A lot more people are setting themselves up as sole traders in recent years and it’s easy to see why since being a sole trader is recognised as one of the simplest ways in which to trade.
In brief, being a sole trader essentially means you own the business you run as well as being the business you own. This is why many people are turning to dedicated accountants for sole traders.
Gorilla Accounting will endeavour to make your sole trading business, whether freshly started up or years into a successful business run smooth with our team of dedicated accountants, ready to keep your business finances right up to date with a smooth and hassle-free experience.
A sole trader business is perfectly suited to contractors and individuals operating on their own and providing a personal service. We here at Gorilla Accounting work as accountants for sole traders, so whether you are incorporating your own sole trade or seeking to maximise your tax efficiency, Gorilla will tackle the financial legwork from all corners for you, leaving you to steer your business to success.
You may not have a plan currently in place or might not be using the optimal method to maximise your income, which is where we come in. By joining us, you will engage with a highly powered business partner that will help drive your business forward in many complex areas.
What is a sole trader?
Being a Sole Trader is somewhat different to being Self-Employed. A self-employed person is someone who works for themselves without any employer, whereas a Sole Trader is a self-employed person that is also the sole owner of their business.
As mentioned above, being a sole trader is one of the simplest ways in which to trade. The big difference in being a sole trader is that you are personally liable for any debts your business may incur.
Now that may sound daunting, but there are several benefits as well as disadvantages to being a sole trader;
Advantages
- A definite positive is you will be your own boss.
- There is the potential to earn more than you would have done so as an employee.
- There’s the freedom to work from anywhere at any time.
Disadvantages
- Long working hours and tight deadlines.
- No employment protections such as sick pay, holiday pay
- You will need to fulfil many roles from CEO to HR, Customer support to Cleaner.
- Your success as a business will be solely dependant on you.
So there are definitely things to consider and sacrifices to be made in being a sole trader but there a lot of people that see the worth in it, especially with the help of dedicated accountants for sole traders.
Setting up as a sole trader
Registering
Setting up requires you to register with Her Majesty’s Revenue and Customs (HMRC) within three months of the month you started up. This simply allows HMRC to send you bills, they will also send a form you need to complete if you register for VAT. This will ultimately ensure your state pension is not negatively affected in the future.
Business Name
Registering your business name is similar as if you were setting up a limited company, meaning you can pick whichever name you like. It could be beneficial to register your name as soon as possible in order to protect it in the future but, more importantly, this will show your details on the Companies House website, providing client confidence and credibility to your business.
Business Bank Account
The next step would be to open a business bank account. This is optional and entirely up to the individual, but most sole traders follow this practice since it is always a good idea to keep your personal finances separate from your business finances and this allows a clean and simple way of doing so. Gorilla Accounting are specialist accountants for sole traders and can help you with this setup process.
What can Gorilla Accounting do for you?
As you can see from the above, those with little to no accounting experience could easily struggle with keeping on top of their finances which could become a big, time-consuming problem and detract from your primary goal of running your sole trading business successfully. In this world of ever-growing compliance and regulations, it is absolutely vital your accounts and books are up to date and accurate.
At Gorilla Accounting we can handle the tedium that comes with accounting by offering a diverse, real-time and a hassle-free solution that integrates your business accounting into one easy to use platform. You will have full access to your dedicated, professional accountant whom will work with you in ensuring everything is always kept up to date from business finances, tax returns, bills, invoices and everything in between.
So, with a transparent pricing structure of only £50 + VAT per month, with a dedicated accountant with the option to direct dial plus access to the leading bookkeeping software, FreeAgent, Gorilla Accounting has got all your needs covered.
Dedicated Accountant
Once you are a client, we will provide you with a dedicated accountant of your very own. Contrary to most other online accounting firms, you will be given a direct contact number so you will only ever be a single phone call away from your expert advisor.
We take great care to make sure our client to accountant ratio is closely taken care of so you can get to know your accountant on a first name basis – we would not want it any other way for you.
They will be able to assist you with gathering paperwork, documents and receipts and ensure you are always up to date with your tax returns, VAT bills outstanding invoices and much more.
Simplified Business Accounting with FreeAgent
Over 60,000 small businesses, including sole traders, trust FreeAgent as one of the most advanced online bookkeeping packages available and will be included in your Gorilla Accounting subscription.
Some of FreeAgents features include;
- Track your business figures in real time.
- Detailed dashboard keeps an eye on tax deadlines, profit, loss, cash flow, account balances.
- Quickly upload Receipts.
- Manage Expenses.
- Reconcile + categorise bank transactions.
- Create, send and chase invoices.
- Store your financial data in the cloud with all details encrypted to security used by high street banks for extra
- peace of mind.
Outstanding customer service
At Gorilla Accounting, we will never employ call centre advisors. We have chosen to build a fantastic team of talented accountants ready to stretch to the full length in ensuring your financial issues are solved promptly and with the absolute minimum of fuss.
With a rate of just £50 + VAT per month for sole traders, you will always know exactly where you stand with your accounting expenditures, no matter how often you use our services.
We fully understand being your own boss is an incomparable experience, but also a truly challenging one. We at Gorilla Accounting are ready to help you make this journey as a sole trader as simple as possible and invite you to email us at info@gorillaaccounting.com or call us on 0330 0240 406 in order to discuss our low monthly fee and begin taking the difficulty out of your business finances.
