Sole Traders and Partnerships
We offer a full range of services to our sole trader
and partnership clients.
Sole Trader
Being a sole trader is the simplest
way to get started in business. We can assist with informing the government
agencies of your intentions to go self-employed and then you can start
trading right away (subject to any specific licenses you might require
in your line of work).
As a sole trader, you can quickly
adapt to changes in your business with minimal bureaucratic procedures
required and you have complete control over your business and accounting
affairs. However, a sole trader is also ultimately responsible for
any liabilities should anything go wrong. It is worth spending time
considering which company set-up format is best for you.
As well as being described as a
sole trader, such businesses may also be referred to as self employed,
sub-contractor, tradesman, schedule D, or numerous other descriptions.
Partnership
In a partnership, two or more people
share the risks, costs and responsibilities of being in business.
Each partner is self employed and takes a share of the profits. Usually
each partner shares in the decision making and is personally responsible
for any debts that the business runs up.
Unlike a limited company, a partnership
has no legal existence distinct from the partners themselves. If one
of the partners resigns, dies or goes bankrupt, the partnership must
be dissolved although the business can still continue.
Our services to limited companies
include:
- Advice on which business type is best for you
- Registering a new sole trader business with the Inland Revenue
and the Contributions Agency
- Tax Planning
- Accounts preparation
- Personal tax returns
- VAT (including registration and flat rate schemes)
- Payroll
- Strategic business advice
- Advice on buying or selling a business
As well as the statutory requirements we are always seeking and advising
of ways for your company to grow, become more profitable and save
you money in your finances (including tax liabilities).
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