Whether you are a sole trader who is just starting out or an established business, our team provides all the support and advice you need to keep your accounts in order and run your company effectively.
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When it comes to accounting software, we appreciate that ease of use is invaluable to our clients. That is why we use Xero.
Xero is a cloud-based system which is simple to use, accurate and extremely cost-effective, making it the business accounting tool of choice for people the world over.
Would you like to know more? Get in touch. We would be happy to help.
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The decision to operate as a sole trader or a limited company has implications for tax as well as legal and financial responsibilities. It will also affect how much paperwork you will need to complete to get started.
But what is the difference between the two structures?
And which one is the best fit for your business?
What's The DifferenceA sole trader is the exclusive owner of a business. As a result, they keep all profits after tax has been paid while also being personally liable for all losses. It is easy to get started as a sole trader and paperwork is relatively minimal.
A limited company has its own legal identity, separate to its owners. This means that personal assets are not exposed, and while the owner of a limited company is responsible for its debts, they only stand to lose the amount of capital they invested.
There are undoubtedly advantages and disadvantages to each structure and it is the unique circumstances by which a business is run that determines which is the best route to follow.
Would you like to find out more? We would be happy to talk it through with you and find the help set you on track to financial and business success.
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