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Pure Contribution

FINANCIAL CLARITY & CONTROL

Sole Traders and Partnerships (including LLP’s)

Sole Traders and Partnerships (including LLP’s)

Sole Traders and Partnerships (including LLP’s)

As a sole trader (whether in partnership or not) you are required to prepare trading accounts for inclusion in your Income Tax Return. You derive income as drawings from your business but you are taxed on your share of the business profits, regardless of the level of drawings. 

We work closely with sole traders to ensure that they maintain adequate records, understand their financials and associated tax implications – including payments on account that may need to be made at the end of January and July each year.   

As a business grows, there may be several advantages in incorporating a sole trade into a limited company. Our experience in this area means we can support you throughout this process.

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