Frequently asked questions
Our Virtual Finance Office (VFO) function is an outsourced accountancy solution providing you with all of the services you would expect from an in-house finance department.
- You replace the need to recruit and train.
- Work continues during holidays and sickness.
- You receive financial input from a professional.
- You eliminate overheads and admin burden.
- Bookkeeping
- Management Accounting and Reporting
- VAT Returns
- Credit Control
- HMRC Compliance
- PAYE
- Tax preparation and filing
- Administration
You have full control over your business as a sole trader or limited company.
It is a much simpler process to set up as a sole trader rather than a limited company. Always look at what is best for you and your business before making a decision.
You will have to register with HMRC in both cases. Registration with Companies House is for Limited Companies.
Yes, as a sole trader you can hire employees. As an employer you must comply with the legal obligations that any other employers have.
Yes, as a limited company you will have to file annual accounts with Companies House every year.
Sole Traders complete a Self Assessment tax return each financial year and submit to HMRC.
Limited Companies have to submit Corporation Tax along with their annual accounts and Directors are required to complete a Self Assessment.
As a Sole Trader you are liable for all debt that your business incurs.
As a Limited Company your business is a separate entity and therefore all business debt belongs to the business.
