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
Woody's Payroll & Bookkeeping Services
Here at Woody's we have years of experience in providing a dedicated, professional and highly personal service to our clients. We offer a wide range o...See More
Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
Purnells - Licensed Insolvency Practitioners
As insolvency practitioners we also specialise in interpreting the legislation set out in The Insolvency Act 1986, The Insolvency (England and Wale...
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MARLIS BOOKKEEPING & ACCOUNTANCY
The team comprises of Marion and Lisa, a mother and daughter combination, who offe...
Williamslester Brilliant Accounting Services
Our range of services are provided by fully qualified and experienced staff who always monitor, advise and review both new and existing clients. This ...See More
Kings Oak Accountancy
Accountants based in Bristol, Bath & Somerset providing accounting and tax services to small and medium size owner-managed businesses. Our services in...See More
KINGS OAK ACCOUNTANCY (SOMERSET) LTD
We are a small firm of Accountants based in Somerset. Michael is a fellow of the Chartered Institute of Management Accounting with over 30 years expe...See More
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HUBBLE ACCOUNTANCY LTD
This listing was generated using publicly available data to enhance visibility for businesses. If this is your business, claim your profile to update details.
TKI Bookkeeping & Accounts
Hello and welcome to my site, I am qualified by the The Institute of Certified Bookkeepers and have attained highest level qualification, Level 4 Dipl...See More
Financial Claims Consultants
Financial Claims Consultants offer No Win No Fee Pension Claims – we help clients&...
SG CONTRACTOR ACCOUNTING LIMITED
SG Accounting was established in 1995 to service the accountancy and taxation needs of professional contractors and freelancers. We are based in Winc...See More
Modus Accountants Limited
Whether you are looking for advice, inspiration, accountancy services or all three, our integrated services will provide as much or as little su...See More
DEAD SIMPLE ACCOUNTING LTD
Dead Simple Accounting is an expert accounting firm based in Reading, Berkshire. We’ve been supporting the local business community in Reading with a ...See More
Turner Barratt
At Turner Barratt we believe that we have something unique to offer. Just Corporate Finance Turner Barratt are Chartered Accountants who are dedicate...See More
Accounting etc. limited
We are a small firm of Chartered Management Accountants dedicated to providing you with a high quality accountancy service and sound business advice a...See More
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R Albert Accountancy Ltd
We are an AAT Licensed accountancy practice providing a professional and friendly service. A new accountancy practice offering fantastic one to one s...See More
QUENTELA ACCOUNTING LIMITED
Quentela Accounting is a family run accountancy practise based in Wokingham, Berkshire. We are a small business but with an emphasis on BIG commitment...See More
ADD- WORTH ACCOUNTANCY LTD
Helping business owners make sense of their numbers. 30+ years of progressive finance and accounting experience in various industries. Offering expert...See More
Frequently asked questions
What services do accountants for sole traders typically provide?
Accountants for sole traders typically provide a range of services including preparing and filing your Self Assessment tax return, bookkeeping, VAT returns, and tax planning. They can also offer advice on allowable expenses, National Insurance contributions, and help you understand your tax obligations. Many also provide payroll services if you employ staff, and they can assist with business structure advice if you are considering changing from a sole trader to a limited company.
How can an ACCA or ICAEW qualified accountant help with HMRC compliance?
An ACCA or ICAEW qualified accountant has in-depth knowledge of HMRC rules and regulations. They can ensure that your tax returns are completed accurately and submitted on time, reducing the risk of penalties. They can also represent you in the event of an HMRC enquiry or investigation, and provide proactive advice on how to structure your finances to remain compliant. Their professional status means they are bound by ethical standards and must stay up to date with changes in tax law.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you are personally responsible for your business's debts and you pay Income Tax and National Insurance on your profits through Self Assessment. A limited company is a separate legal entity, and you pay Corporation Tax on its profits, with dividends or a salary as a director. Sole traders often find the accounting simpler, but limited companies may offer tax efficiencies. An accountant can help you decide which structure is best for your circumstances.
Do I need to be VAT-registered as a sole trader?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is £90,000 for the 2024/25 tax year. Even if your turnover is below this, you may choose to register voluntarily, which can be beneficial if you want to reclaim VAT on your business purchases. An accountant can advise on whether voluntary registration is right for you and help you manage your VAT returns and records.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many sole traders meet with their accountant quarterly to review their finances and plan for tax payments. Others may only meet annually to prepare their tax return. However, regular contact can help you stay on top of cash flow and identify potential issues early. Your accountant can also provide ongoing advice via email or phone, so you can reach out whenever you need support.
What records do I need to keep for my Self Assessment tax return?
You need to keep records of all your income and expenses, including invoices, receipts, bank statements, and any records of personal income. For business expenses, you should keep evidence of purchases, such as receipts for equipment, travel, and office costs. You must also keep records of any grants or other income. It is recommended to keep these records for at least five years after the 31 January submission deadline, as HMRC may ask to see them.
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