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
Bell Stanley Accountants
Welcome to Bell Stanley Accountants page.
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
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MARLIS BOOKKEEPING & ACCOUNTANCY
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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
Purnells - Licensed Insolvency Practitioners
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Kings Oak Accountancy
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KINGS OAK ACCOUNTANCY (SOMERSET) LTD
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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
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SG CONTRACTOR ACCOUNTING LIMITED
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Modus Accountants Limited
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R Albert Accountancy Ltd
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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
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MRC Accounting Services
Providing accounting services and solutions
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 bank statements. You also need to keep proof of any personal money taken from the business. HMRC requires these records for at least five years after the 31 January submission deadline. Keeping accurate records makes completing your Self Assessment tax return much easier and helps your accountant identify allowable deductions.
How can an ACCA or ICAEW accountant help with my Self Assessment?
An ACCA or ICAEW qualified accountant will ensure your Self Assessment tax return is completed accurately and submitted on time. They will review your income and expenses, apply all relevant allowances and reliefs, and calculate the tax you owe. They can also advise on payments on account and help you respond to any HMRC enquiries, reducing the risk of penalties and giving you peace of mind.
Do sole traders need to register for VAT?
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 voluntary registration is beneficial for your situation and handle the registration process with HMRC, as well as prepare your VAT returns.
What is the difference between a sole trader and a limited company?
A sole trader is self-employed and personally responsible for business debts, whereas a limited company is a separate legal entity. Sole traders pay Income Tax and National Insurance on profits, while limited companies pay Corporation Tax on profits. Your accountant can explain the pros and cons of each structure, helping you decide which is best for your business as it grows.
How much does it cost to hire an accountant for a sole trader?
The cost varies depending on the complexity of your affairs and the level of service you require. Some accountants charge a fixed fee for a standard Self Assessment tax return, while others offer monthly packages that include bookkeeping and ongoing advice. It is wise to obtain quotes from several firms and compare what is included. The right accountant will save you money in the long run by maximising your deductions.
What should I look for when choosing an accountant in Launceston?
Look for a qualified professional who is a member of a recognised body such as ACCA, ICAEW, or AAT. Check their experience with sole traders and whether they offer the services you need, such as tax planning or bookkeeping. Read client reviews and ask about their fees upfront. A good accountant will be approachable and responsive, making it easy to discuss your business finances.
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