ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
MJF ACCOUNTANCY LIMITED
NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
J. Jervis Accounting Services LTD
THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
TI Accountancy Limtied
TI Accountancy was established in 2002 by its owner Tracy Irwin, who grew the company organically through her hard work and determination to the Emplo...See More
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
BROOKSON LIMITED
Why Brookson? There are plenty of reasons. We’re specialists at dealing with self-employed finances, and have been doing this for over 20 years, so we...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
Frequently asked questions
What does an accountant for sole traders do?
An accountant for sole traders manages your financial records, prepares your Self Assessment tax return, and ensures you meet HMRC deadlines. They also advise on allowable expenses, tax planning, and cash flow management. By handling the complex calculations and paperwork, they help you save time and reduce the risk of errors, allowing you to focus on running your business efficiently.
How can a sole trader benefit from using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. Their expertise ensures accurate tax calculations, compliance with HMRC regulations, and strategic financial advice. They stay updated on the latest tax laws and allowances, which can help you legally minimise your tax bill and avoid penalties. Their professional status also provides you with confidence and peace of mind.
Do I need to register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, you can also register voluntarily if it benefits your business, such as reclaiming VAT on purchases. An accountant can assess your situation, handle the registration process, and manage your VAT returns. They will ensure you comply with HMRC rules and maximise any potential savings.
What records must I keep for HMRC as a sole trader?
As a sole trader, you must keep records of all your income and expenses, including receipts, invoices, and bank statements. You also need to track any personal money used in the business. These records must be kept for at least five years after the 31 January submission deadline. An accountant can help you organise these records and ensure you are fully prepared for any HMRC inspection.
How often do I need to file a Self Assessment tax return?
You need to file a Self Assessment tax return once a year, covering the previous tax year (6 April to 5 April). The online deadline is usually 31 January following the end of the tax year. If you are new to self-employment, you must register with HMRC by 5 October after the end of the tax year. An accountant can prepare and submit your return on time, avoiding late filing penalties.
Can an accountant help me with tax planning as a sole trader?
Yes, an accountant can provide proactive tax planning advice to help you reduce your tax liability legally. They can suggest strategies such as claiming all allowable expenses, utilising tax-efficient savings, and timing your income and expenses effectively. They can also advise on pension contributions and other deductions. With their expertise, you can make informed decisions that benefit your business financially in the long term.
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