Being a sole trader is the simplest way to run a business. It does not involve paying any registration fees, keeping records and accounts is straightforward and you get to keep all the profit. However, you are personally liable for any debts that your business runs up, which make this a risky option for businesses that need a lot of investment.
FWD will offer advice as to whether operating as a sole trader is best for you. We can register your status with HMRC and deal with all the necessary paperwork. We will formulate an annual self assessment tax return to HMRC each year and also provide help and advice as to what records are needed to show your business income and expenses.
Please Note: As a Sole Trader you are personally responsible for any debts run up by your business. This means your home or other assets may be at risk if your business runs into trouble.
Please contact us if you would like help with the best solutions to operating as a Sole Trader.