One of the simplest and most straight forward ways of setting up a business is to become a sole trader.
It basically means you’re running your own business as an individual. You can keep all your business’ profits after you’ve paid tax on them. It doesn’t mean you are on your own though as you can still take on staff.
Just because it is a simple method does not mean it is not a tax efficient way of starting in business. However, it does come with certain risks. You are personally responsible for such things as any losses your business makes, bills for your business costs and keeping records of your business’ income and expenses.
Southgates can guide you through the process of setting up your sole trader business and helping you keep things right. We can assist you with:
- Setting up in business
- Preparing your accounts
- Maintaining your books and records
- Completing and filing a Self Assessment Tax Return every year
- Managing the PAYE and VAT
- Advice on tax planning
- Advice on business growth and cash flow
…all to make your life easier and help you concentrate on making your business a success.
We are more than aware that all businesses are different and each have individual needs so for further information on Southgates sole traders service and to benefit from a free initial meeting please contact us.