Sole Trader - CfoTax

Accounting for Sole Traders

If you’re thinking about starting your own business, being a sole trader is one of the simplest ways to get started.
There are just specific processes that need following, but it may be difficult for success in this type of ownership model if those steps aren’t taken!

The Pros and Cons of Being a Sole Trader

Pros:

The benefits of running a sole trader
Total control and easy decision making
Keep the profit and remain private
Change to a limited company easily

Cons:

Sole traders are 100% liable for any debt that the business takes on
Sole traders have less flexibility in terms of how they can share profits, which means that it is harder to save money for themselves
As a sole trader, you cannot deduct your salary from your taxes.

Contact us

Contact us today to arrange a meeting to discuss the services we provide.

We will guidance throughout the process, ensuring a seamless transition.

Call Us Now Schedule an Appointment

A huge help with Capital Gains Tax

Ger helped me wade through some complicated CGT queries and her help was so invaluable, I would highly recommend reaching out to her for advice, thank you Ger!

Lou

Business set-up and advice on all statutory requirements

When starting my business I didn’t know what or when I needed to submit returns to the revenue. Ger walked me through the steps involved and made all the relevant submissions along with advising me on how to keep proper books & records through hassle free iCloud App. I would highly recommend CFOTAX.

Mary, GrandadsCottage.ie

Time saving on my accounts

I started using CFOTAX recently to complete my accounts. I find them straight talking with their advice. Today I use my phone to take a picture of my invoices and CFOTAX have all they need to complete my accounts through an app, no more looking for invoices everywhere!

Gavin Sheehan, Farmer

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