What are the advantages of being a sole trader?


There are many advantages of being a sole trader – the biggest one is that you are your own boss. You can decide how, where and when you work.

The main advantages are:

  • Easy to establish the business (register for tax, business name and bank account)
  • Easy to shut down (just stop trading and deregister for tax)
  • You keep all the profits
  • There are cheaper accounting costs (~€500/year for tax returns)
  • No need to do Corporation Tax returns
  • No need to prepare and publish Financial Statements
  • There is less paperwork involved (no B1 Annual Returns to file)
  • Can change to limited company later if necessary

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Mark Sweetman, ACA

Mark Sweetman, ACA

As a Chartered Accountant I've built my experience working within the SaaS and digital technology industries, growing early-stage businesses from the inside. I help digital entrepreneurs understand their companies and ensure they have all the tools they require to succeed and thrive. I love adopting new tech solutions and making use of these to increase efficiency within our clients' businesses.