If you’re considering starting your own business or already trading as a sole trader, PBAS can help. We provide accountancy services and tax advice for independent businesses and self-employed professionals.
A sole trader is someone who works for themselves and agrees to accept personal financial risk. Unlike a limited company, a sole trader is personally liable for any debts or legal action against their work. However, being a sole trader offers flexibility and control over your business.
When registering as self-employed, you should consider the tax implications and whether you need to become VAT-registered, depending on your annual income. You should keep detailed records of all your income and expenses for submitting your self-assessment tax return.
If you need help setting up as a sole trader, defining your business proposition, or registering a business name, PBAS can guide you through the process. We can also provide bookkeeping services, which help to ensure that you pay the right amount of tax at the right time and avoid late filing penalties from HMRC.
Special considerations, such as insurance, licenses, or permissions, may be required for certain types of businesses, such as self-employed taxi drivers, street traders, or those in the catering industry.
If you need help getting started as a sole trader, PBAS can handle your registration quickly and efficiently, so you can focus on running your business.