Personal Tax Made Easy.
£21.50 / Mo.
Stop worrying about HMRC deadlines. Get expert, ACCA-qualified support for your Self-Assessment, property income, and tax planning.
CREDENTIALS & SOFTWARE PARTNERS
sdsdsd
Rates 5 Stars on Google
What You Get from £25/mo
Tax Returns
We prepare and file your Self Assessment accurately and on time to avoid penalties.
Software Included
Free access to Xero or FreeAgent software to manage your invoices and expenses easily.
Unlimited Support
Dedicated accountant support via Phone, Email, or WhatsApp whenever you have a question.
Frequently Asked Questions
Do sole traders register with Companies House?
No, sole traders register with HMRC. Companies House is for limited companies.
Who is a sole trader?
A sole trader is an individual who runs their own business as self‑employed. They make all business decisions, keep records, and are personally responsible for debts and liabilities. It’s the simplest structure to set up, popular for its ease and control. Sole traders keep profits after tax, can deduct expenses, and face minimal paperwork.
However, sole traders are personally liable for debts, meaning personal assets like a house or car may be at risk if the business faces financial trouble.
What accounts does a sole trader need to file?
You must file a Self Assessment tax return every year, detailing your income and expenses to calculate how much tax and National Insurance you owe.
How are sole traders taxed?
You pay Income Tax on your profits and Class 2/4 National Insurance. You are also responsible for registering for VAT if your turnover exceeds the current threshold.
Who can prepare sole trader accounts?
You can do it yourself, but an ACCA qualified accountant ensures you claim all valid expenses, minimises your tax liability, and guarantees compliance with HMRC rules.
When do sole trader accounts have to be filed?
The online deadline is 31st January following the end of the tax year on 5th April. Missing this deadline results in automatic penalties.