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Services for Sole Traders and/or Partnerships

Services for self-employed individuals (operating as a sole trader or partnership)

Definition of self-employed

Individual running a business ‘for his/her own account.’

Requirements

  • You must register for Self-Assessment with HMRC as soon as you can after starting your business (or fines may apply). This is because your tax cannot be collected via PAYE (as would be the case with employment).
  • Submit a Self-Assessment tax return every year (due 31 January if submitted online)
  • Pay Income Tax and National Insurance on the your business’ profits (due 31 January/July)
  • If you operate as a Partnership, the Partnership is also required to file a Partnership Tax Return.

What we can provide

  • We can advise you the types of expenses you can claim valuable tax relief from – and general tax advice during the year.
  • We can advise you on the most appropriate trading structure
  • Access to our easy-to-use in-house bookkeeping software – to help you keep track of your business’ income and expenditure.
  • We can provide you with an ‘income and expenditure account’ for the relevant tax year
  • Complete and submit (following your approval) your self-assessment tax return
  • Advise you of your personal tax liability and when to pay it
  • Advise you how much to put aside to pay your personal tax liability
  • If you are VAT registered, help with quarterly VAT returns.

Tax tip: If your self-employed income is more than £30,000 you should consider incorporating your business to save £££s in tax. If you are part employed, part self-employed, this level drops to £25,000 (and further if you are a high rate taxpayer). If you want to discuss your situation further with one of the team – please get in touch.

Other Services

Services for contractors and/or limited companies

Services for start-ups