A sole trade business is based around you as an individual. Whilst it can be the simplest way to structure a business, it can be hard too!
Many Soul Traders struggle with the financial aspects of their business and their growth can be limited by the time they personally have available. Some build their business to a level of turnover that they’re comfortable with and stop there, whilst others want to grow, take on a team and build something far larger.
Whatever your goal for your Sole Trade business, we can help!
Record keeping for Sole Traders is often completed around the day to day activities of the business, or by a family member. If the family member also works or has a family to look after, time is tight!
The majority of Sole Trade businesses have been forced onto a bookkeeping system recently as a result of the ‘Making Tax Digital’ (MTD) regime, or aim the process of migrating at the moment. This is a process we can help with, which can include training that suits the user, providing the right guidance at the right time, rather than everything all at once which can be baffling.
A combination of a system like Xero or Quickbooks with Dext, one of the bolt-on apps, can streamline the process of record keeping significantly and reduce the pressure on all parties too. No more arguments about missing receipts is always a bonus!
A Sole Trader is often the business structure that people choose in the early days of their business, but as the business grows it becomes more suited to a Limited Company structure, which can offer more security. There are a range of considerations around this change, which we can explain and support you through.
Similarly, if your Sole Trader business develops beyond a set threshold, VAT Registration can become a challenge, particularly if you primarily sell your product or services to individuals who aren’t VAT registered themselves. The process doesn’t need to be as stressful as it may first appear, and we’re happy to advise on the best timing, the approach to take, to help you with the registration process, and with the additional reporting that’s required once you’re registered.
Cash flow can been an issue for Sole Traders, so we have resources across the site that can help, and can provide extra support on the subject as and when needed, which can help you sleep better at night!
The primary services that we offer to Sole Traders are as follows:
All Sole Trader clients automatically receive membership of our Fee Protection scheme as standard, as well as free telephone and email support and regular updates.
If you’re currently a Sole Trader and would like to talk about how more tailored support and a closer relationship with an accountant might help, please get in touch now.
You might also like to visit our Sole Trader section in our Info Centre for articles you might find interesting.
Visit the Sole Trader section of our Info Centre.
Our service is entirely bespoke but every client receives a range of additional features at no extra cost.
Bamboozled by Accountancy jargon?
Find our explanations here…
‘Chris and Liz are fantastic; they always explain things in simple plain English. They’re always happy to respond to any questions I have no matter how silly they might be. Whenever I’ve had a chat with Chris and Liz I always walk away with a positive outlook on my business. Even when things have not been going to plan they’ll give me advice on what I can look at trying to improve.
I cannot thank them both enough for the help they’ve given me in improving my business.’
Mr A Culverhouse, Culverhouse Gardens Limited
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