When starting a small business, it's essential for you to make a decision on the structure that suits your operation. It can either be a self-employed (sole trader), a limited company or a partnership. Setting a business up as a sole trader has become the foremost popular legal structure within the UK. There were approximately 3.5 million sole proprietorships registered in 2019. Sole traders accounted for 60% of small businesses within the UK. Also in the UK, there are over 1.9 million limited companies, making it the second biggest legal structure.
It is very important to consider the pros and cons of the different legal structures before deciding your business structure.
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Bookkeeping services for your business
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Why you should outsource your bookkeeping?
If you’ve just started a business, chances are you’ll be doing the bookkeeping yourself or you may be looking for low costs for bookkeeping services. This is no bad thing. When launching a new business venture, it’s crucial that you have an intimate grasp of your financial situation. No doubt you will be spinning lots of plates, so the best way to keep on top of your finances is to outsource your bookkeeping.
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