Our sole trader accounting packages gives you the support required to manage your finances efficiently. Designed for simplicity, our packages ensures your personal tax returns are prepared efficiently, filed on time, and you remain compliant with HMRC regulations.
We will also accurately calculate your tax liability for the year by identifying all eligible deductions to reduce your tax bill as much as possible in line with legal requirements.
All of our packages are bespoke, so get a quote for an accurate price based on your requirements. We offer monthly or annual payment plans on all accounting packages.
All packages come with the following benefits
Your own dedicated accountant
Unlimited support
Personal tax advice
Personal tax return prepared & filed
Need additional support?
Our experts can guide you with the following that affects your personal tax return such as:
- Income tax planning.
- Land and property portfolio planning to minimise tax exposure on investments.
- Capital gains tax planning and tax relief options such as Entrepreneurs’ Relief.
- Inheritance tax planning.
- Remuneration planning.
- Trust planning.
- Residency and domicile issues.
- Tax-efficient investment schemes such as SEIS or EIS.
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Frequently asked questions
What is a sole trader?
Sole traders work across a wide range of industries and trades, including electricians, plumbers, management consultants, designers, and many others. This structure is popular because it is straightforward to set up and offers complete control over the business decisions. However, it also means that the sole trader must handle all the financial and administrative responsibilities themselves.
One of the key benefits of being a sole trader is the simplicity and ease of operation. There’s minimal paperwork compared to other business structures, and the sole trader gets to keep all the profits after tax. Additionally, business expenses can be deducted from the income to reduce the taxable amount, which can be advantageous.
Despite these benefits, it’s crucial to be aware of the challenges. Since there’s no separation between personal and business assets, the sole trader is personally liable for any business debts. This means that personal assets, such as a house or car, could be at risk if the business encounters financial difficulties.
What accounts does a sole trader need to file?
In the UK, sole traders must file an annual Self Assessment tax return (also called a personal tax return) detailing their business income and expenses. They need to calculate and pay income tax, including National Insurance contributions. If their VAT taxable turnover exceeds the threshold, they must also register for VAT and submit quarterly VAT returns. Accurate record-keeping of all business transactions is required for at least five years. These filings ensure compliance with HMRC regulations and help avoid penalties.
How are sole traders taxed?
As a sole trader, you pay yourself through personal drawings from the business, and you pay Income Tax and National Insurance Contributions on your business profits. It’s crucial to keep a record of any drawings to maintain accurate accounts and assist in profit calculations for tax purposes. Additionally, setting aside money for your personal tax bill when submitting your annual Self Assessment is essential.
Who can prepare sole trader accounts?
You can prepare your own sole trader accounts if you prefer, but the best approach is to hire an accountant. Accountants ensure your returns are accurately filed well before the deadline, all you need to do is approve. They also make sure you claim the correct business expenses.
When do sole trader accounts have to be filed?
Your annual Self Assessment must be filed with HMRC before 31st January each year.
Do sole traders register with Companies House?
Sole traders do not register with Companies House, so no information about your business will appear in their records or on their website.