Sole Traders

Sole trader owns and operates a business by themselves, wherein the said person is personally liable for any debt or credit and any losses incurred by that business. A sole proprietorship tends to generate smaller amounts of revenue and incur lower levels of expenses than more complex types of organizations. 

Consequently, it can make sense to start with the most minimal accounting record keeping that is based on the cash flows into and out of a bank account. It means maintaining separate cash receipts and cash disbursement journals and little else. It is considered a single-entry accounting system since it cannot be used to produce a balance sheet, only an income statement. 


HMRC requires specific individuals to register as sole traders. Generally, sole traders register for self-employment if they earn more than £1,000 from self-employment. It is also necessary to register as a sole trader if you wish to make voluntary tax payments that will assist you in qualifying for certain benefits. 


Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our tax and finance professionals work diligently to simplify your life by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations. 

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A sole trader is an individual who runs their own business and has complete control over its operations. They are personally responsible for the business’s finances, debts, and legal obligations. 

To register as a sole trader in the UK, you need to inform HM Revenue & Customs (HMRC) that you’re self-employed. You can do this by registering for self-assessment online or by filling out a CWF1 form and sending it to HMRC. 

Yes, a sole trader can have employees. While sole trader typically operates alone, they can choose to hire employees to help run their business. In such cases, the sole trader assumes legal responsibilities as an employer, including obligations related to payroll, taxes, and employment laws. 

A sole trader business is a type of business structure where an individual runs and owns the business on their own. It is the simplest and most common form of business ownership. As a sole trader, the individual retains all the profits but is also personally liable for any debts or legal issues that arise in connection with the business. 

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our qualified tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations. 

Our CaseStudy

Joint-Ownership of BTL Property with Wife – Negotiating a Disclosure and Refund Deal with HMRC

The client had nine BTL properties of which only one was jointly owned with his wife. He had been declaring all his rental income throughout these years. Upon contacting Lanop, he was informed that he had been declaring full rental income even for his jointly owned property. In practice, the jointly owned property had to be declared by his wife as her share of rental income separately and the disclosure needed to be made through Let Property Campaign.

Sole Traders


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Steven George-Hilley
Steven George-Hilley
Our accountancy partners from the very beginning. A great team that tailors its services around the needs of the client, always available for advice, whenever its needed. Love working with them.
Asfand tahir
Asfand tahir
I really don’t know where to start from i can not explain my happiness into words i can try but for sure there must be so many praises remains at the end Thanks indeed indeed Zaib And Lanop all team you guys are amazing i would say if I didn’t have you guys i would have been failed in many things All credit to Lanop what a brilliant firm Lanop Its all about you Zaib And Rehmat Thanks indeed you have done amazing job due to your work i have got my Tier 1 extension application successful within 47 days I can’t believe that i am so happy what a job you did I would advise Everyone come to Lanop for 100% guaranteed success in your immigration matters and all other accounting purposes Trust me, When name comes to success and successful it means Zaib. Big thanks to Rehmat What a team i had they are so lovely i disturbed them alot but they answered me every time For all my enquiries Rehmat the legend thanks indeed no words for you words are far behind, can’t explain you in words Rehmat and Tahir sorry I disturbed you alot and indeed you still helped every time. Rehmat is Very very professional the way he works I don’t think anyone does that way in entire country. Sidra Thanks alot for amazing help indeed You are amazing I dont know how to say how much i am happy from your work as well Kainat you too thanks alot Rehmat all credit goes to you thanks alot without your help I won’t be able to write all this today I am so grateful to you all What a team. Make sure guys you join Lanop without wasting anytime. Lanop Accountants ZINDABAD
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jas singh
I have been a client of Lanop Accountants for the last 4 years and am extremely happy with their services. Zaib and his entire team is extremely professional and dedicated; they always respond swiftly and take personal interest in the business case. I have special words of praise for Rehmat and Waqar as they both helped me in my visa extension process immensely. Zaib has built a team of dedicated professionals and the work ethics speaks volumes about their firm. I would definitely recommend them!
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László Kohányi
I like their flexible approach. I had a bunch of small problems what was too little to big firms but too big for me. They explained the process, fees etc and solved my troubles. Price wise also been on the better side. Personally I recommend Rehmat. He is super responsive.
Having been a client of Lanop Accountants for nearly 5 years, can't recommend them highly enough. Great professional team working 24/7 to meet every customers's need.
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Best and accurate service. Saved me so much time and money.
Femi Yusoof
Femi Yusoof
I have been using Lanop Accountants for more than 3 years, and could not recommend them more highly to any one starting out in business or established business practice. Their professionalism, promptness and excellent customer service makes them in my opinion second to none.
I used Lanop accountants to file some paperwork with HMRC as a non-dom resident. I’ve been very happy and impressed with their work so far. Zaib has been very knowledgeable and helpful. I recommend them and plan to use them again.

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Our team consists of skilled and experienced accountants and financial advisors. These professionals are able to assist individuals, entrepreneurs, business partners, and larger ventures with their financial and accountancy acumen. 

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Your business must register with HMRC if your VAT Taxable Turnover is over £85,000. On top of the initial registration process, our VAT professionals will also help you plan, prepare, and file all necessary paperwork ensuring that returns are filed correctly and on time. 

Our specialist payroll department efficiently manages the payroll and PAYE on your behalf by collecting and maintaining accurate records of all employees. We also help keep track of payslips and file P30 and P60 on schedule. 

With Lanop’s team of skilled bookkeepers, you can focus more on building your business by letting us handle tedious record-keeping of income, expenditure, bank reconciliations, VAT and PAYE on cloud accounting software coupled with smart technology applications. 

Our chartered accountants will take care of all HMRC compliance requirements, including preparing and filing VAT, Payroll, corporation tax or income tax with the relevant department. 

Lanop’s wide knowledge of industry-specific tax reliefs and in-depth counselling on tax saving and investment planning for individuals and corporations make us your true friend when planning for taxes. Give us a call. We will make your life easier. 

All types of tax investigations are handled at Lanop. Our expert chartered accountants offer competent advice on subjects such as COP 8 (Tax Avoidance), COP 9 (Suspected Serious Fraud), HMRC Nudge Letter, Disclosure Facilities, fraud, VAT and PAYE investigations. 


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Aurangzaib sir

Aurangzaib Chawla

At Lanop, I am providing my services as the Managing Partner and Tax Specialist. My expertise includes helping medium and small-scale businesses in their accountancy and legal requirements, business start-up support, strategic review, payroll system review and implementation, VAT and tax compliance to cloud accounting. I am also an expert in financial reporting, identifying and monitoring risks, strategic business development, client retention, market acquisition and deals closure by carefully planning my sales cycle. 


Muhammad Sohaib

Senior Financial Accountant


I am a qualified finance professional with over 8 years of diverse experience and proven track-record in accounting and finance, tax planning, preparing annual accounts, dealing with tax investigations and strong customer relationship management. I have also served in the higher education institutes to teach financial accounting and financial management to undergraduates and MBA students. Apart from my core expertise I am also leading and managing Lanop’s team of client managers across continents. I am also responsible for the quality control of the work and the provision of streamlined services to all our customers. Apart from work, I am a real Tennis enthusiast & sports player at heart.

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