Does a Sole Trader HAVE to Hire an Accountant?

Hiring a sole trader accountant is an additional 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.

Sole Trader Accountant

It’s never been simpler, or more popular with providers, 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 alone 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 a sole trader accountant 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.

Does a Sole Trader HAVE to Hire an Accountant?

Hiring a sole trader accountant is an additional 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.

The Benefits of Working With a Sole Trader Accountant

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 a sole trader accountant here 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 that significantly decrease the amount you need to pay. An expert accountant will be able to provide you with guidance and help you find strategies to reduce your tax liability.

Hiring a sole trader 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 sole trader accountant 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.

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

FAQs

How much does a sole trader accountant cost?

The price of a sole trader accountant can vary from person to person, depending on what services and advice you need.

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

As a sole trader, do I need an accountant?

If your tax information is easy to keep up with and you are the sole owner of the organisation, you might not need an accountant. However, it can be very beneficial to have one.

Why choose our sole trader accountancy services?

With our services, you will not only gain a knowledgeable team player but someone who can help assist with all of your accounting needs.

At our accounting firm, your personal accountant will keep you apprised of everything that you need to know. Such as, but not limited to, tax return deadlines, overdue invoices, and so much more.

If you would like more information, please book a call with our experts!

What Can You Expect From Pearl Lemon Accountants?

You can expect quality expertise and experience from Pearl Lemon Accountants. You can also expect one-on-one chats that will keep you in the loop about everything you need to know.

Our accountants can help you save money during tax season, maintain you in good standing in the eyes of HMRC, and so much more.

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

Let’s Talk Accountancy.

Get in touch today, so we can discuss your accountancy needs,
your business, your hopes for the future and
just how Pearl Lemon Accountants can help you.

Let’s Talk Accountancy.

Get in touch today, so we can discuss your accountancy needs, your business, your hopes for the future and just how Pearl Lemon Accountants can help you.