Sole Traders
One owner. One vision. Complete compliance.
In Support with Sole Traders:
Running a sole trader's business is exciting and fulfilling, but managing your finances can quickly become time-consuming and stressful. From handling income tax and expenses to managing payroll and bookkeeping, staying on top of everything can be challenging, especially when you’re focused on growing your business.
At CBM Accounting, we understand the unique needs of sole traders and offer professional support to make your financial management simple and stress-free. Our expert accountants can handle all or part of your accounts, ensuring accuracy, compliance, and maximum tax efficiency while you focus on what you do best in running your business.
Get in touch with CBM Accounting today to discuss your business needs and discover how our tailored accounting solutions can help your sole trader business thrive.
What does Sole Trader refer to?
A sole trader in the UK is someone who runs their own business independently managing operations, hiring staff if needed, using their own tools or equipment, and selling goods or services to earn a profit.
Unlike a limited company, a sole trader in business is not legally separate from its owner. This means you are personally responsible for all aspects of your business finances, including any debts or liabilities. The benefit, however, is that you retain full control of your business and keep all the profits you earn after paying for Income Tax and National Insurance contributions, of course.
Unlike a limited company, a sole trader in business is not legally separate from its owner. This means you are personally responsible for all aspects of your business finances, including any debts or liabilities. The benefit, however, is that you retain full control of your business and keep all the profits you earn after paying for Income Tax and National Insurance contributions, of course.
Our Services for Sole Traders:
VAT Services:
CBM Accounting offers comprehensive VAT services in the UK to help sole traders manage VAT registration, record-keeping, and returns efficiently. We ensure full compliance with HMRC’s Making Tax Digital (MTD) regulations, minimizing errors and penalties. Our VAT consultants in the UK advise on the most suitable VAT scheme and identify reclaimed opportunities to reduce tax liabilities. With our support, sole traders stay compliant, save money, and focus on growing their business.
Accounting & Bookkeeping:
At CBM Accounting, we deliver expert accounting and bookkeeping services tailored for sole traders across the UK. We maintain accurate financial records, prepare tax returns, and ensure compliance with HMRC standards. Our services simplify financial management, improve tax efficiency, and support long-term business growth allowing sole traders to focus on running their business confidently.
Payroll Services:
CBM Accounting provides reliable outsourced payroll services in the UK for sole traders who employ staff or contractors. We handle wages, tax deductions, National Insurance, and HMRC submissions, ensuring full compliance. Using advanced payroll systems, we streamline processes, manage pension and statutory payments, and save you time, so you can focus on your business.
Self-Assessment:
For sole traders in the UK, CBM Accounting simplifies the Self-Assessment process by managing income, expenses, and tax reporting with accuracy and compliance. We help file tax returns on time, 31 October for paper and 31 January for online submissions avoiding penalties and interest. Our expert record-keeping and tax planning ensure you claim all allowable expenses, stay compliant, and minimize your tax burden effectively.
Get an appointment
Save Time and Effort with Our Accounting Services
Make your business stand out with our personalised accounting services.
We empower every business, from nascent startups to thriving enterprises, with the precise financial guidance needed for sustainable success.