Registering as A Sole Trader

For those who are classed as self-employed, sole traders, or partnerships, Spartan Accounting Group Ltd can offer a range of solutions. For information on the costs of these services, please see our fixed fees description page. The solutions include self-employment consultations; registration as self-employed; tax returns; bookkeeping.

Specialised Sole Trader Accounting Services

Sole trader operations are a popular way for small businesses or self-employed individuals to operate as. This is because sole trading eliminates the excess complexity and financial burden of operating as a limited company. In fact, it is the most cost-effective and easiest way of setting up a business. Additionally, if the owner decides to close down the business, they can easily do so. Keeping track of your financial data is also easier when you are a sole trader, and it is vital to establish good record-keeping habits for your business.

As simple as the sole trader business setup might seem, you are still required to prepare business accounts and accurately calculate tax liabilities. Sole trader accounting might sound simple but when your attention is more on your business and less on your sole trader accounts and sole trader tax, it’s easy to find yourself in a sticky situation. A UK sole trader still needs to follow regulations set out by HMRC for sole trader tax and you still need to keep a very close eye on all things related to accounting for sole traders to ensure you stay afloat. Spartan Accounting Group in Covent Garden, will provide you with a sole trader accountant to help make your business a success.

sole trader accounting
sole trader accounting

Spartan Accounting Group On Your Side As A Sole Trader

Sole traders go into business because they love what they do and are passionate to make a success of their business. Many will say that as a sole trader you are the business. In order for your business to be successful when you’re self-employed or sole trading, you need to be disciplined with your sole trader accounts and trading accounting. For many sole traders, this is not their forte and one of the biggest reasons why sole traders fail in their first year of trading. This is why hiring a professional sole trader accountant is vitally important to make your business succeed. It can be incredibly daunting to start up as a UK sole trader and will take an incredible amount of hard work and time to build yourself up to where you want to be. You need to have the drive and passion for what you’re doing and with so many aspects to cover and stay on top of like registering as self-employed, sole trader tax, self-employed tax return and dealing with HMRC regulations, accounting for sole traders provided by Spartan Accounting Group in London will keep your sole trader accounting in top shape so you can reach your goals. 

Benefits Of Specialised Accounting Services For Sole Traders

Sole traders can sometimes feel lost when it comes to understanding sole trader accounts and that’s why Spartan Accounting Group understands the impact that having an experienced sole trader accountant on your team can have on your business. Our client-centric accounting services and sole trader accounting approach mean that our clients are not just businesses. We aim to get to know you and your business in-depth, thereby being able to accurately support its growth. Furthermore, our experience in sole trader accounting and partnership accounting means that you can tap into a wealth of sound business advice.

Additionally, we will assist you with managing your sole trader accounts, registering as self-employed, registering for self-assessment and making sure that you meet the correct deadlines with HMRC for all your sole trader tax. When teaming up with Spartan Accounting Group, you can feel rest assured that your entity as a UK sole trader remains compliant with the HMRC. Spartan Accounting Group is located in Central London and offers expert sole trader accounting services to benefit you as a sole trader and we assure you that all your trading accounting remains our top priority. We are in the business to help your business. 

sole trader accounts

Partnership Accounting Services For Sole Traders

When it comes to processes, deadlines and tax returns, partnerships work similarly to sole traders. One of the main differences is, naturally, that in a partnership, profits need to be split between partners. Spartan Accounting Group's accountants in London can help you with the drawing up of written agreements of the profit split. This is highly recommended in order to avoid discrepancies further along the way. It is also important to note that each partner, as well as the partnership itself, will need to submit a tax return to HMRC. This can seem confusing as the partnership itself will not pay the actual tax, but the partners will. The tax is based on each partner’s share of the profit. Additionally, it is recommended to nominate one partner to represent the partnership. 

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