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Sole Traders / Self Employed

The simplest way to start your business is as sole trader/self-employed. Rauf Accountants offer you comprehensive accounting package so you can focus on your business and make money. There are certain advantages and disadvantages of being a sole trader. Some of them are below.

Advantages:

  • You have complete control over the business and can take decision quickly in regards to every aspect of your business.
  • You will have competitive advantage as your business affairs are private and your competitors can see your financial information. Being an unincorporated business your accounts not made available to public.
  • When business grows you have option to incorporate your business as limited company
  • You can develop good business relationship with your customers and always have closer contact which means you can tailor your services quickly to meet your customer’s demands and expectations.

Disadvantages:

  • You are fully liable for any debts and contracts the business has. If your business fails you may end up losing your personal assets.
  • The banks may not lend you for the business as it is difficult to raise finance for sole trader business
  • You are perceived as a small business which may affect your growth.
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Rauf Accountants is a trusted firm providing reliable, affordable accounting and tax services across London and the UK. We help businesses stay compliant, organised, and tax-efficient.

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