Trading as a sole trader is the simplest way to be in business - and for many people it is exactly the right structure. The admin is lighter than a limited company, you keep things straightforward, and you only need to involve HMRC. But "simple" still means an annual tax return, accurate records, and a working knowledge of what you can claim and when. I Sumar & Co accountants helping look after sole traders and self-employed clients across the UK. We take the admin off your plate and make sure you never pay more tax than you have to.
Who We Help
We work with self-employed people of every kind, including:
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freelancers and consultants
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tradespeople and contractors
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creatives, designers and photographers
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coaches, therapists and personal trainers
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hairdressers, beauticians and mobile services
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gig-economy workers and side-business owners
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anyone earning untaxed income alongside a job
If you are paid into your own name (not a company), this is the page for you.
What We Do for Sole Traders
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Self Assessment tax returns, filed accurately and on time
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Cloud bookkeeping in Xero, QuickBooks or FreeAgent
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VAT registration and quarterly returns where applicable
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Claiming every allowable expense you are entitled to
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Tax planning to reduce your annual bill
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Making Tax Digital readiness as MTD for ITSA rolls out
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Advice on whether and when a limited company might suit you better
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A dedicated accountant you can speak to whenever you need
Sole Trader Accounting
- Frequently Asked Questions
You are not legally required to have one. But a good accountant typically pays for themselves several times over - through tax saved, mistakes avoided, time returned to you and the peace of mind of knowing it is done properly. For most sole traders, the answer is yes.
That depends on your business, but it often includes more than people realise: business use of your home, mileage, equipment, software, professional fees, training and many others. Part of our job is identifying every allowable expense for your particular work so you do not overpay.
When your profits reach a level where the tax efficiency of a company outweighs the extra admin and obligations - typically once profits comfortably exceed the higher-rate tax threshold - or when limited liability matters for your specific situation. We model both and recommend what suits you.
You must register once your taxable turnover passes the VAT threshold, and you can register voluntarily before that if it benefits you. Current thresholds are at gov.uk. We will tell you whether and when you need to.
