Sole Trader

Overview

No sole trader is too small for LaiPeters & Co; our team will give you individual support from your start-up, by providing one-to-one advice on how best to handle your individual issues.

It is important to separate your business dealings from the money you use for your own or your family’s personal use. Your records should show that your personal money is separate from business cash and your business bank account. If you do not have a separate business account, you must keep clear records of what is personal or to do with your business. You will also need to keep a record of any private money you bring into the business, and where it came from (e.g. a legacy, a loan, or the proceeds of a life assurance policy).


Pros and Cons

Setting up as a sole trader is the easiest and quickest way to get started. You alone are responsible for any profits and all losses, and there is no safety net.

Tax Issues

The LaiPeters & Co tax team are able to help with all aspects of your own and your businesses tax issues.