Self Employment Guides

Picking an Accountant for Self Employment Business

A good accountant and reputable lawyer can advise you in the best course of business for your exact needs. Finding advisers that understand your exact type of business is the key. Following some key steps will help to get the most out of any service that relates to the running of your business.

If you are starting a new business, you might want someone with extensive knowledge to create or review your business plan and review the financial position of any existing business you are thinking of buying.

The First steps when setting up as a sole trader

Setting up as a sole trader is very easy with a few industry specific requirements such as licenses or insurance for some business, the overall process is quite straight forward. Being a sole trader allows for the highest level of control and flexibility, but there are still ongoing requirements with HMRC to stay in good business compliance.

Personal and business finances are considered the same for sole traders so the most important fact to remember is that you will be personally liable for any debts that accrue by the business should it fail to work out as planned.

Sole Trader Accounts – Whats involved and how to do them

Getting your Self Employed business right from the start

Is Becoming a Sole Trader the right option when going self Employed?

This would have to be one the first questions everyone asks when thinking about going self-employed would ask themselves and for a good reason. Getting your business structure right at the start can have a massive effect on how much work you have to put in “running your business” and how you pay taxes to HMRC.

How to register as a sole trader

Being self-employed means that you are classified by HMRC as a sole trader; there is inherent risk in being a sole trader since there are personal financial risks and a possibility that you might have to pay debts if the business fails. Even with the risk, there are still advantages to self-trading status, but if there is the possibility that substantial debts could arise, it would be beneficial to consider the protections that a limited company status can offer.