Sole Trader AccountantsExpert Online Accounting Services
At CB Accounting & Consulting, we offer a number of accounting solutions to assist you as a sole trader. Although being a sole trader is one of the simplest ways to get started in business, there are many processes that need to be followed.
The main advantages as a sole trader
- Total control – You have total control over the business. Decisions can be made quickly and easily, from accountancy and financial decisions to general business decisions.
- Easy to change to another trading identity. It is relatively easy to change your trading identity from that of a sole trader to a limited company.
- Keep the profit – As the owner of the business, all the profit belongs to you.
- Business affairs are private – When you run an unincorporated business your accounts are not made available to the public therefore competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.
The reasons why sole traders are often successful are:
- They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
- They can be sensitive to the needs of their customers – Being closer to the customer allows you to react more quickly to their needs than a larger business.
- Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.
The main disadvantages of being a sole trader are:
- You are personally liable and accountable for all your businesses debts – Should your business fail you could end up losing your personal assets such as your home, car, etc.
- Can be difficult to raise finance – When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.
- Can be difficult to enjoy economies of scale – Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.
Why Choose Our Online Accounting Services?
1. Get a Quote
2. Register Your Business
3. Receive a Warm Welcome
We help the businesses in the UK to thrive.
Amazing Experience – When you join us we will assign one of our accountants to you. They will really get to know you and your business in detail, providing one point of contact for any queries you may have.
Always Digital – We’ve partnered with Intuit QuickBooks to offer you an online accounting service that takes the guesswork out of managing your financial business records and allows you to do what you do best – drive sales and grow your business.
Expert Advice – Your dedicated accountant will always be on hand to answer any questions about your business.
No Hidden Costs – We will complete your annual accounts and submit any necessary tax returns to ensure your business always stays compliant with HMRC.
Tax Efficiency Reviews – We’ll also conduct regular tax efficiency reviews throughout your financial year, ensuring your business is being run in the most tax efficient way.