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
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
SAFEBOOKS4U BOOKKEEPING SERVICES
For all Your Bookkeeping Needs Safebooks4u specializes in a variety of bookkeeping services with outstanding support. We understand how busy you are,...See More
HHR ACCOUNTANCY LTD
Accounting & Bookkeeping Solutions
Accounting 4 Ltd
Registered practice offering accountancy services from Bookkeeping, Payroll, Vat, Self Assessment, Small Limited Company accounts etc Qualified to AAT...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
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
T.Y.E BOOKKEEPING LTD
For all your bookkeeping needs from self assessments, VAT returns, EC Sales List, general bookkeeping for sole traders or small businesses. I work on ...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...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
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
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
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
Holdsworth Accountancy
We are a team of experienced, qualified accountants and bookkeepers providing professional services to individuals and businesses within Bradford and ...See More
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FLEXIE ACCOUNTANTS LTD
Flexie Accountants is a reputable accounting firm, providing accounting, finance and tax services to sole traders, partnership and Limited companies. ...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
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Additions Accountancy
Welcome to Additions Accountancy Looking for Grantham Accountants? We are a firm of accountants in Grantham with a strong customer service ethos and ...See More
Frequently asked questions
What does an accountant for sole traders do?
An accountant for sole traders prepares your Self Assessment tax return, ensures you claim all allowable expenses, and helps you meet HMRC deadlines. They also offer advice on record keeping, VAT registration, and tax planning. By managing your financial compliance, they free up your time to focus on running your business, whilst reducing the risk of penalties or investigations.
How do I choose between ACCA, ICAEW, and AAT qualified accountants?
All three qualifications indicate a high level of competence and professionalism. ACCA and ICAEW chartered accountants often have extensive experience with complex tax matters and larger client portfolios. AAT qualified accountants are highly skilled in day-to-day bookkeeping and preparing accounts. Your choice should depend on the complexity of your business and the level of service you require, but all are regulated and recognised by HMRC.
When should I register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, you can also register voluntarily if it benefits your business, for example to reclaim VAT on purchases. An accountant can advise you on the best approach, help you complete the registration, and ensure you submit your VAT returns correctly and on time.
Can an accountant help me if HMRC investigates my tax return?
Yes, an accountant can be invaluable during an HMRC enquiry. They can handle communications with HMRC on your behalf, prepare the necessary documentation, and ensure your tax position is presented accurately. Having professional representation reduces stress and helps protect your rights, ensuring that any investigation is resolved as smoothly as possible.
What records do I need to keep for my sole trader accounts?
You need to keep records of all income and expenses, including sales invoices, receipts, bank statements, and records of personal money used in the business. You should also keep details of any assets you buy and sell. Keeping accurate and organised records throughout the year makes it easier for your accountant to prepare your tax return and ensures you claim every deduction you are entitled to.
How often should I meet with my accountant?
Most sole traders meet with their accountant at least once a year to prepare their tax return, but many benefit from more frequent contact. Regular meetings, perhaps quarterly, can help you review your financial performance, plan for tax payments, and make informed business decisions. Your accountant can also provide ongoing advice via phone or email whenever you have a question.
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