JP Egan & Company

Why should you choose to be a Sole Trader?

Running a business as a sole trader is a popular and flexible option, offering simplicity and control. 

As a sole trader, you are in charge of every aspect of your business, from making decisions to managing your finances. However, it’s essential to understand the tax obligations and responsibilities that come with this structure. 

At JP Egan & Company, we provide the expert accounting support and advice that ensures your sole trader business stays compliant, profitable, and efficient.

JP Egan & Company

Advantages of being a Sole Trader:

Operating as a sole trader offers several advantages, but it’s important to be aware of the trade-offs. Here’s an overview:

  • Complete control: As a sole trader, you make all the decisions and have full control over your business operations and finances.
  • Simple to set up: Setting up as a sole trader is straightforward and cost-effective, with minimal registration and legal requirements.
  • Full entitlement to profits: All profits from the business are yours to keep, without having to share with others.
  • Lower setup costs: Compared to limited companies, sole traders face fewer upfront costs for registration and ongoing administration.
  • Tax benefits: Sole traders can claim business expenses as tax-deductible, reducing taxable income and potential liabilities.
JP Egan & Company

Disadvantages of being a Sole Trader Company:

  • Unlimited liability: As a sole trader, you are personally liable for any debts or legal actions against your business. Your personal assets may be at risk if things go wrong.
  • Less credibility: Some clients may perceive limited companies as more trustworthy or established, so you may need to work harder to build credibility.
  • Difficulty in raising funds: Unlike limited companies, sole traders may find it more challenging to attract investors or secure financing.
  • Higher tax rates: Sole traders may be subject to higher personal tax rates on profits than limited companies would pay on their income.

Simplifying the Complexities of being a Sole Trader

JP Egan & Company

How can we help

At JP Egan & Company, we make sure that you get the support you need to manage your sole trader business effectively. Our expert team offers a wide range of services designed to help you stay compliant with tax regulations, optimise your tax position, and ensure smooth business operations. We help you navigate the complexities of self-assessment, VAT registration, and other regulatory requirements, leaving you to focus on growing your business.

01.
Tax Returns & Self-Assessment:
We handle your annual self-assessment tax returns, ensuring accuracy and timely submission to avoid penalties.
02.
Bookkeeping & Accounting:
We maintain accurate financial records, track your business expenses, and provide clear insights into your cash flow.
03.
Annual Returns & Director’s Payroll:
We handle all the paperwork for your annual return and manage director salaries, ensuring all filings are timely and accurate.
04.
VAT Returns:
If your turnover exceeds VAT thresholds, we help with VAT registration and ensure that your VAT returns are filed accurately and on time.
05.
Tax Planning & Advice:
We advise on tax-efficient strategies to minimise liabilities, such as claiming allowable business expenses and taking advantage of tax reliefs.
06.
Payroll:
If you have employees, we manage payroll, ensuring that your staff are paid on time and all necessary deductions (e.g., PAYE, PRSI) are made.

Our Simple 3-Step Process to Switch:

JP Egan & Company

Switching Accountants is Easy

Changing accountants when you’re a sole trader is a straightforward process, and it doesn’t have any tax implications. We’ve helped many sole traders make the transition to our services, ensuring no disruption to business operations. Here’s how you can get started with JP Egan & Company:

01.
Get in Touch:
Reach out for a free initial consultation. We’ll discuss your needs and explain how we can help you with your accounting and tax affairs.
02.
Talk to an Expert:
Our team of experts will assess your current financial situation and offer tailored advice on optimising your tax position and managing your accounts.
03.
Get a Quote:
We offer clear, fixed-fee pricing with no hidden costs. You’ll receive a personalised quote based on your requirements.
Ready to get Started?
Contact Us

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