A sole trader is a personal individual trading on their own. It is commonly used by startups that are unsure of the level of profitability that they will achieve. It is a simple and flexible way to trade and it is often a good start point for a number of individuals.
The entity also works for other individuals that are high earners.
We would review your personal circumstances, your business offering and forecasts to advise you on which entity suits your personal and business needs.
We would either complete a full set of accounts with a balance sheet and profit and loss or and income and expenditure account. This depends on size, complexity and individual circumstances.
The accounts are incorporated into your individual personal tax return and we advise you of your personal tax payments and when they are due.Contact Spirare Today