Sole Trader Responsibilities

As a Sole Trader you have far fewer responsibilities than Directors of Limited Companies.

As a sole trader you have fewer responsibilities than directors of limited companies.

You must keep up-to-date financial records and books for your business that can be inspected by HMRC.

You must file a personal self-assessment tax return once a year with details of your businesses income in the form of business trading accounts.

You must keep all of your financial records for 7 years so they can be inspected.

If your turnover is expected to be higher than the VAT threshold currently at £81,000 then you must register for VAT and charge this to your clients/customers on top of your fees.

You must not use your business for acts of fraud or to commit Money Laundering Offences.

If you employ anyone then you must take out Employers Liability Insurance.

If you choose to run your business as a sole trader we can help you to set all of this up and ensure that it runs smoothly month to month.

For further help, or to enquire about joining our services, please call us on 0845 834 0264 or drop us an email at info@cmjaccountancy.co.uk.

Disclaimer

This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.