How Can We Help
Contact us to find out how TRW Accountants can help you with your accounting needs.
Providing Independent Financial Advice In Lancashire
Accountant Support
When you’re getting started with a new business, the list of things you need to deal with can feel overwhelming, especially if you’re operating as a sole trader. After all, you’ve only got so much time to divide between paying work, necessary paperwork and other admin, bringing in new work, and, of course, whatever free time you manage to keep.
It’s tempting to put off anything you can delay, and doubly tempting to put off anything that comes with fees. Even with a well-established, stable business you can find yourself looking for ways to cut costs and wondering if you really need an accountant.
Providing Independent Financial Advice In Lancashire
Business Records & Tax Returns
The more complicated your business structure, the more complex the requirements it has to fulfil. The good news is that businesses don’t come simpler than a sole trader. However, that doesn’t make what lies ahead of you simple – just ask any sole trader or freelancer who sits down for the first time to put their tax in order just before tax returns are due!
It’s the kind of mistake very few people make twice. And there are other business records that need to be kept up to date and in compliance, and submitted at key points. Delaying on these is robbing Peter to pay Paul. It still needs to be done in the end, and the process isn’t improved by doing it against the clock with little or no preparation.
So, is an accountant necessary for a sole trader? No – but you’ll have to do all the work they would have done, and make sure it’s in line with current legislation as you do. You may also miss out on some tax efficiencies which can reduce your tax liability.
Providing Independent Financial Advice In Lancashire
Business Support
If we step outside records, tax, and accounts themselves for a moment, there are also intangible benefits to bringing an accountant in especially as a sole trader. Your accountant will be an experienced professional and their familiarity with bookkeeping can help highlight potential problems before they become issues.
A second pair of eyes offering professional, no-obligation advice can really help you to put key business decisions into perspective, making it easier to make the right choice for you and your business.
We’ve also heard from many clients that the peace of mind inherent in knowing accounting obligations are being taken care of by experts is a huge benefit. A sole trader occupies a stressful role, and anything that can reduce that has to be seen as a positive.
Providing Independent Financial Advice In Lancashire
Accountants Supporting Sole Traders in Lancaster & Morecambe
Whether you’re planning to be a sole trader only until you’re ready for the company formation process or you’ve fully adopted the sole trader lifestyle, we can promise you we’ve worked with many businesses like yours throughout Lancaster and Morecambe, and we can lend you our experience, perspective, and support.
We believe in local business and we’re always available for our clients. If you want that extra support to help you to survive and thrive as a sole trader, contact us today and we’ll be happy to talk it through.
Professional Accounting And Financial Advice
Contact TRW Accountants
Address:
TRW Accountants
95 King Street
Lancaster, LA1 1RH
Contact Details:
Tel: 01524 64187
Fax: 01524 60029
Email: office@tr-w.co.uk
Registered in England and Wales. Registered office – as above. Company registration 03851905
