Starting a business as a sole trader is an exciting time with endless possibilities. You have the freedom to make all important business decisions and take charge of your business growth.
With the help of an experienced and proactive sole trader accountant, you can watch your business soar.
Welcome to Butt Miller, accountants for sole traders
At Butt Miller, we aim to inspire and create, not just wait and react. This is why we make the perfect partner for all of your sole trader accounting needs.
Whether you are looking for bookkeeping, tax planning or all-round accounting support, we can help your business thrive. We have years of experience making clients happy and ensuring their accounting and tax needs are not only taken care of but work in the most efficient way.
If you are a small business owner looking for specialist sole trader accounting, then get in touch today – we’re here to help!
What is a sole trader?
A sole trader is a person who runs their own business as a self-employed individual, with no legal distinction between the owner and the business.
As a sole trader, you are in complete control of your business, from its direction right down to the business finances. While this can be a thrilling journey for someone just starting out, it can also be slightly daunting knowing you are personally liable.
This is why we offer a full suite of accountancy services for sole traders.
How can an accountant help a sole trader?
Getting support with your sole trader accounting needs from a fully qualified accountant is essential for maintaining accurate records, staying compliant and making better tax savings. A sole trader accountant could be your key to financial empowerment and substantial business growth.
Our accountancy services for sole traders
At Butt Miller, we offer various accounting services for sole traders, helping them with every aspect of their business expenses and tax affairs. If you are looking for a progressive sole trader accounting package, then take a look at some of the services we offer below.
Get an overview of how your business performs and make handling tax returns easier with our Bookkeeping Services for Business Owners. We’ll help you manage your sole trader accounts, record essential documents and business transactions, and provide expert advice on upgrading your bookkeeping systems for a better financial future.
As a sole trader, good bookkeeping can help you save time, reduce financial penalties, stay properly organised and aid legal protection. Keeping a good track record of business expenses and finance data can also support your business as it grows by helping attract investors or loan applications.
Business and tax advisory
Gain a better understanding of your tax affairs with proactive and forward-thinking business and tax advice. With regular tax efficiency reviews, detailed financial reports and tailored tax advice, our professional service will help you stay up-to-date with the latest tax regulations and ensure you are prepared for any changes that may impact your business.
In addition to traditional accountancy, we’ll provide strategic advice and personal support to ensure your business grows in the direction you want. Our expert accountants can also support you through the process of becoming a limited company – when the time is right.
Self-assessment tax return services
Being a sole trader is one of the simplest and most efficient ways to start a business, but it does come with many legal and financial processes that need to be met. That is why we have a robust Self-Assessment Tax Return Service to ensure you stay compliant with HMRC. With a meticulous overview of your business finances, we’ll ensure your tax returns are submitted on time and are compliant with HMRC.
Xero cloud accounting
Butt Miller is proud to be a Xero Gold Partner, and we have been developing our Xero expertise for over 10 years. We use Xero Cloud Accounting to keep your business on the right track. With the modernisation of traditional services, cloud accounting software is becoming increasingly popular amongst sole trader business owners. It is also essential as we move towards the Government’s plans of Making Tax Digital.
As Xero experts, we are best placed to help integrate it into your business and can leverage it to design a system that works for you.
VAT for sole traders
Whether you are VAT-registered or not, our services can help you determine when you might need to start charging VAT as a sole trader. We will help you record all VAT transactions and prepare and submit VAT returns on time.
Why choose Butt Miller as your sole trader accountant?
Unlock the full potential of your sole trader venture with specialist sole trader accounting at Butt Miller.
For over 40 years, we have helped sole traders, start-ups, small businesses, established businesses, limited companies and individuals with every aspect of their business and accounting needs.
Succeed in all areas of your business with our innovative, progressive and proactive sole trader accounting solutions tailored to your unique business needs. Contact Butt Miller today for a first-class accountancy service.
FAQs about sole traders accountants
To learn more about our sole trader accounting services, take a look at some of our most frequently asked questions below.
Does a sole trader business need to prepare financial statements?
In order to comply with legal requirements and understand how much is due on your tax returns, preparing financial statements is advisable for sole traders.
The most important aspect of sole trader accounting is maintaining accurate and up-to-date records of all business transactions. This ensures your business stays compliant with tax obligations and provides you with the tools and data needed to make informed business decisions.
Do sole traders need accountants?
Ultimately, doing your own accounting as a self-employed individual can be time-consuming and put you at risk of inaccuracies. So, while hiring an accountant isn’t necessarily a legal requirement for sole traders, it can save you a significant amount of time and money.
Having your own dedicated accountant as a sole trader can help you with many complex areas of accounting and taxation, such as ensuring you stay compliant, make significant tax savings, and file your tax returns accurately and on time.
Does a sole trader only pay income tax?
As a sole trader, the amount of tax you are required to pay will depend on your net income and individual circumstances.
The main types of taxes sole traders are required to pay include income tax and National Insurance. Ultimately, a good sole trader accountant will be able to determine your tax liability when filling out your annual self-assessment at the end of the tax year.