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Do Small Sole Traders Need An Accountant

If you are sole trader and your service is fairly simple and there are no complicated tax issues you could probably do it all yourself. There is plenty of information online at HMRC’s website and elsewhere, however the question I would ask you is this.

 

Is it good use of your time?

 

Accountants are experts in their field, it’s what they do everyday. Something that may take you hours, days or even weeks to figure out the accountant should already know. For a small sole trader with good records, few transactions and straightforward tax affairs your accounting fees are unlikely to come to more than £750 plus VAT per annum. Not only this but fees for preparing accounts and tax computations are tax deductible so that £750 is only actually costing you £450 if you are a 40% taxpayer

 

So whats £450 of your time worth? Isn’t it better to spend your time marketing and getting new business? Additionally how do you know that you have covered everything? You are after all an amateur in this and qualified accountants are the experts.

 

So really my answer is always the same yes you should engage an accountant.

 

If you need further help and advice please contact me Paul Stankiewicz FCA on [icon name=”phone” class=””] 0800 689 3084 or [icon name=”envelope” class=””] [email protected]

 

Disclaimer:

Paul Marks & Co Chartered Accountants is the trading name of Paul Marks Ltd a Limited Company registered in England and Wales (registered number 4487645). This article is designed for the information of readers only and readers should not act on any of the information contained in this article without seeking professional advice. Nothing in this article constitutes advice, nor does the transmission, downloading or sending of any information or the Material create any contractual relationship. Links to third party websites are provided as a convenience to the reader, Paul Marks Ltd does not control and is not responsible for any of those websites or their content. Paul Marks Ltd accepts no liability or responsibility whatsoever for any loss or damage suffered by any user of the information contained on or accessed through this article or the Material downloaded.