Sole Traders Demo

Who is a Sole Trader?

A sole trader owns and operates a business by themselves, wherein the said person is personally liable for any debt or credit as well as any losses incurred by that business. A sole proprietorship tends to generate smaller amounts of revenue and incur lower levels of expenses than more complex types of organizations. Consequently, it can make sense to start off with the most minimal accounting record keeping that is based on the cash flows into and out of a bank account. This means maintaining separate cash receipts and cash disbursement journals, and little else. This is considered a single-entry accounting system, since it cannot be used to produce a balance sheet, only an income statement.

Complexities for a Sole Trader

Managing a small business by yourself is complicated at times. The owner must file VAT and tax returns, do bookkeeping, plan for taxes, manage payroll pay-outs, and on top of that focus on business development and strategy.

Operating a sole proprietorship in the UK is not easy because it entails a huge amount of financial and legal complexities, particularly; compliance with HMRC for submission of necessary paperwork for business incorporation, timely registration for self-assessment while avoiding mistakes in computations etc.

Why do Sole Traders need an Accountant?

Operating a business on your own, frees an owner from submitting and publishing financial statements. yet it still requires them to keep track of their revenue and expense, record daily cash flow, file for personal tax returns, and register for national insurance.

A sole trader must also register for VAT if the business is earning a total of £85,000 or more in a fiscal year. Lanop takes on these responsibilities for you letting you focus on business development.

Sole Trader Accountants in the UK

Sole traders must seek out the best-suited accountants who can understand their business structure and provide efficient solutions to problems in order to meet individual business requirements and to keep records such as bookkeeping, VAT, PAYE, payroll, and tax planning while catering for statutory compliance and HMRC tax investigations/enquiries.

Lanop: A Sole Trader’s Best Friend

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London provide practical and efficient solutions to all your accounting needs.

Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.

Expert Advice

Zohaib Arshad

I am the Global Manager for VAT Returns at Lanop with more than 5... Read More

Zohaib Arshad

Financial Accountant

info@lanop.co.uk

0208 392 9375

Book an Appointment

Most of my time is spent counseling limited firms on all aspects of their financial and tax circumstances as a Financial Accountant. Many corporate business owners have turned to me for help with their business formation, including any early paperwork and laws. Small business owners can benefit from my high expertise and professional advice due to my
diversified experience in a wide range of industries.

Book an Appointment

Rehmat Hussain

I am a Financial Accountant. I advise sole proprietors Read More

Rehmat Hussain

VAT Manager

info@lanop.co.uk

0208 392 9375

Book an Appointment

I am the Global Manager for VAT Returns at Lanop with more than 5 years of experience in accounting, tax, and finance. I am responsible for providing services to help sole traders with self-assessments, tax planning and other relevant accounting services. My realistic approach, extensive experience, and successful track record makes me your business’s best friend.

Book an Appointment

Client's Testimonial

When I was looking for an accountancy partner, Lanop was the first provider to respond, inviting me in for coffee to discuss my business plans and offering guidance on how to structure the business. It was a crucial first meeting, I had so many questions and worries about starting out on my own, but the team gave me all the help I needed to register and run my own company. We’ve been trading for over three years now and the Lanop team have provided an excellent service, answering all our questions, managing our payroll, VAT, pensions and annual reporting processes without a hitch.

Steven George-Hilley

Founder

Centropy PR

Why should you choose us?

Digitalized Solutions

Professional & Client Centric

Flexible Approach

One-to-One Consultation

No Surprise Costs

In-house Team of Experts

VAT registration & Returns

Your business must register with HMRC if your Taxable VAT Turnover is over £85,000. On top of the initial registration process, our VAT professionals will also help you plan, prepare and file all the necessary paperwork on your behalf, ensuring your returns are filed correctly and on time.

PAYE & Payroll

Our specialist payroll department efficiently manages payroll and PAYE on your behalf by collecting and maintaining meticulous records of employees. We also help keep track of your pay slips and file your P30s and P60s on schedule.

Bookkeeping

With Lanop’s team of skilled bookkeepers, you can focus entirely on building your business by letting us handle all tedious record keeping of income, expenditure, bank reconciliations, VAT and PAYE on a state-of-the-art cloud-based software, coupled with smart technology applications.

Statutory Compliance

Our chartered accountants will take care of all your HMRC compliance needs. Preparing and filing with relevant government departments (whether it is HMRC VAT, Payroll, corporation tax or income tax department). Companies House is also kept up to date with legalities and compliances relevant to your business.

Tax Planning

Lanop’s wide knowledge of industry-specific tax reliefs and in-depth counselling on tax saving and investment planning for individuals and corporations make us your true friend when planning for taxes. Give us a call. We will make your life easier.

HMRC Investigation

All types of tax investigations are handled at Lanop. Our expert chartered accountants offer competent advice on subjects such as COP 8 (Tax Avoidance), COP 9 (Suspected Serious Fraud), HMRC Nudge Letter, Disclosure Facilities, fraud, VAT and PAYE investigations.