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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 for your tax return. This includes sales receipts, invoices, bank statements, and records of any personal money used in the business. You should also keep proof of any expenses you claim, such as receipts for equipment or travel. HMRC requires these records to be kept for at least five years after the 31 January submission deadline, so it is important to organise them carefully.
How can an ACCA accountant help with my Self Assessment?
An ACCA-qualified accountant can prepare and submit your Self Assessment tax return to HMRC, ensuring accuracy and timeliness. They will review your income and expenses to identify allowable deductions, potentially reducing your tax liability. They can also advise on payments on account and help you plan for future tax bills. By using their expertise, you reduce the risk of errors and penalties, and you gain more time to focus on running your business.
Do sole traders need to be VAT-registered?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, you can also choose to register voluntarily if you want to reclaim VAT on your business purchases. An accountant can advise you on whether voluntary registration is beneficial for your specific circumstances. They can also handle your VAT returns and ensure you comply with HMRC's regulations, helping you avoid costly mistakes.
What is the difference between a sole trader and a limited company?
As a sole trader, you are self-employed and personally responsible for your business debts, but you keep all profits after tax. A limited company is a separate legal entity, meaning your personal liability is limited to your shareholding. Companies pay Corporation Tax on profits, and you may take a salary and dividends. An accountant can explain the pros and cons of each structure, helping you decide which is best for your business goals.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many sole traders meet their accountant quarterly to review financial performance and plan for tax payments. Others may only meet annually to prepare their tax return. However, regular contact is beneficial, as it allows your accountant to provide proactive advice on cash flow, tax planning, and business growth. Your accountant can suggest a schedule that works for you, ensuring you stay on top of your finances.
Can an accountant help me if HMRC investigates my tax return?
Yes, an accountant can be invaluable during an HMRC investigation. They can represent you, communicate with HMRC on your behalf, and ensure that all required information is provided accurately and on time. They will review your records to identify any potential issues and help you respond to queries. Having professional support reduces stress and helps protect your rights, ensuring the process is handled correctly and fairly.
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