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ACCOUNTING & TAX SERVICES FOR SOLE TRADERS, CONTRACTORS, FREELANCERS

Leave your financials to us so you can focus on your business

Being a sole trader means you're wearing multiple hats. We're here to take the weight of accounting off your shoulder. We’ve bundled everything you need into one package with one fixed cost. Discuss how Beany suits your needs with one of our problem solvers.

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What is a sole trader?

A sole trader is one of the common business structures for small businesses in the UK. It is the simplest and cheapest business structure. A sole trader is an individual running a business. If you operate your business as a sole trader, you are the only owner and you control and manage the business.​

Sole traders can be anyone from a builder to a graphic designer, a food stall vendor to a plumber. Individuals who are sole traders are their own bosses and have full control over their work and hours. They have complete freedom to make decisions about how they run the business and don't need partners or employees. At the same time, they're responsible for paying their income tax and VAT (if they're VAT registered).​

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How to register as a sole trader

If you decide to run your business through a sole trader business structure, then you need to register and set up as a sole trader:​

  • Request a self assessment unique tax reference (UTR)
  • Know your national insurance (NI) number or register for an NI number if you’re moving to the UK to set up a business
  • Register for VAT if your business activity turnover is over £85,000 annually
  • Register for self-assessment by 5 October following the tax year in which you start trading.
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Advantages & disadvantages

👑Advantages​

  • You're your own boss
  • Low cost and easy to set up
  • You can keep all the profits
  • Easy to change your business structure later

⚡️Disadvantages​

  • Unlimited liability
  • Difficult to grow
  • Be the decision-maker in everything
  • Tax may not be efficient
  • Hard to sell
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What do you get with a sole trader package?

Sole trader financial statements (PL & balance sheet only)

We have a team of qualified accountants and tax advisors who will take care of your sole trader accounts, which include profit and loss statements and balance sheet.

Self-assessment tax return

When preparing your tax return we ensure you’re claiming all the deductions and credits available to you ensuring you stay compliant and minimise your tax bill. 

Unlimited advice and support

You can call and email our Customer Support desk as often as you like with your day-to-day queries such as when your tax is due, help or advice on bookkeeping and record keeping, or questions about tax deductible expenses, for example.

Tax administration

From filing your returns to keeping up with changes in the tax code, we know that taxes can be stressful. That’s why we offer services to help you stay on top of your taxes and make sure you don’t miss any deadlines.
We have a team of qualified accountants and tax advisors who will take care of your sole trader accounts, which include profit and loss statements and balance sheet.
When preparing your tax return we ensure you’re claiming all the deductions and credits available to you ensuring you stay compliant and minimise your tax bill. 
You can call and email our Customer Support desk as often as you like with your day-to-day queries such as when your tax is due, help or advice on bookkeeping and record keeping, or questions about tax deductible expenses, for example.
From filing your returns to keeping up with changes in the tax code, we know that taxes can be stressful. That’s why we offer services to help you stay on top of your taxes and make sure you don’t miss any deadlines.