Sole traders need to have their accounts submitted to HMRC
via the Self Assessment route. There are a number of differences
between operating a business as a sole trader and operating
via a Limited Company. In most instances, it is more
tax efficient to operate a business through a Limited Company.
At Price Hill & Co Limited, we can assess your individual
circumstances and can give you a tax comparison between
operating through a Limited Company versus operating as a Sole Trader.
If you have already started operating as a Sole Trader and require assistance with the Self Assessment, we can offer you this service at a very competitive fee.
We are able to work with most software including Excel, Sage, Quick-Books, TAS Books etc. We are able to extract the records from these software and carry out necessary checks to ensure that the records agree with the bank statements etc.
We undertake a review of your book-keeping and provide the necessary accounting entries to complete the accounts.
We believe that accountants should not just prepare the accounts, but to take an interest in the clients business. We work hard to ensure that our clients pay as little tax as possible. We undertake a review of all aspects of taxation. This includes VAT, Payroll, Corporation Tax, dividend structures, personal allowances and Capital Gains Allowances.
There is little point in saving in tax and then having to pay high accountancy fees. We believe that our clients should end up with more money in their pocket – save in tax and pay very competitive fees for the accounts. We offer very competitive fees which start at only £695 for the complete service package. No hidden extras.
Is it better to be Self Employed or operate through a limited company?
Differences between Self Employment as Limited Company.
Traditionally, the accounts preparation of Self employed people was far easier as there were less regulations governing the structure of accounts. However, with the introduction of Self Assessment, self employed people have to keep records in almost the same manner as Limited Companies are required and therefore the accounting is now almost identical for Self Employed people as well as people who operate through a limited company.
If a limited company gets into debt, the owners (shareholders) are not personally liable for the business debts or any claims made against the company. Generally, a limited company protects the individual from being sued and personal risk is restricted to how much is invested in the business and any financial guarantees given to obtain finance.
A sole trader would be liable personally against any debts or claims.