If you are a sole trader business, you may have wondered if you need an accountant – especially if you are a small business.
However, you will discover from this article just why having an accountant for your business can benefit you as a sole trader. To find out more, read about the benefits down below.
Sole Trader Businesses
Sole trader businesses are people that are self-employed and own their own businesses. A sole trader is one of the most popular business types in the UK and many decide to run their self-employed business as a sole trader.
Being a sole trader business has an impact on your tax responsibilities. You will need to register as a sole trader business to HMRC so they know you will be performing a self-assessment.
Sole traders are different from other businesses in a way that an individual is the business and is therefore personally liable for the business and all the debts that it may hold. You do not even need a separate business bank account as a sole trader, but it is advised that you do have one so that you keep everything separate.
Accountants for Sole Traders
Just because you own a sole trader business, does mean that you have to do things alone. Handling your business taxes and being personally responsible for your business and its finances can be daunting.
You can get professional help from a specialist accountant for your sole trader business.
The Benefits of Hiring a Sole Trader Accountant
An accountant can help you and your business with various duties. Tax returns, reviewing documents as well as highlighting potential savings for you are just some of the examples of the jobs that accountants will have.
Advising on Business
You may begin your business as a sole trader business, but as your business evolves, you may consider changing your business structure. An accountant can help with this as the original structure of your business may not be fit for purpose anymore.
As a business grows and takes on more staff, your personal assets are more at risk. An accountant can help navigate you in this case.
Spot Opportunities and the Threats
A sole trader accountant can not only spot potential opportunities for your business, but they can also spot threats too. A good accountant will be proactive in understanding these things and spotting them before they happen. This will overall support the growth of your business.
Saves You Money
Investing in an accountant and they will pay for themselves. This is because it creates a stress-free environment for you and allows you to get on with other things regarding your business whilst they handle the taxes and more mundane tasks of being a business owner.
Receive Professional Advice
With an accountant by your side with your sole trader business, you can receive the right help and support whenever you need it. An accountant is not just there to offer support with the numbers, they can use their experience from the industry to help advise you. Some businesses even class their accountant as a valid member of their team and a member they would not be without.
Handles Tax Deadlines
Tax deadlines can come around quickly. The benefit of having a sole trader accountant is you do not have to worry about looming deadlines. Let a professional accountant handle your tax rules and regulations – doing so can save you from landing some nasty penalty fines.
Limits the Risk
An accountant can also help you come to big financial decisions. This is important as making the right financial decisions can be crucial for a business and as a sole trader business owner, it can help get you the support on these things when you are doing everything else on your own.
LJS Accounting Services Can Help You
At LJS Accounting Services, we can help you succeed as a sole trader business. The stressful elements that can come from running your own business and operating as a sole trader can sometimes take you away from why you began your business in the first place.
Getting a sole trader accountant to help you on your sole trader journey can make the experience of running a sole trader business a lot easier for you.
Choose LSJ Accounting Service for your sole trader business. We always offer a whole range of other expert services that you can find more details of on our website.
