The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
Because sole traders are the most simple trading entity possible, it is very easy to overlook them when it comes to planning work. It is often the case that planning for such clients will be done on a purely reactive basis, such as when they approach an adviser to discuss incorporation or purchasing large capital items.
However, advisers should endeavour to review all of their clients’ positions at least once a year.
Determining when to conduct planning for sole traders can be challenging. There are several annual events which may dictate when best to undertake planning work and what sort it is:
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