Home / Sole Trader Company Registration

What is a sole trader company?

Sole Trader Company is a type of business structure which is popular among those individuals who want full control over their business & its debts. Sole trader is the only person who manages the business and solely responsible for its profits & losses. There are no director’s or shareholders and there is no need to inform companies house regarding your company details but it doesn’t mean that you are not liable for tax. You need to file self-assessment tax return every year and must register individually with HMRC before 3 months of starting your business.

Why should i form a Sole Trader Company?

It is very simple to open a sole trader company and any individual can do it. Following points below not only help you in setting up your sole trader business but also helps in maintaining your business after doing registration as a self-employed person –

  1. No director needed to run the business
  2. No shareholder needed to invest capital. It is done by shareholder himself.
  3. In case you are a contractor or a sub-contractor, register with construction industry scheme.
  4. No need to register your sole trader business with company’s house.

Requirements to fulfill in a Sole trader company

  1. Keep a record of your business sales & expenses.
  2. Pay the due income tax on your profits and class 2 & class 4 national insurance.
  3. Go for VAT registration in case your VAT threshold is above £85000.
  4. In case you are moving to UK to set up your business, you need to apply for National insurance number.

Benefits of a Sole Trader Business

  • It is quick and a simple way to start your business.
  • Setting up as a sole trader involves a low set up cost.
  • There are very few statutory obligations and less paperwork.
  • You are your own boss. Whatever you want to do, you can do without consulting any director or a shareholder and can freely take your own decision.
  • You can easily claim tax allowances on purchasing of business assets & expenses.
  • As a sole trader, you retain all profits of your business rather than sharing it with other directors or shareholders which leads to profit maximization.
  • The accounting process of a sole trader is very simple in comparison with limited companies.
  • Financial information of a sole trader is kept private so that no competitor can know about your financial performance and the secrets of your business.
  • As a sole trader, you can easily choose to form a limited company at a later stage. Hence, its easier for you to change your mind.

How Finacbooks help in Sole trader company registration?

Finacbooks is a leading UK portal providing accounting, finance & taxation services to small businesses. We are having more than 10 years of experience in helping individuals providing Sole trader company registration at a least possible price. We will guide you through the entire process of Sole trader company registration. To avail the best deals on Sole trader company registration, kindly call us at 03300886645 or you can also e-mail us at business@finacbooks.com

Sole Trader Company Registration FAQs

A single individual owns a sole trader company.
No, sole trader has unlimited liability and he is solely responsible for profits & losses of the firm.
HMRC sends you sole trader registration package along with UTR number after doing registration.
Yes, you can but you must complete your sole trader registration within 3 months of trading.
Yes, you can register for VAT as a sole trader, if your turnover is above £85000 per year.

Are you ready to form your own
Sole trader company?

Join the league of thousands of Sole trader companies with Finacbooks
Meet Us
What Clients Say
Customer delight is our main goal and we are very serious about it.
Jach Cohen
Jack Cohen
“I used Finacbooks for my tax return and CIS returns. I am very happy with the service I received. As a small business, I wanted a personal service and I will definitely use again.
Signature Jack Cohen
David Bowen
David Bowen
“I find it stressful doing my accounts so was grateful for the help from Finacbooks. The whole process was easy. Great response to my queries and customer service.
Signature David Bowen
Martin Rees
Martin Rees
“Very professional and efficient service. They have been wonderful in taking care of my day-to-day accounting of my limited company and private accounts. Highly Recommended.“
Signature Martin Rees
Informational, useful and resourceful
Blogs
Catch up our trending topics, news etc. in a simple, detailed and most professional way.
26 Nov, 2024

Are you planning to buy or sell a VAT registered or readymade company in the UK? When it comes to starting or expanding a business in... Read More

16 Jul, 2024

Starting a company in the UK involves navigating a series of legal and administrative requirements. One common consideration for new... Read More

30 May, 2024

Are you looking to start a business in the UK but don't want to go through the lengthy process of setting up a new company from scratch?... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across UK as well as Internationally.
World Map

Contact Us


30+ Offices in India icons
30+ Offices in India
10+ Years Experience icons
10+ Years Experience
Save Your Time icons
Save Your
Time
Quick Turn around Time icons
Quick Turn around Time
Qualified Professionals icons
Qualified Professionals
Excellent Customer Service icons
Excellent Customer Service
ACCREDITED MEMBERS

Accreditation

Our accountants have demonstrated the highest industry compliance standards.
Chat on WhatsApp