Expert Accounting for Sole Traders
We provide custom-fit, comprehensive accounting and tax services tailored for sole traders, helping you launch your business with clarity and confidence. From registering with HMRC to managing your Self-Assessment returns, our expert team ensures you're fully compliant and financially prepared.
Our Sole Trader Accounting Services
- VAT Registrations & Returns
- Payroll Registrations & RTI Returns
- Bookkeeping
- Pensions & Auto-Enrolment
- Tax Investigation Service
- Business Plans
- Management Accounts
Sole trader accounting features
Dedicated Accountant
Tax Returns & Accounts
Cash Flow Clarity
Deadline Management
Tax Planning & Advice
Transparent Pricing
What Is a Sole Trader?
A sole trader is someone who runs their own business and makes all key decisions independently. You keep all profits after tax, but you're also personally responsible for any business debts or losses.
You must register as a sole trader if:
- You earned over £1,000 from self-employment during the tax year
- You want to make voluntary Class 2 National Insurance contributions to qualify for benefits
Once you begin working for yourself, you're automatically considered a sole trader—even if you haven’t yet notified HMRC.
Key Responsibilities of a Sole Trader
As a sole trader, you're personally accountable for every aspect of your business. Here’s what that typically includes:
- Pay Income Tax on your business profits
- Make National Insurance contributions
- Maintain accurate records of sales and expenses
- Register for VAT if your annual turnover exceeds £85,000
- Take full responsibility for any business debts
- Cover all costs related to running your business
- Contractors and subcontractors in construction must register with the Construction Industry Scheme (CIS)
How do I register as a sole trader?
Registering as a Sole Trader
To begin, you’ll need to notify HMRC that you’ll be completing a Self‑Assessment tax return. This can be done quickly online or by post using their official form.
What Happens Next
HMRC will issue your Unique Taxpayer Reference (UTR) and create your Self‑Assessment account. You’ll then receive an activation code by post, giving you secure access to your tax status, payment history, tax code, and filing deadlines.
Need Guidance?
We’ll handle the registration process for you, ensuring everything is set up correctly and stress‑free. Get in touch now!