Accounting for sole traders

The best business type for you will depend on your personal circumstances. We generally recommend trading through a limited company as there are a number of significant benefits you gain by doing so. These benefits include protecting your personal assets (such as your home) and opening the door to better tax savings, in addition to the reputational advantage of having a registered company.

If you’re running a business on the side or your income isn’t too high you should consider operating as a sole trader. When trading as a sole trader there is no legal separation between you and your business which reduces the effort required to run the business. Partnerships are similar to sole trader businesses but consist of more than one owner.

Our accountants are happy to discuss this with you in detail to ensure you’re aware of the considerations when deciding your business type. Please request a call back.

The first step is for our team to arrange a call with you. During this call we’ll gather the information needed to carry out our identity checks and deliver our service. We’ll also help you get the TaxBoxx app set up on your mobile phone.

Once you’re in the TaxBoxx app we’ll need you to upload two forms of ID, as well as approve our letter of engagement. Our letter of engagement will detail the services to be carried out, our fees, and also our general terms of business.

Finally, we’ll need you to complete our online form to set up a direct debit that allows us to collect our monthly fees.

You’ll have direct access to our team who are ready to help throughout this entire process.

Many people get nervous about switching accountants, even if they’re not happy with the service they’re receiving. Fortunately there’s a standard procedure that accountants follow to help people wishing to move to another provider.

When you decide to become a TaxBoxx client we’ll contact your previous accountant directly requesting the information we need to take over your affairs. If you receive regular ongoing services such as payroll, we also agree a transition date with them to ensure you don’t experience a loss of service.

In most cases the process is complete in a week or two, though it can take longer depending on how quickly your previous advisors reply to our request. Ensuring that any outstanding fees owing to your current accountants are settled will help speed up the process.

Many clients that sign up to TaxBoxx are brand new businesses that haven’t started trading. To help support you in the early days and weeks, we offer our Start-up Support Program. With our Start-up Support Program you receive the full benefits of being a TaxBoxx client but you don’t pay any monthly fees until you start receiving money from customers or clients.