Trading as a Sole Trader business is the most popular structure in the UK. There are approximately 3.5 million sole traders, accounting for 60% of small businesses.
Sole trader business owners are known as self-employed, and most freelancers opt for this structure of the business. There are both advantages and disadvantages of the sole trader business structure that need to be taken into account before making any business decisions.
Advantages enjoyed by Sole Traders include:
- You are your boss – no one to tell you what to do
- Keep all the profits – you keep all that you earn
- Easy to set up –register with HMRC & set up a bank account
- Low start-up costs
- Maximum privacy – nothing is registered publically
- Easy to change the business structure – ultimate flexibility you can always “Go Limited” later
Our Service Includes:
- Guidance on keeping your books
- Year-end Accounts
- Self-Assessment Tax Returns
- Tax Planning
- Tax Guidance