Sole Trader Accounts

Starting alone in 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 Trader Accounts

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Starting out

Our accountants can help you start as a sole trader and evaluate other company formation options. Thanks to an end-to-end service you will get a clear financial picture of your business and expert advice on how to optimise tax planning and deal with HMRC correspondence.

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.

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, your future plans, commercial risk level etc.

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