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Sole Trader
Running your own business can be demanding, but you don’t have to do it alone. We’re here to support sole traders by keeping precise records of your income and expenses, preparing and submitting your tax returns, and guiding you on allowable deductions to help lower your tax bill. Our services ensure you stay compliant with HMRC regulations and provide strategic advice to help your business grow. Whether it’s future planning, managing cash flow, or budgeting, we’re dedicated to helping you navigate your journey as a sole trader with confidence and ease.
Comprehensive Sole Trader Services
From registering with HMRC to monitoring your records, we have got covered for sole trader.
What’s the difference between ‘sole trader’ and ‘self-employed’?
Being self-employed for tax purposes doesn’t automatically make you a sole trader. It’s crucial to understand that while all sole traders are self-employed, not all self-employed individuals are sole traders. Being self-employed means you don’t work for an employer who deducts taxes through Pay As You Earn (PAYE). Many self-employed individuals run their businesses as sole traders, but some may be in partnerships or act as directors of limited companies.
Is it possible for a sole trader to hire employees?
Although sole traders run and control their companies, there is a popular belief that they cannot staff their operations in reality, they can hire casual, part-time, or full-time employees to handle tasks for them. If you are a single trader, however, you will be liable for gathering income tax and NICs from staff members and forwarding them to HMRC. To do this, you will thus have to run a PAYE payroll system.
