Why Every Sole Trader Needs an Accountant: Benefits and Advantages
If you’re thinking of starting your own sole trader business, it can be daunting to set it up in a way that will deliver the best results to you. However, there are solutions for you that will take a huge amount of workload away from managing finances, paperwork and sole trader bookkeeping associated with running a startup company. This article will show you why it may be a good option to look into hiring sole-trader accountants, and give you information on how they will function as a part of your new and growing business.
What Are The Benefits Of Hiring A Sole-Trader Accountant?
Easy and Quick Registration
You can start working immediately after registering your business at Companies House. This also applies to the setup of your accounting. After you start working, there is only one legal requirement: declare yourself as a self-employed. It’s another simple process that your sole trader accounting firm or sole trader bookkeeper can handle.
Saving Time & Money
Even if you don’t have to deal with taxes and finances, starting a sole-trader business can be time-consuming. The sole trader accountant can take care of everything, from preparing your tax assessments to preparing and submitting your accounts. This will simplify your tasks and, most importantly, allow you to focus on your business.
Accounting services are more expensive for other businesses, which may be more expensive. A good accountant will help you save money by using their knowledge and experience. It is because accountants for other types of businesses, like limited companies, will charge you more. Limited companies require more paperwork than sole traders, which means they will charge you higher prices.
As a sole-trader, you are the captain of your ship. You are the only one who can make decisions. There is no need for a board or an upper director. The same applies when you hire a sole trader accountant. You can now tell your accountant what you want and how you need them to help. You can save money by letting a sole trader bookkeeper use their experience to assist your business. Some sole-trader accountants are comfortable knowing that they have full control of their business if they ever need it.
Moreover, the website of Companies House allows anyone to access information about every Limited Company registered with it, including its annual accounts. Due to their independence, sole traders do not display any information on this website. This allows you to run your business in complete privacy.
Fewer Tax Responsibilities
You are relieved of many tax obligations as a sole trader. Since your business isn’t incorporated, you don’t have to pay Corporation Tax and submit annual accounts to Companies House. You will instead be required to submit a self assessment tax return each year and quarterly payments once your business is tax registered.
Sole-trader accountants can do these tasks at a lower cost than if you were to hire a large firm to handle your annual accounts. They will also be able, throughout the year to give you advice on how to maximize your income while lowering your costs. They might even show you that a limited business is better for your business. Maximise your income by forming a limited liability company.
How Can Account Ease Accountants Help Your Sole Trader Business?
Our sole-trader accountants are well-versed in helping to manage and optimise the finances of small independent businesses.
The extensive accountancy services Account Ease provides are all designed to perfect the financial setup of your business, from helping clients set up their account on Companies House to filing the yearly tax return. Our team will provide clients with quality and game-changing assistance to accomplish a variety of accounting services.
If you are looking for a new accountant or have never worked with an accounting firm before, contact our team today to get started.