
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

MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...

MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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Taxeasy Ltd
TaxEasy Ltd is an experienced and proactive firm of certified accountants and bookkeepers offering high quality accounting services to clients through...See More

BLUEBIRD ACCOUNTANCY LIMITED
Bluebird Accountancy was created with the needs of modern day contractors and freelancers like you in mind. With modern day accountancy software makin...See More

Yourtaxhelp
Our motto is “Accountants and Tax Advisers with simple technology”. We will not stop being innovative or using cutting edge technology to help you out...See More

Numerii Ltd
Informed financial support for your business. We are a small, friendly and highly motivated team who offer a professional and efficient service to our...See More

MINT FORMATIONS LTD
We have over 100 years of combined industry experience, having worked with hundreds of startups and small businesses in every industry imaginable. We ...See More

Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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ION Chartered Accountant
ION Chartered Accountants are a boutique accountancy and consulting practice that supports small and medium enterprises in a wide range of business se...See More

Clear House Accountants
Clear House Accountants are Performance-driven Business Accountants in London. We are Chartered Accountants focused on helping startups and small bus...See More

City Tax London
City Tax London provides unparalleled personalized accounting services and th...

1ST FORMATIONS LIMITED
1st Formations is a leading online company formation agent in the UK. We offer a comprehensive selection of company registration packages and address ...See More

GOFORMA LIMITED
GoForma is a trusted team of accountants in UK, helping contractors, freelancers, sole&...

EXPEDIENT ACCOUNTANCY
Expedient Accountancy Limited provides a wide range of expert accounting services. We are a partnership of 3 Chartered Certified Accountants with more...See More

TIDE PLATFORM LTD
Tide is about doing what you love We believe the world would be a better place if more people gave it a shot. It’s why we’re building a modern busin...See More

Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More

KUBED SOLUTIONS LIMITED
Gouri Kubair, the founding director of the business has over a decade of experience in the field of accountancy. Including 8 years in Deloitte, ...See More
Frequently asked questions
What records must a sole trader keep for HMRC?
As a sole trader, you must keep records of all your income and expenses, including sales, purchases, and any business-related costs. HMRC requires you to retain these records for at least five years after the 31 January submission deadline. You should also keep receipts, invoices, and bank statements to support your figures. An accountant can help you organise these records efficiently, ensuring you are always prepared for a tax return or an HMRC inspection.
How can an ACCA or ICAEW accountant help with Self Assessment?
An ACCA or ICAEW qualified accountant has extensive training in tax law and can ensure your Self Assessment tax return is completed accurately and on time. They will identify all allowable expenses you may have missed, calculate your tax liability correctly, and advise on payments on account. Their expertise minimises the risk of errors, which could otherwise lead to penalties from HMRC. They can also represent you if HMRC queries your return.
What is the difference between a sole trader and a limited company for tax?
A sole trader pays Income Tax and National Insurance on their profits through Self Assessment, whereas a limited company pays Corporation Tax on its profits and then dividends to shareholders. Sole traders have simpler reporting requirements but unlimited personal liability. An accountant can analyse your specific situation to determine which structure is more tax-efficient for you, considering factors such as your income level, growth plans, and risk tolerance.
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 in a rolling 12-month period. Even if your turnover is below this, you may choose to voluntarily register, which can be beneficial if you incur VAT on your business purchases. An accountant can help you decide whether voluntary registration is right for you, manage your VAT returns, and ensure you comply with all HMRC regulations.
How often should I meet with my accountant in Edgware?
The frequency of meetings with your accountant depends on the complexity of your finances and your personal preferences. Many sole traders meet their accountant quarterly to review cash flow, tax planning, and upcoming deadlines. Others only meet annually to prepare their tax return. A good accountant will offer flexible arrangements, and you can always contact them for advice throughout the year. Regular contact helps you stay on top of your tax obligations.
What qualifications should I look for in a sole trader accountant?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has passed rigorous exams and adheres to a strict code of ethics. Additionally, consider their experience with sole traders specifically, as they will understand the unique challenges you face. You can also check if they are registered for anti-money laundering supervision, which is a legal requirement for all accountants in the UK.
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