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Bespoke services for Sole Traders

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What is a Sole Trader?

If you’re a sole trader, you run your own business as an individual and are self-employed.

You can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business. For more information please visit the GOV website.

If you are still trying to figure out whether a sole trader structure is the right fit for you, please see our ‘Benefits of a Sole Trader’ blog here.

Onyx Sole Trader Services

Onyx take away the hassle of registering you for self assessment and handle all the paper work associated with registration, giving you peace of mind you have been registered correctly. We offer preparation of Annual Accounts with balance sheet reconciliations to suit your business e.g fixed assets, bank, debtors, and creditors and also including VAT and Payroll.

We can help you with all your general bookkeeping requirements, either at your business premises or at our office. Maybe you need help writing up the books or just want us to add the finishing touches to the information in order to create your own management information. We are accredited partners with a range of bookkeeping software providers. Software training is available and we can offer a range of packages to suit your requirements. Please see our Software Page for more details.

You can also find more information on any of our other Supporting Onyx services.


You need to set up as a sole trader if any of the following apply:

  • You are running a business for yourself.
  • Earned income is more than £1,000 from self-employment between 6 April and 5 April (a tax year).
  • Proof of self-employment is required, for example to claim Tax-Free Childcare
  • To make voluntary National Insurance payments to help you qualify for benefits

Registration must be made as soon as possible. It is a legal requirement to register by 5 October after the end of the tax year in which you became self-employed.


You can trade under your own name, or you can choose another name for your business. 

Contact details and your business name (if you have one) must be available on official paperwork, for example invoices, letters, and also on your web page, and social media, if applicable.

Sole trader names must not:

  • include ‘limited’, ‘Ltd’, ‘limited liability partnership’, ‘LLP’, ‘public limited company’ or ‘plc’
  • be offensive
  • be the same as an existing trade mark

Your name also cannot contain a ‘sensitive’ word or expression, or suggest a connection with government or local authorities, unless you have permission.

Already Set Up and Trading?

If you are already set up and trading and are looking to move accountant, or maybe your tax return has become too complex and confusing for you to complete yourself, Onyx will ensure a smooth and hassle free transition. 

Get in touch today! 

Thinking about going Limited?

There are many benefits and tax saving opportunities to going Limited including:

– Paying less tax

– Claiming more tax relief on expenses

– It might be easier to attract investment

– Limited liability protection

If you would like us to assist with setting up a Limited Company please click the button below and complete our bespoke set up form. If you have any queries please contact us at

Contact us now for a free no obligation consultation

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Get in touch with us for a FREE no obligation consultation