Professional Accountants for Sole Traders

How do you start and register a sole trader business? What can you do to get the most out of your business and avoid the hassle of paperwork? How do you prepare reports for sole trader accounts and file tax returns?

If you still do not know the answers, then cooperating with professional accountants and lawyers from Ascott Blake will be an invaluable experience!

We provide a full range of sole trader accounting services, including assistance with registration, tax support, and documentation filing. Our experienced specialists will save you from routine paperwork and take financial responsibility for your business activities. Get the most out of sole trader accounting with Ascott Blake!

sole trader accountants
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    We are Ascott Blake, Chartered Accountants for sole traders

    Sole trader registration is the easiest and fastest way to start your own business, as you only need to apply to HM Revenue & Customs (HMRC). However, it also means that you will have to take on some financial responsibilities since timely and well-written reporting on sole trader accounts is a priority.

    There are several ways to manage sole trader accounts. You can try it yourself, ask someone you know, or hire an off-site expert.

    The latter option, objectively, is more practical and convenient because:

    • You pay only for accountancy services for sole traders;
    • You are guaranteed to get a competent specialist with experience in accounting for sole traders and solving problems of any complexity;
    • You can delegate all the paperwork, being sure that the expert fills in the declarations correctly and prepares it for delivery on time;
    • A professional will help not only put the existing sole trader bank accounts in order but also arrange them from scratch.

    Ascott Blake is fully financially responsible for your sole trader accounts, eliminating the risk of errors and misunderstandings. We offer a full range of sole trader accountancy services, from the nuances of registration to filing tax returns.

    Entrust us with your business accounting and forget about all the complexities of financial reporting!

    What is Sole Trader Accounting?

    As a sole trader, you are fully responsible for your business – how it operates and how it succeeds. Sole trader accounting is also your responsibility as the business owner. You are required to fulfil your business’s tax obligations and report to HMRC.

    Regardless of how you operate as a sole trader, whether you’re self-employed or work on a contract basis for a company, you are required to submit an annual Self-Assessment containing information on all business transactions. Sole trader accounting can help in all financial aspects of your business, keeping you compliant and making more informed business decisions.

    Why should a sole trader have an accountant?

    Being a sole trader is empowering, but it can also be overwhelming when it comes to managing business finances. That is where Ascott Blake’s accountancy services for sole traders can make a world of difference. As your personal sole trader accountant, we can transform your business accounts. We understand the ins and outs of UK tax regulations and provide professional support to keep your business as tax-efficient as possible.

    Our leading Sole Trader Accounting Services

    Transferring data from primary documents, forming tax and reporting payments are the minimum requirements for proper accounting for sole traders. However, the nuances grow with business development, and it can be challenging to deal with without expert help.

    In this case, you can contact Ascott Blake specialists who provide first-class sole trader accounting services:

    • Sole trader accounts support and maintenance;

    • Tax bookkeeping and filing returns;

    • Paperwork and documentation following all HMRC requirements and standards;

    • Timely submission of reports;

    • Tax burden optimisation;

    • Restoration of accounting;

    • Sole trader accounts analytics;

    • Conducting audits before inspections by regular authorities;

    • Support of official assessments and competent legal advice.

    As your business grows, Ascott Blake can also guide you on additional accounting and business support, including when to register as a limited company or become VAT-registered.

    Improve Your Sole Trader Business Bank Accounts

    Although accounting for sole traders is not mandatory, it doesn’t exempt business people from filing tax returns, which is impossible without primary documentation. The design of official papers is regulated by law, so the completed declarations should be clear and flawless.

    Moreover, the documentation for off-budget forms for insurance premiums also needs a professional approach. That is why professional online accounting for sole traders is a valuable and practical tool, providing numerous business benefits.

    By choosing Ascott Blake, you are guaranteed to get perfect order in your papers as we always do our best to accurately display your current financial situation. We will help you to track your business activity, analyse it, and draw up a brilliant strategy for further development. Sole trader accounts support from Ascott Blake is the key to your financial success!

    Entrust Sole Trader Accounts to Ascott Blake

    More and more enterprises, small businesses, and limited companies prefer to hire outsourcing specialists. There are many advantages to choosing this option, including significant savings on maintaining a full-time sole trader accountant. It is especially beneficial for sole traders and limited liability companies that can get more from expert knowledge and skills without the extra cost of regular training. Moreover, an off-site specialist in online accounting for sole traders can objectively assess the current financial situation and give competent recommendations for improvement.

    When you outsource your sole trader accounts to Ascott Blake, we organise all stages and workflows remotely in real time. You benefit from solving urgent client problems without wasting time visiting the bookkeeper’s office.

    At the same time, we guarantee:

    • Transparent reporting and access to the documentation at any time;

    • Affordable prices for a wide range of accounting services for sole traders and limited liability companies;

    • Attention to detail and a competent approach to paperwork;

    • Full responsibility for financial decision-making.

    Entrust us with your paperwork, and we will prepare all the reports on time – contact us today!

    Frequently asked questions about sole trader accounting

    For more information about how sole trader accountancy services can benefit your business, please take a look at some of our FAQs below:

    As a sole trader, you are required to pay income tax on the profits your business makes after all allowable business expenses have been deducted. The amount of tax you will pay depends on the amount of profit your business receives. In order to be taxed correctly, you will need to submit a Self-Assessment tax return to HMRC at the end of the tax year, so keeping accurate records of all business expenses is essential.

    As a sole trader business, preparing financial statements is good practice to keep you compliant when filing tax returns and to give you an overview of your sole trader business finances. Ascott Blake can assist you in preparing profit and loss statements, balance sheets and cash flow forecasts to better understand how your business is performing.


    As a small business owner, it is a legal requirement that you keep up-to-date records of business transactions, which includes bank statements, receipts, till rolls and invoices. You can choose to store these records digitally or as a hard copy (unless you are VAT-registered, in which case you will need to comply with HMRC's Making Tax Digital).

    Depending on the size of your sole trader business and how much income it generates will help you decide which type of sole trader accounting package you should go for. Generally, as long as you stay compliant as a sole trader and fulfil your tax obligations, then you should be on the right track.


    Essential services to consider include:

    • Bookkeeping

    • Tax planning

    • Payroll services

    • Accounts support

    • Cloud accounting

    Being self-employed means working for yourself, not an employer or company. There are many ways to operate as self-employed, including freelancing, consulting or running your own business. A sole trader is essentially a specific type of self-employment where you are the exclusive owner of your business.

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