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TaxPert Solutions Limited Certified Public Accountants
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Alpha Tax & Accounting
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Reckonwell Finance
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MADE SIMPLE GROUP LIMITED
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GOFORMA LIMITED
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TIDE PLATFORM LTD
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Persona Finance
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Future Formations Ltd
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1ST FORMATIONS LIMITED
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KAAB
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Frequently asked questions
What records do I need to keep as a sole trader for my accountant?
As a sole trader, you must keep records of all income and expenses, including receipts, invoices, and bank statements. Your accountant will need these to prepare your Self Assessment tax return accurately. It is also wise to track any business mileage, equipment purchases, and other allowable costs. Keeping organised records throughout the year makes the process smoother and helps you claim every deduction you are entitled to.
How can an ACCA or ICAEW accountant help with my HMRC tax return?
An ACCA or ICAEW qualified accountant has in-depth knowledge of HMRC rules and regulations. They can ensure your Self Assessment tax return is completed correctly and submitted on time, avoiding penalties. They will also identify allowable expenses and reliefs you may have missed, potentially reducing your tax bill. Their expertise gives you confidence that your tax affairs are in order and fully compliant.
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. Even if you are below this, you may choose to register voluntarily, especially if you sell to VAT-registered businesses. An accountant can advise on whether VAT registration is beneficial for your specific circumstances and help you manage your returns and records.
What are the benefits of using a certified accountant over doing my own tax return?
A certified accountant, such as one with AAT or ACCA qualifications, offers professional expertise that reduces the risk of errors on your tax return. They stay updated on tax law changes, ensuring you claim all relevant deductions and meet deadlines. This can save you money and time, whilst providing peace of mind that your finances are handled correctly and efficiently.
How often should I meet with my accountant to discuss my sole trader finances?
It is recommended to have at least quarterly check-ins with your accountant to review your cash flow, tax provisions, and any changes in your business. More frequent meetings may be useful if your income fluctuates or you are planning significant investments. Regular communication ensures you remain on track and can adjust your financial strategy proactively throughout the year.
Can an accountant help me if I have missed the Self Assessment deadline?
Yes, an accountant can assist you even if you have missed the deadline. They can help you file your return as quickly as possible and communicate with HMRC on your behalf regarding any penalties. They may also advise on reasonable excuses for late filing, which could reduce or remove penalties in certain circumstances. Acting promptly is crucial to minimise additional charges.
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