Sole TradersAt TAS Consulting Accountants, we provide a variety of accounting services to help you as a sole trader. Although being a sole trader is one of the most straightforward ways to start a business, there are numerous procedures to follow. Book an appointment
Are you a sole trader who is already in business or considering starting one? We can assist because we are a ‘one-stop-shop’ for accountancy and tax advice for small businesses and self-employed individuals.
The following are the main benefits of starting a business as a sole trader :
- It’s simple to switch to a different trading persona. It is relatively simple to convert your business from a sole trader to a limited company.
- Profit should be kept – As the business owner, you own the entire profit.
- Business affairs are private – When you run an unincorporated business, your accounts aren’t made public, so competitors can’t see how much money you’re making. As a result, they’ll know less about how your business operates and succeeds.
- Full control – You have complete command of the company. From accounting and financial decisions to general business decisions, decisions can be made quickly and easily.
The following are some of the reasons why sole traders are often successful:
- They can be sensitive to their customers needs – Being closer to the customer allows you to respond to their needs more quickly than a larger company.
- They can provide a more personalised service – A smaller business can maintain a closer relationship with its customers and develop a strong rapport in order to provide excellent service and customer care.
- Small local businesses will be closer to the community and will be able to develop good business relationships due to their understanding of the area and local knowledge.
Following are the main disadvantages of being a sole trader :
- It can be difficult to raise capital if you run a small unincorporated business because banks are hesitant to lend large sums to unincorporated businesses, and you may find that raising capital for your business is difficult unless you are willing to change your ownership status.
- Economies of scale can be difficult to achieve – Smaller businesses frequently find that they are unable to purchase supplies in bulk and do not receive the same discounts as larger businesses.
- If your company fails, you may lose your personal assets such as your home, car, and other valuables.
TAS Consulting Limited can advise you on all tax aspects of starting a business as a sole trader or discuss the benefits of operating as a limited company. We enjoy assisting small businesses to succeed, so please call us at +353 1 442 8230 to schedule a free consultation with your local office.
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If you have any queries, or would like specific advice, then please do not hesitate to contact a member of our Accounting team.
call us on +353 (0)1 442 8230, 00353 851477625 or email email@example.com