they manage payroll services, ensuring that payroll fees are accurately calculated and compliant with regulations, which is especially important as these fees often rise with the number of employees.

Their accountants are adept in preparing precise and comprehensive annual accounts, ensuring that your financial records accurately reflect your business’s performance.

They possess deep expertise in UK tax laws, enabling them to accurately calculate tax liabilities while optimizing tax benefits.

By utilising their extensive knowledge of tax regulations and deductions, they ensure that your tax returns are optimized for maximum financial benefit.

Their personalized approach and comprehensive service range make them an ideal choice for solopreneurs who require dedicated financial management.

By managing financial and tax-related tasks, they significantly reduce the administrative load on sole traders, allowing them to focus on core business activities.

Absolutely, they offer bespoke financial advice tailored to the specific needs and goals of each sole trader.

They stay abreast of the latest legal requirements and ensure that all financial practices of the sole trader adhere to these regulations.

By providing expert financial management and tax planning, they help sole traders minimize expenses and maximize profitability.

They ensure that financial data is kept confidential and provide sole traders with full control over their financial decisions.

Their reputation for reliability, expertise in UK business accounting, and personalized service make them a top choice for small business owners. Their tailored services for small businesses ensure cost-effective solutions and significant benefits for various small business entities.

Sole Trader Accounts

Contact us to learn more about our Sole Trader services

Achievements

We're multi-award winning accounting firm

British Accountancy 2019

British Accountancy 2019

British Accountancy 2018

British Accountancy 2018

British Indian Awards 2017

British Indian Awards 2017

British Accountancy 2015

British Accountancy 2015

British Accountancy 2014

British Accountancy 2014

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