Our services

Sole Trader

Many businesses start life operating as a sole trader, and it is very easy to get started. There are, however, many considerations to make and obligations to fulfil in order to satisfy HMRC requirements. We at Suretax can help you with everything, and guide you through the process of starting up and filing the necessary paperwork as well and paying the tax you owe.

There are advantages and disadvantages of operating as a sole trader, some of which are:

  • As the owner of the business, any profits that are made are yours
  • Should you wish to change your business to operate as a limited company, it is a relatively straightforward and certainly something Suretax will assist you with
  • You are in control of the business and can make your own decisions without consulting anybody else
  • Your affairs are not in the public domain since you aren’t required to file any information at Companies House. Therefore your business can be run in private
  • You can build up a better rapport with your customers as you will be able to offer them a more personal service, thereby building up loyalty and customer retention
  • You can become an active member of the local community, and word of mouth is likely to generate more business

Disadvantages:

  • The liabilities of the company are yours, and you are personally responsible for them. Should your business be unsuccessful, you could end up losing your assets to clear any business debts
  • You may struggle to get finance without a limited company trading history, although banks may lend you funds based on self-assessments filed
  • You may find it difficult to negotiate contracts with your customers and suppliers, which is usually more available for large companies since they will order in bulk and can guarantee to cope with varying levels of demand
Get in touch today
Contact Us

Request a free call
from an accountant

Submit the form and one of our friendly accountants will reach out to you within one working day.
By completing this form, I have read and acknowledged the Privacy Policy and agree that Suretax may contact me at the email address or phone number above.
Thank you! Your call back request has been received!

We'll be in touch shortly.
Oops! Something went wrong while submitting your call back request.