Sole Trader Business Account | MSCO Accountants

As a Sole Trader Business Account, it’s important to understand your tax obligations from the outset. This includes registering and Goods and Services Tax (GST) if applicable, and keeping accurate records of your income and expenses for tax purposes. Sole trader is the simplest way to start a business as setting up is quick, easy and preparing sole trader accounts can be simpler. There are many people who start their business as a sole trader and then later on they incorporate it as a Limited Company. However, being a sole trader business involves some personal financial risk. Sole traders must pay their debts if their business fails Be sure to work with an experienced accountant or tax advisor to ensure that you’re meeting all of your tax obligations.