10 Reasons Sole Trader Accounting is A Must For You

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Accountant for Sole Trader

It’s never been easier to offer your expertise to businesses, whether you’re an IT consultant or a business analyst, or an architect or a surveyor, from the comfort of your own home or across the country.

Working for yourself as a non-limited entity as a sole trader means that you are the business, and keeping track of your money may be a difficult and time-consuming task for those with little or no accounting knowledge. It’s critical that your books and accounts be up-to-date and accurate in today’s world of greater compliance and regulations.

At Pearl Lemon Accountants, we simplify accounting by providing a one-stop shop for all of your company’s accounting requirements. When you work with us and hire an accountant for sole trader you’ll have unrestricted access to your personal, professional accountant, who will collaborate with you to keep your business finances, tax filings, bills, invoices, and everything else up to date.

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Does a Sole Trader HAVE to Hire an Accountant?

Hiring an accountant for sole trader is an expense, and you may be trying to minimise those. It’s therefore natural to wonder if, as a self-employed person, you HAVE to hire an accountant at all.

When you’re a sole trader, you’ll be responsible for a lot of things. You, for example, will be responsible for finding jobs and interacting with clients directly. It will also be your obligation to file tax returns, which you will have to do every year.

You will, in particular, need to manage your own business accounts, just like any other enterprise. This is not as simple as it may appear, and it is one of the primary reasons why many sole traders like to engage an accountant.

Is it, nevertheless, necessary for sole traders to hire an accountant? No, that is not the case. There is no regulatory requirement that self-employed individuals have an accountant on their payroll. This is a choice you can make yourself. But there are plenty of good reasons why it’s something you should give serious consideration.

The Benefits of an Accountant for Sole Trader

You’ll want to know the benefits of hiring an accountant as a sole trader if you’re thinking about it.

So, here are some of the advantages you can expect when you hire Pearl Lemon Accountants as your sole trader accountant.

You'll Save Tons of Time

If you've ever tried to keep records and file tax returns during the working year, you know how time-consuming it can be. All of that paperwork takes time to complete and keep accurate, and many sole traders struggle with it during normal business hours. And do you really want to spend your free time doing the books, especially if it's not something you are very good at?

The benefit of employing an accountant is that you can delegate this task to someone who has the time and expertise to handle it. An accountant will help you with all of that financial record-keeping, which will free up a lot of time for you to focus on other aspects of your business. And on having a life.


You'll Stay on HMRC's Good Side

If there's one thing we all know about HMRC, it's that they're stringent about filing deadlines and keeping proper records. Even the tiniest error, such as being an hour late with your tax return, will get you in hot water.

As a sole trader, an accountant will be a useful investment if you struggle with bookkeeping, deadlines, and/or timekeeping. They'll have the experience to handle a variety of business finance responsibilities for you, which will help you avoid costly HMRC penalties.

You'll Avoid Financial Headaches

Numbers aren't for everyone, and having to handle all of your accounting on your own might be difficult. This is not something you want, and an accountant can help you with this. They have the education and skills to take on your financial duties and relieve you of part of the burden.

You can seek all types of guidance from your accountant, and you can rest assured that they will take care of the onerous duties you don't want to undertake or aren't qualified to complete. This frees you up to focus on expanding your business and managing the day-to-day operations of being self-employed.


You'll Save Money at Tax Time

Taxes must be paid by everyone. However, even if you are self-employed, you may be able to claim business expenditures in certain circumstances. An expert accountant will be able to provide you with guidance and help you find strategies to reduce your tax liability.

Hiring an accountant, for example, is a business expense that can be deducted. As a sole trader, you can be more efficient and ensure that you are not paying more tax than is required. You might be amazed at how many allowable business costs you're not deducting on your taxes, and how much money you can save!

We Can Help with More Than Just Taxes

Not particularly good at drafting invoices? Or setting fees? Struggle with the awkward task of trying to get slow clients to pay up, and have no idea what to do if they don't? As your accountant for sole trader, we can help you with all of that, and more. We'll help you make more money as well as keep more, and act as your financial guide for the duration of your sole trader business journey.


Working With Pearl Lemon Accountants

We’ll introduce you to your personal accountant once you become a client. Unlike other accounting firms, you’ll have direct communication with your personal accountant, which means you’ll always be able to reach your experienced advisor by phone or email.

We keep track of our client-to-accountant ratio to ensure that your business is well-served at all times, which means you can get to know your accountant by first name — something that we know is valuable to clients, however large or small their business is.


The cost of an accountant for a sole trader can vary depending on many things, such as the organisation you choose to keep your accounting needs in order. However, the average cost can be anywhere from £60 to £250 per month.

For more information, book a call with our experts today!

No, you do not have to have an accountant as a sole trader. However, as a sole trader, you already have a lot on your plate, and settling your accounts can be a very time-consuming process, especially if you don’t have much accounting knowledge. So, having an accountant in your corner could be very beneficial.


If you would like more information, feel free to book a call with our experts!

Yes, you can. Just make sure you set up your accounts in a way that allows you to record your income and expenses effectively.

Our accounting experts can help you with all your accounting needs as a sole trader. Pearl Lemon Accountants are qualified to help you with your tax filings, business finances, bills and much more. Wouldn’t it be great to have an accounting expert in your corner?

For more information, book a call with our experts today!

Another way that Pearl Lemon Accountants can help you as a sole trader is by taking care of all your accounting needs so you can focus on what matters to you most – running your business. With our help, you’ll always have good standing with HMRC, and better yet, you’ll be able to experience more savings during tax season!

If you would like more information, feel free to book a call with our experts!

Let’s Talk Accountancy.

They'll not only help you gather paperwork, documents, and receipts, but they'll also keep you informed about tax return deadlines, tax law changes, VAT bills, overdue invoices, and more.

Contact us today to get started!