Navigating sole trader responsibilities

Starting a business as a sole trader may seem straightforward, but it comes with several tax and administrative responsibilities. Our comprehensive services serve as your ‘one-stop-shop’, ensuring HMRC compliance while you concentrate on business growth.

Sole traders are tasked with maintaining records of sales and expenses, filing annual self-assessment tax returns, national insurance (NI) contributions and, of course, paying income tax on profits. Understanding your responsibilities is crucial – we support sole traders to navigate these obligations.

Comprehensive range of sole trader services

Our comprehensive range of services is designed to meet the needs of small businesses and self-employed individuals and provide a seamless experience from start to finish.

Sole trader registration and tax obligations

We simplify the process of sole trader registration, guiding you through tax obligations. Our expert team ensures all paperwork is accurate and submitted promptly. From obtaining your UTR number to meeting deadlines, we provide compliance with HMRC regulations.

Record-keeping and bookkeeping practices

Proper record-keeping is essential for sole traders. It minimises losses, manages cash, meets legal regulatory and taxation requirements, plus improves financial analytics. We assist with effective bookkeeping practices to accurately track income, expenses, and financial transactions.

Maximising tax deductions and cash flow management

We provide expert advice to maximise tax deductions and manage cash flow effectively. This control will maintain financial stability to ensure there’s enough cash in the business to cover expenses, pay suppliers, and meet your financial obligations.

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Business structure transitioning services

When considering transitioning from sole trader status to another business structure (incorporation / partnership) or just expanding your operations, we offer guidance and support to facilitate a smooth transition and compliance with all regulatory requirements.

The main benefits of being a sole trader include less paperwork, more earning potential, better work-life balance, low overheads, easy registration, and total privacy. Disadvantages of sole traders include unlimited liability, less customer trust, and a complex business transfer process.

At Goodridge Accountants, we offer insights into the advantages and challenges of operating as a sole trader, helping you make informed decisions about your business structure and future growth strategies. We are dedicated to helping sole traders succeed.

We have been using Claire’s accounting services for almost 20 years and during that time we have built a strong relationship professionally.

She is always on hand to deal with any questions regarding our business no matter how big or small. Claire is approachable and professional a rarity to find these days.

Would recommend her services to anyone that asks!

Sharon & Bill – Chilli B’s

Goodridge Accountants have been providing accountancy services for our business for four years now. From start-up advice to everyday accountancy and Xero problem solving, Claire has also navigated us through the minefield of the Construction Industry Scheme and continues to provide us with expert advice and support. Always available by phone, email or through the secure Onvio portal, we would highly recommend Goodridge Accountants to offer you a professional, personal and friendly service.

John & ClareTotal Mechanical Services Ltd

We have been with Goodridge Accountants since May 2018, and Claire’s service has been exceptional. Her expertise and dedication shine through in every aspect. She quickly grasped our business needs, offering tailored solutions. Claire’s hands-on approach ensures our financial goals are met, and her ability to explain complex concepts in simple terms has been invaluable. She not only provides excellent accounting services but also acts as a mentor, guiding us strategically. With her use of the latest technologies, managing our finances has become effortless. Claire’s professionalism, expertise, and personalised approach make her stand out. We highly recommend her services.

Jacqui Newham (Wilkins)Managing Director, Visual Identity Creative Limited

My family and I have used Claire at Goodridge Accountant’s for over 18 plus years. She has been invaluable in helping us – from when we first set-up to transitioning us into a Limited Company. The time, effort, and knowledge she has provided is first class. She is always available and quick to answer any questions, we have had along the way. Even late at night sometimes! That’s the level of service you will get with Claire.

Andrew WilsonDirector, Bakker and Wilson Plumbing and Heating Limited

Goodridge Accountants have always provided flawless service and support for our business. Information is always provided in great detail and very promptly. We would recommend Goodridge Accountants.

Fiona RendleWaveco Productions Ltd