Specialist Accountants for Sole Traders
From IT consultants and business analysts to Architecture, Locum Doctors, Dentists, Freelancers, Electrician. We support inevery step of your way to be on top of your finances.
At YRF Accountants we have team of specialist Sole trader Accountants with experience in relevant industry who will work with you to ensure your tax bill, return, bills and invoices are all up to date.
We have packages start from £22.50 plus VAT to suite all types and size of sole trader businesses. ALL OUR PRICES ARE EXCLUDING VAT
Need to talk to us! Please call us on 01204 938696
STANDARDIdeal if you have started as a sole trader
Simple Online Accounting System
Specialist Sole trader Accountant
Self-Assessment Tax Return
Reference Letter (Mortgage, Tenancy, Visas)
Everything in STANDARD
Monthly Payroll Management for 1 Employee
Quarterly Management Accounts
Dedicated Accountant to Provide You Tailored Support anbd Advise
Are you already trading or considering starting a business as a sole trader? YRF Accountants can help as we are a ‘one-stop-shop’ for accountancy services and tax advice for independent businesses and self-employed individuals.
The main advantages of setting up as a sole trader are:
- Total control – You have total control over the business. Decisions can be made quickly and easily, from accountancy and financial decisions to general business decisions.
- Easy to change to another trading identity. It is relatively easy to change your trading identity from that of a sole trader to a limited company.
- Keep the profit – As the owner of the business, all the profit belongs to you.
- Business affairs are private – When you run an unincorporated business your accounts are not made available to the public therefore competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.
The reasons why sole traders are often successful are:
- They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
- They can be sensitive to the needs of their customers – Being closer to the customer allows you to react more quickly to their needs than a larger business.
- Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.
The main disadvantages of being a sole trader are:
- You are personally liable and accountable for all your businesses debts – Should your business fail you could end up losing your personal assets such as your home, car, etc.
- Can be difficult to raise finance – When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.
- Can be difficult to enjoy economies of scale – Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.