PK Accounting Service is a one stop shop for small business accountancy and tax advice for the self-employed. Experienced in many industries we understand your needs. Are you already trading or considering starting a business as a sole trader? PK Accounting Service can help for accountancy services and tax advice for small businesses and self-employed individuals.
What We Offer
When you join PK Accounting Service, we will provide you following services
- Getting you registered properly,
- Submitting a Self Assessment Tax Return at the end of the financial year.
- Paying Income Tax due.
- Ensuring maximum expenses are claimed against business profits
- Maximising loss claims
- Income tax efficient investments
- Maximising capital allowances
We will take on all the hard work and stress that comes with doing the bookkeeping and meeting HMRC deadlines so that you can run your successful business
The main advantages of setting up as a sole trader are:
- 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 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.
For more information on accounting for sole trader and to discuss your requirements please drop us a line using our Online Quick Quote Form