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