Advantages of a Sole Trader Accountant
If you’re thinking of starting your own sole trader business, it can be daunting to set it up in a way that will deliver the best results to you. However, there are solutions for you that will take a huge amount of workload away from managing finances, paperwork and sole trader bookkeeping associated with running a startup company. This article will show you why it may be a good option to look into hiring a sole trader accountant, and give you information on how they will function as a part of your new and growing business.
What are the Advantages of using a Sole Trader Accountant?
Easy & Quick Registration
As soon as you register your business with Companies House, you are ready to start working right away, and this applies to setting up your accountancy, too. There’s only one thing that you are legally required to do after starting working, and that’s declaring yourself as self-employed for tax purposes. Again, it’s a simple process that can be taken care of by your sole trader accountancy firm or a sole trader bookkeeper. If you wish to learn more about the technical specifics of running a sole trader company, click here for more information.
Saving Time & Money
Starting a sole trader business is time-consuming at the best of times, without having to consider the extra burdens of dealing with finances and taxes. A sole trader account will be able to take care of all that, including preparing your accounts and submitting tax assessments. It will reduce your task list, and most importantly, take your mind off of all of that so you can concentrate on running your business. If you’re looking to learn more about sole trader tax, read more about it here.
A credible accountant in general will be able to help you save money in your business anyway using their experience and knowledge, but sole trader accountants are specialists in the field compared to other business accountants who may charge more for their services. This is because other business types, such as limited companies, require far more input and thus they will have reason to bill you at a higher price. Sole trader businesses require far less paperwork to handle than limited companies, so there is less work for them to do and charge you for.
Complete Control
One of the main advantages of being a sole trader is that you become the captain of your own ship once you start your business. There are no board members or upper directors that need to be put in place, and every decision is yours to make. This applies to when you are hiring a sole trader accountant, too. The newfound freedom and control mean that you are free to tell your accountant exactly what you need from them and where they are needed most. A sole trader bookkeeper is there to use their expertise to help save you money, so leaving them to do what it takes to aid the business gives you time to focus on other tasks. Some sole traders like being safe in the knowledge that they do have complete control over their business should they need to use it.
More to that, information from every limited company registered under Companies House can be accessible to anyone through its website, including their annual accounts. Sole traders, being more independent, do not have their information shown here, so you can run your business with privacy over your finances. If you wish to learn more about the technical specifics of running a sole trader company, click here for more information.
Fewer Tax Responsibilities
As a sole trader, you are eased on the number of tax responsibilities your business is subjected to. You don’t need to pay Corporation tax or submit any annual accounts to Companies House, since your business is not incorporated as a limited company. Instead, you hand over a self-assessment tax return every year, as well as quarterly payments towards this once the business becomes tax-registered.
A sole trader accountant will be able to pick up these tasks for you for a smaller fee than if it was a massive annual account, and throughout the year, will be able to advise you on what will be beneficial to maximising your income and lowering your expenses. Who knows, perhaps they might show you that your business would be better off as a limited company after all. a limited company and maximise income.
How Can Stonehouse Accountants Help Your Sole Trader Business?
Our sole trader accountants in Peterborough are well-versed in helping to manage and optimise the finances of small independent businesses.
The extensive accountancy services Stonehouse provides are all designed to perfect the financial setup of your business, from helping clients set up their account on Companies House to filing the yearly tax return. Our team will provide clients with quality and game-changing assistance to accomplish a variety of accounting services.
If you are looking for a new accountant or have never worked with an accounting firm before, contact our team today to get started.