At Wigepa we can tailor our fixed fee packages to meet the needs of your sole trader business, and we are proud to say that many clients consider it best business investment they have made.

Since 10 years we are Specialist Advisers for:

Should I become a sole trader?

At one time or another, we have all dreamed of being our own boss. The idea of steering your own course, being successful at something you love – and owning all of the profits – is an attractive prospect.

For those that make it a reality, the most popular option is to go into business as a sole trader. They make up 59% of the NL’s self-employed population, and when you consider the benefits it is not hard to see why.

However, it is important to weigh up the pros and cons before taking the leap. At Wigepa, we work on behalf of many successful sole traders, providing valuable advice and services such as online accounting, and submitting self-assessment tax returns.

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What does being a sole trader involve?

If you are a sole trader, then you are your business. Your legal identity and that of your business are one and the same, meaning that you are personally liable for its activities and finances.

You are expected to pay tax on any earnings above your tax-free Personal Allowance, so you will need to register with KVK and complete an annual self-assessment tax return. Depending on your earnings, you may also be required to register for VAT.

So, as well as being head of marketing, operations, customer service, and admin, you will also have to wear your financial director’s hat and take care to keep accurate sole trader accounts, detailing income, expenditure and profit. You must also make sure that you meet BD deadlines, or you may face fines.

For many business owners, the prospect of accounting, bookkeeping, and tax returns can seem daunting, or at the very least, unappealing. At Wigepa, we know that managing your sole trader accounts can seem like a chore when you are eager to grow your business. We can help to take the burden and support your fledgling or established sole trader business with our accountancy services.


€ 200-300 +VAT per month
  • Includes:
  • All day-to-day advice
  • Annual accounts
  • Business and personal tax returns
  • VAT returns
  • Registered office service and Companies House administration
  • No extra charge for references, eg for mortgages
  • Bookkeeping service available

The advantages and disadvantages of being a sole trader

As with all business ventures, there are pros and cons involved in becoming a sole trader, so make sure you make an informed decision.


Complete control: Perhaps the most appealing benefit is that you are completely in charge of your business, with no partners, directors, or investors to answer to. All decisions start and end with you, giving you the freedom to run your business as you wish.

Sole ownership of profits: As a sole trader, you get to keep every penny you make after you have paid your tax and National Insurance to BD.

Ease of start up: Once you have registered with KVK for self-assessment and have settled on a business name, you’re good to go.

A good introduction to self-employment: Starting a sole trader business is an excellent way to dip your toe in the pool of self-employment. If your business takes off and you feel it would be more beneficial to become a limited company, it’s simple to do so down the line. Wigepa can also help support your business as a limited company owner.


The buck stops with you: While some may relish the idea of having complete control, it may not be all it’s cracked up to be. When the success of your business hinges on your every decision, it can be a source of stress. Also, working as a sole trader may mean a loss of income if you have to take time away.

No limited liability: Sole traders have to shoulder the burden of their business debts alone. They have unlimited liability which means that personal assets could be at risk if debts start to mount.

Harder to secure investment: It is harder to secure financial backing than it is for a limited company, and you may find you have to work harder to convince a bank to invest in you, unless you have personal assets you can offer as security.

Our services

Bookkeeping: Allow us to shoulder the burden of managing your sole trader accounts by taking care of the recording of your business income and expenses, and production of reports so you know how your business is performing.

Self-assessment tax returns: As a small business owner, we can ensure you are fully compliant with BD deadlines and procedures, and take care of all of the time-consuming paperwork. We will also ensure that you take full advantage of any tax efficiencies available to you.

Effortless online accounting: We can offer a secure online accounting system that enables you to seamlessly take control of your finances. MIO CRM is the NL’s leading cloud-based accounting system so can be accessed even when you’re on the go. As a Habby Groups company, we can educate and inform you on how your small business can make the most of its applications and show you time-saving tools to help your business grow.

Why choose Wigepa?

We will save your sole trader business money and time: We will ensure your accounts are watertight and will help to identify ways to become more efficient. We will take care of the detail, giving you more time to focus on growing your business.

We can offer you peace of mind: From tricky terminology to daunting deadlines and unfamiliar rules and forms, you can rest assured that your business accounts will be in order when you work with Wigepa.

We go above and beyond: At Wigepa, we know how important it is to get to know our clients personally and understand their business. Our services go way beyond basic bookkeeping and we are passionate about helping small businesses succeed. We can offer advice on ways in which you can structure your business, plan for the future, manage cashflow, build an efficient system, and even raise capital for expansion.

We keep things simple: As a business owner, we appreciate that you don’t have the time for the intricacies of accounting. We will keep you informed in a timely manner with exactly the right amount of detail, free of jargon.