As a sole trader, the individual is the business and, as such, would be personally responsible for any loan or credit agreements. Even though a sole trader can be VAT registered and have employees, there is a slant that this is a smaller operation than a Limited Company. However, there is a much reduced level of administration.
Prepare, submit and file Annual Accounts.
Prepare Periodic Management Accounts.
Provide References for Mortgage Applications and similar.
Prepare Cash-Flows and Business Plans.
Review Third Party Contracts.
Raise Invoices on the sole trader’s behalf.
Record all Transactions of the sole trader on Sage Line 50.
Manage the Bank Statements of the sole trader.
Manage Supplier Payments.
Provide Credit Control Services.
Register the sole trader for VAT.
Prepare and submit VAT Returns.
Liaise with HMRC to secure an Employer Reference.
Manage the Payroll on HMRC RTI Compliant Software.
Calculate Net Salaries, Income Tax and NI Contributions.
Prepare and submit annual P60, P11D’s and P45’s.
Administer Commission, Bonus Schemes and Benefits.
Administer Business Expense Reporting.
Prepare and Submit Income Tax and NI Information and Payments.