Sole Trader / Self Employed Debt Advice in Scotland.
What is a Sole Trader?
A sole trader business is a term used to describe a business owned and run by one person. The person who owns the business is considered self employed. A sole trader business may have employees. As a sole trader you are personally responsible for all business debts and these are considered in the same way as personal debts. As such if you find your business is trouble, it is vital you get debt advice and help as you are personally responsible for all debts and this could affect your personal assets including your home.
Who is Self Employed?
If you run your own business and you are responsible for your own Income Tax and National Insurance, you are self employed. The terms “self employed” and “sole trader” are almost interchangeable, as a sole trader business is run by a individual who is self employed.
Debt advice and debt solutions are available for sole traders and the self employed who live in Scotland.
As a sole trader and self employed all the personal debt solutions are available to you, including trust deeds and bankruptcy. Under both a trust deed and bankruptcy/sequestration you can carry on trading as a sole trader and self employment. In recent years changes have been made to the Bankruptcy Scotland Act to make it easier for sole traders and self employed to enter into trust deeds and bankruptcy whilst carrying on their sole trading business.
No one wants to stop your trading as a sole trader, unless you wish to stop trading or if you will never make enough income as a sole trader. We have the experience to advise how all debt solutions will affect you and your business. We will take the time to understand how your business works and what debt advice and help we can offer to help you deal with your debt, whilst remaining as a sole trader or self employed.
It’s possible to keep your equipment you need to carry on in business as a sole trader and self employed.
It’s possible to find a debt solutions such as trust deed or bankruptcy/sequestration which will allow you to deal with your debt and allow your to carry on trading as a sole trader. If you need equipment or vehicles to carry out your business, (for example a joiner or taxi driver) you will be allowed to keep these, though your trustee would consider the value of the equipment and vehicles.
We can help you with all debts owed, including the Inland Revenue
If you find you owe the Inland Revenue money which you are unable to pay it’s important you get debt advice and help as soon as possible. As a sole trader and self employed you are personally responsible for all debts including any outstanding Inland Revenue tax liabilities. This means that if you are unable to pay your tax bills you could be made bankrupt. We can help you find a debt solution that suits you and avoid the Inland Revenue making you bankrupt.
If the Inland Revenue are threatening you with court action or with making you bankrupt, contact us immediately. It may not be too late to prevent this happening. This would allow you as a sole trader or self employed to consider all your debt solutions and find get the right debt advice to help you and your business.
Here at Independent Debt Solutions we have the experience to offer sole traders and self employed specialist debt advice which allows us to find a debt solution to suit your own unique business situation. We will discuss all options in plain English, offering you best advice at all times. We only offer debt advice and debt solutions to sole traders and self employed who currently live in Scotland. Remember, we will take the time to meet with you and understand your unique business situation.