Nowadays bookkeeping and accounting is essential part for every industry because of that if you want to keep all the financial transactions records appropriately so bookkeeping or accounting is facilitates to keep all the financial transactions reports for your any size of businesses. Each and every business proprietor wants perfect business financial transactions records like sales, purchases, income, and payments by an individual or organization so if you desire to keep all the records accurately for your small business so bookkeeping accounting is better option.
There are advantages and disadvantages with starting a business either as a limited company or a sole trader.
Operating as a sole trader gives the advantage of requiring little in terms of administration. You must register as being self-employed with the Inland Revenue within the first three months of trading and you will pay Self Assessment Tax as well as national insurance.
As a sole trader you are personally responsible for any monies owed to government or creditors and hence your personal assets including your home can be at risk.