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
Sabre Accountants
Sabre Accountants have built up a fantastic reputation as a trustworthy, affordable & reliable accountancy service. We provide accountancy services a...See More
LFR Accounting
Accountancy and taxation services
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
Pepperhill Associates
Xero Certified Adviser - Remote service taking care of all your bookkeeping needs. Providing a professional, confidential, flexible and reliable bookk...See More
MGM & CO. Chartered Certified Accountants
If you are looking for professional accountants offering a full range of accountancy and tax services to clients from across the UK, you have come to ...See More
CloudBook Accountants Ltd
Since we were established in 2013, we have done everything online - from getting a quote to signing off your accounts. It's easier and quicker, so it ...See More
Accounting 4 Ltd
Registered practice offering accountancy services from Bookkeeping, Payroll, Vat, Self Assessment, Small Limited Company accounts etc Qualified to AAT...See More
Tax Returns - London
At Cheap Tax Returns, we love to give a personalized touch to the service we provide. As an accountancy firm, we understand small business owners and ...See More
Clarity Accountants
We work closely with our clients and act for a broad range of business and personal clients. Apart from the more general accountancy services we can a...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
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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Mind Your Assets Accounts
Mind Your Assets Accounts is based in Sheffield, South Yorkshire, with offices also in Manchester and London. We have over 20 years accountancy expe...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
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
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
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...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 receipts, invoices, and bank statements. HMRC requires you to retain these records for at least five years after the 31 January submission deadline. A qualified accountant can help you organise your records efficiently, ensuring you are fully compliant and ready for any HMRC checks.
How can an ACCA or ICAEW accountant help with my Self Assessment?
An ACCA or ICAEW qualified accountant has in-depth knowledge of the Self Assessment system. They will ensure your tax return is accurate, complete, and submitted on time, helping you avoid penalties. They can also identify allowable expenses you may have missed, potentially reducing your tax bill and ensuring you only pay what you owe.
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 your turnover is below this, voluntary registration might be beneficial depending on your circumstances. An accountant can advise on whether VAT registration is right for you, and they can manage your VAT returns and records.
What is the difference between a sole trader and a limited company?
A sole trader is self-employed and personally liable for business debts, while a limited company is a separate legal entity with limited liability. Sole traders have simpler accounting requirements, but limited companies may offer tax advantages. An accountant can explain the pros and cons of each structure based on your specific situation.
How often should I meet with my accountant?
It is advisable to meet with your accountant at least once a year to review your annual accounts and tax return. However, many sole traders benefit from more frequent check-ins, such as quarterly meetings, to discuss cash flow, tax planning, and business growth. Your accountant can suggest a schedule that suits your needs.
What are the penalties for late tax returns?
If you submit your Self Assessment tax return late, you will face an automatic £100 penalty. Additional penalties apply if you are more than three months late, and interest accrues on unpaid tax. To avoid these costs, it is wise to work with an accountant who can ensure timely submission and help you manage your tax payments effectively.
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