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Sole traders cover a wide range of businesses including plumbers, electricians, carpenters, sales agents and a whole host of other individuals providing services on a self-employed basis. Sometimes several people join together to provide those services within a partnership.

Our Sole trader and partnership clients come to us for various reasons:

  • Starting up advice
  • Removing the hassle and time from doing their accounts allowing them to focus on their business
  • Dealing with HMRC on their behalf, saving time and hassle
  • Submitting their self assessment or partnership tax returns
  • Tax advice and planning such as business claiming expenditure
  • Help with areas of tax that affect their business, paying staff, VAT, CIS (construction industry scheme), etc.
  • Helping grow the business looking at trading profits

Advice you may not know

There are many different factors to think about when you are self-employed or have your own business, we have included some basic details below that should be in the forefront of your mind.

Self-employed tax payers are liable for income tax and national insurance contributions. A sole trader is also personally liable for all business debts.

A sole trader or partnership business might also employ people and be required to operate payroll (PAYE) on a weekly or monthly basis, OUR TIP: if you employ staff, consider a limited company structure rather than a sole trader business.

In addition, if your business is required to be registered for VAT, then it will need to calculate and prepare monthly or quarterly VAT returns and submit these to HMRC.

There are HMRC requirements for the self-employed or partnership accounts to be included on your self-assessment tax return, any tax due, paid on a bi- annual basis and if the return is not submitted on time then penalties will arise.

In addition, Sole trader and partnerships may need to comply with other legislation including:

  • Employment Law
  • CIS Construction Industry Scheme deductions
  • Auto Enrolment Pensions
  • Employers & Public Liability Insurance

We are able to provide expert advice regarding all the aspects mentioned above and that will allow you to focus on what you do best in your business, have a look at our advice pages for more helpful information and tips.

Get a quote

Use the link below to request a quote or arrange a call back, we will get back in contact at a time that is convenient for you.



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