Leave your financials to us so you can focus on your business
As a lone proprietor, you have several hats to wear. We’re here to relieve you of the burden of accounting. Everything you require has been combined into a single product at a single set price. With one of our issue solvers, discuss how Beany satisfies your demands.
What is a sole trader?
A sole trader is a typical business form for small firms in the UK. When someone manages their own business, it is an easy and affordable alternative. Being a single proprietor gives you complete ownership, administration, and control over your company.
Builders, graphic designers, food cart operators, plumbers, and other tradespeople can all be considered sole traders. Being a lone proprietor entails having complete control over your work schedule, having flexibility over your working hours, and operating your firm without the assistance of partners or staff. However, sole proprietors who have registered for VAT are in charge of paying their VAT and income tax.
What is a sole trader?
A sole trader is a typical business form for small firms in the UK. When someone manages their own business, it is an easy and affordable alternative. Being a single proprietor gives you complete ownership, administration, and control over your company.
Builders, graphic designers, food cart operators, plumbers, and other tradespeople can all be considered sole traders. Being a lone proprietor entails having complete control over your work schedule, having flexibility over your working hours, and operating your firm without the assistance of partners or staff. However, sole proprietors who have registered for VAT are in charge of paying their VAT and income tax.
How to register as a sole trader ?
If you choose to operate your company under a sole-proprietorship business form, you must register and set up as a sole-proprietorship:
Request a UTR, or a unique tax reference.
Obtain or be aware of your National Insurance (NI) number.
If your yearly revenue reaches £85,000. register for VAT.
After beginning trading, register for self-assessment by October 5th.
How to register as a sole trader ?
If you choose to operate your company under a sole-proprietorship business form, you must register and set up as a sole-proprietorship:
Advantages
Easy setup with minimal legal procedures
Total control and decision-making power
Keep 100% of the earning
Choose your own schedule and adapt market changes
Disadvantages
Personal assets at risk for business debts
Challenges in scaling and expanding
Decisions and workload rest solely on the owner
Potential limitations in tax optimization
What do you get with a sole trader package?
Accounts payable & tax returns:
Your tax returns, profit and loss statements, and balance sheets are handled by our professional accountants and tax experts, who guarantee accuracy and prompt submission.
unlimited assistance and counsel
Unlimited calls and emails may be sent to our customer support centre, which offers advice and help
Tax administration
We understand the stress of tax-related tasks. Our services include filing your tax returns and keeping you updated on changes in the tax code, helping you stay compliant and meet all deadlines.
What do you get with a Sole trader package?
Accounts payable & tax returns
Your tax returns, profit and loss statements, and balance sheets are handled by our professional accountants and tax experts, who guarantee accuracy and prompt submission.
unlimited assistance and counsel
Unlimited calls and emails may be sent to our customer support centre, which offers advice and help
Tax administration
We understand the stress of tax-related tasks. Our services include filing your tax returns and keeping you updated on changes in the tax code, helping you stay compliant and meet all deadlines.