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SOLE TRADER

When you start out in business you might not want the administrative burden of a limited company, and will just operate as a sole trader. This does not mean that you should ignore your accounts during the year: management accounts are still important to monitor progress.

All the business profits you make are included in your self assessment as taxable income and are also subject to national insurance contributions. We can offer advice on many aspects of operating as a sole trader including initially setting up and registering with HMRC; the records you should maintain for your accounts; tax deductible expenses and how to legally minimise your taxable income.