Sole trader advice

Chartered accountants working with sole traders throughout Liverpool, Wirral and beyond, we provide bookkeeping services, calculate our clients' Income Tax and National Insurance payments and submit their self assessment tax returns on their behalf.

An overview of Sole trader advice

Being a sole trader has its advantages, from being your own boss to being able to retain every penny of your business’ post-tax profits.

What’s more, operating as a sole trader means no obligation to prepare annual accounts or submit a Corporation Tax return. It can also help boost your tax efficiency whilst avoiding any complications you may otherwise have experienced surrounding IR35.

Positives aside, however, there are a number of considerations which many people fail to consider properly before taking the leap into business ownership…

Whilst you’ll be entitled to any profits the business makes, you’ll also have unlimited personal liability for any losses.
You’ll be personally responsible for any bills the business racks up or any debts it incurs.
You’ll be personally responsible for keeping accurate and up-to-date records of your business’ income and expenditure.
In the eyes of the law (and thus your creditors’) there is no separation between you and your business. If your business owes a debt and is unable to pay, your creditors may be entitled to come after your personal assets, including your house even if jointly owned with a third party.
You’re obliged to complete a self-assessment tax return every year.

Whilst operating as a sole trader can prove hugely beneficial and involve considerably less admin than the limited company route, it’s by no means a walk in the park. It can prove time consuming and, at times, confusing with only the trained or experienced having a firm handle on exactly what’s required.

Why choose Phil Owen & Co.?

A highly respected Liverpool firm of Chartered Accountants, our business start up specialists can support you with everything from the the initial setup to the calculations for the tax due on any profits you receive.

We’ll help you fulfil all sole trader responsibilities, including keeping accurate books, working out your Income Tax and National Insurance payments and the timely submission of your self assessment tax return. And if you need or want to register for and start claiming VAT, we can even help with that too.

Interested? Simply get in touch to arrange a free consultation. We’ll come to you or you can visit us at our Liverpool HQ.

Why use Phil Owen & Co.?

A respected firm of chartered accountants, we’re trusted by hundreds of businesses and private individuals throughout Liverpool, Wirral, Cheshire and Lancashire.
Thanks to our ICAEW Chartered status, you can rest easy, safe in the knowledge that both your business and personal finances are in capable hands.
We’re no ordinary accountant. By getting to know your business and its goals, we’re able to provide proactive, expert advice that adds genuine value to your team.
Regardless of their size, following an introductory phone call, all new clients receive a free consultation, either at their premises or at our offices in Liverpool.
From sole traders and SMEs to national I.T. and construction businesses, our accountancy services are tailored to suit our clients’ individual requirements.
We take pride in the friendliness and approachability of our staff. From the moment you first make contact, we’ll treat you as we’d like to be treated ourselves.

Dont just take our word for it...

Dane Fennelly, Managing Director E2E Technologies

“E2E have used Phil Owen & Co. for a number of years now. The service we’ve received has been first rate with requests dealt with promptly and advice provided proactively. I couldn’t recommend them highly enough.”

Kevin Collins, C.B. Transport Refrigeration Ltd

"As a multimillion pound turnover business we have used Phil Owen and Co Limited as our accountants for many years and have made substantial tax savings as a result of the Research and Development claims advised by Phil. We would highly recommend them to anyone looking for a professional service.”

Ian Johnson, Company Director (Private Individual)

“Phil Owen's services were recommended to me by a friend a few years ago and, I have to say, I haven't been disappointed. From day one I've received an excellent service.”

Paul McHale, Contractor (Sole Trader)

"I was referred to Phil Owen when I became a sole trader a few years ago as I was struggling to find the time to deal with my finances as well as work six days per week. Their advice was really easy to understand and proved very helpful to me and I haven't looked back since."