Tax Advisors & Business Recovery Consultants | Phone: 020 8993 1867 - Free Tax Advice
Sagoo and Co. Chartered Accountants & tax advisors in London  

Sole Traders

 

Are you already trading or considering starting a business as a sole trader? Sagoo & Co. Chartered Accountants can help as we are a 'one-stop-shop' for accountancy services and tax advice for small businesses and self-employed individuals.

The main advantages of setting up as a sole trader are:

bullet Total control – You have total control over the business.  Decisions can be made quickly and easily, from accountancy and financial decisions to general business decisions.
bullet Easy to change to another trading identity. It is relatively easy to change your trading identity from that of a sole trader to a limited company.
bullet Keep the profit – As the owner of the business, all the profit belongs to you.
bullet Business affairs are private – When you run an unincorporated business your accounts are not made available to the public therefore competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.

The reasons why sole traders are often successful are:

bullet They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
bullet They can be sensitive to the needs of their customers – Since you are closer to the customer that allows you to react more quickly to their needs than a larger business.
bullet Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.

The main disadvantages of being a sole trader are:

bullet You are personally liable and accountable for all your businesses debts - Should your business fail you could end up losing your personal assets such as your home, car, etc.
bullet Can be difficult to raise finance -When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult unless you are prepared to change your ownership status.
bullet Can be difficult to enjoy economies of scale - Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.

Call us today 020 8993 1867 or drop us an email and we will call you back - info@sagoo.co.uk.

Find us


1st Floor,122 High Street, Acton, London, W3 6QX

Stations near: Acton Town, Acton Central & South Acton - busses: 207, 266 & 607 - MAP

Tel: 020 8993 1867


Opening Hours

Mon - Fri: 9.00-17.30
Saturday: 10.00-14.00
Sunday: Closed


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