WE OFFER A FULL RANGE OF
ACCOUNTANCY SERVICES
FOR INDIVIDUALS AND
SMALL BUSINESS.

SOLE TRADER

What is a Sole Trader?

A SoleTrader is someone who is self-employed and runs their own business as an individual (but can also employ staff). Being a Sole Trader means you are solely responsible for the business and its debts – the business and the owner are effectively one and the same. Any losses made by the business must be paid for out of your own pocket.

Advantages

 After you’ve paid tax and national insurance, you can keep all business profits.            
You have full control of how your business is run and all decisions can be made by you alone.            
Your business’s data is kept private (compared to other business types where data is visible at Companies House).

Disadvantages

You’re liable for any business losses.
It can be difficult for a Sole Trader to financially fund their business ventures.
The pressure for a business to succeed is placed on an individual’s shoulders.

How Teign Accountancy Services Can Help You

If you require support or information on how your business should be structured, we can assist you. For all these types of business we also offer many services including Annual Accounts, Companies House filing, Tax Returns, VAT Returns, Payroll and many more.