Sole Trader and Partnerships
A sole trader or partnership is the simplest structure for starting a business. Registration costs are minimal and record keeping is straightforward, as you only need to keep records of your income and expenses.
As a sole trader you are personally responsible and liable for all debts the business incurs and your home and personal assets can be at risk. The benefit of a sole trader is that all profits go straight to you.
As a sole trader you will need to register with HM Revenue and Customs as self employed and complete a self assessment tax return annually which needs to be filed by the 31st of January each year.
We can ensure you are correctly registered with the Revenue and paying the correct National Insurance contributions. We can also advise you if you need to be VAT registered as it may be beneficial to your tax position.
If you are working from home we can also advise you on allowances for home office, mobile and internet use s well as mileage claims.