Sole Trader Spotlight: Accessing Finance


Accessing Finance

Sole Trader Finance

Being a sole trader in today’s economic climate can be as stimulating as it is studious. As the sole benefactor of an independent business, it’s not only your duty to maintain the profitability of your products / service, but to retain any and all investment value – which, in some cases, can mean siphoning from your own income.

The UK’s sphere of small businesses is ever-growing, with 3.4 million sole proprietorships taking up 59% of the nation’s overall business population in 2018.

Kitty Dahn of The Guardian states that "sole traders are at the forefront of UK business growth” citing a governmental report from 2014 insisting that “increasing self-employment has been the key driver of business population growth since 2000”.

That said, to be solely independent requires a heck of a lot of work, as an abundance of liability means an abundance of opportunities for everything to go awry. With tax requirements, the need for stable insurance and the autonomy of an entire budding commerce system, it’s no wonder that this week we’re shining a spotlight on all things sole traders - to solely go where many have been before.


Let The Challenge Begin

In order to set up a successful sole trading excursion, you will need to register with HM Revenue and Customs (HMRC) within three months of beginning trading. This will enable you the correct avenue to pay Income Tax on your profits and Class 2 and Class 4 National Insurance, which, in turn, will allow the HMRC to communicate with you about registering for VAT too, as long as your business has a turnover of over £85,000 a year.

If you’re moving to the UK to set up a business you will also need to apply for a National Insurance number. Otherwise, your illustrious company will be illegitimate in the eyes of the UK tax office. All monetary values or tax queries can be clarified by using the HMRC calculator.


How Can We Help?

Here at Liberis Finance we strive to give a helping hand to any and all sole traders looking to make their mark upon the UK small business scene. And, if entrepreneurship is at the forefront of your commercial endeavours, then financing your plans is likely to be of the utmost importance.

Our Business Cash Advance – offering funding between £2,500 and £300,000 - is ideal for sole traders as it is unsecured finance, meaning your home is never at risk.

You can also get a no-obligation quote in under 5 minutes, all without impacting your credit score. And don’t worry yourself about making your Liberis payments either as our payback system runs concurrently with your cash flow, taking payments seamlessly as an agreed percentage of your daily card takings. So, no pressure!

To be eligible for Liberis' Business Cash Advance you must have been trading for over 4 months, and take an average of over £2,500 in customer card takings per month.

The Liberis Business Cash Advance - Designed to help SMEs
  • Funding from £2.5k to £300k
  • One fixed cost; no APR, varying terms or penalty fees
  • A quick, easy and no hassle onboarding process
  • Higher approval rates than the banks
  • Flexible and painless repayments that support cash flow
  • 80% of customers use us again
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Registered in England and Wales No: 5654231. Address: Third Floor, Glen House, Glenthorne Road, London, W6 0NG
Liberis is a responsible financial provider. Liberis does not offer 'short-term loans'. The minimum expected duration of a Business Cash Advance is 120 days / 4 months and typical expected durations are 6-12 months. These business financing products are not consumer loans.