Businesses Types

When you run your own business there are a variety of different business structures you can use. The main ones are:

• Sole Trader
• Partnership or LLP
• Limited Company

All of these businesses have one thing in common - they all need to keep accurate business records and submit returns to the HMRC. But they have to comply with different rules, depending on their structure.


Sole Trader / Self Employed

  • One person business
  • Simplest structure with the least red tape
  • Has to submit Self Assessment tax return annually
  • Tax and NI is due when money is earned

Partnership / LLP

  • Business with at least 2 partners
  • More complex than a ST, less red tape than a Ltd Co.
  • Has to submit Partnership return and Self Assessment tax return annually for each partner
  • Tax and NI is due when money is earned

Limited Company

  • Business with at least 1 director
  • More complicated structure with some red tape
  • Has to submit Accounts, Corporation Tax return and Self Assessment tax return
  • Tax is due on company profits when earned
  • Director can chose when to take income and be charged tax.


  • Organisation for no profit / charity
  • Can be a limited company as well
  • Submits charity return to Charity Commission annually
  • Usually tax exempt

Please find below free downloadable guides with more information regarding each of these business types.

Whatever business structure you have, we know the rules, and we can ensure that you claim for all your allowable expenses, to minimise the tax you pay and that you get returns in on time to avoid penalties or interest. We can also help you set up an efficient system to keep up with the books, so you can focus on your business.

Contact Us for a no obligation meeting.

Download Sole Trader Guide Download Partnership Guide  Download Small Ltd Co Guide   Download Charities Guide