Being a sole trader, or self employed means that you do not have to prepare formal accounts each year. However, financial records must still be kept, so to analyse your income and expenditure. There are obvious advantages of being a sole trader or self employed. You will have flexible working hours, and is less expensive to run as you need simpler accounting. You are only required to prepare a tax return once a year. However, there are disadvantages as well, such as national insurance charged on the net profits. And you are personally liable for the debts.
Our Sole trader, self employed and partnerships accounts services include:
- Completed self assessment tax return including supplementary pages
- Set of sole trader or partnership annual accounts
- Calculation of your tax liability and advice on how to reduce your tax bill
- Filing of tax return with HMRC
- Helpline/Email support to assist with basic queries
We will make sure you take full advantage of the tax saving opportunities open to you. That is regardless if you are trading as a sole trader, or are part of a Partnership. Furthermore, we will prepare your tax return in a cost-effective way, so you can use your funds to help your business grow. Depending on the size, we think that it will be easier for you to manage your business, if you have a set of accounts prepared each year. The formal accounts will not only help you to make the right decisions for your business. But will also allow you to show how your business is doing to other parties such as your bank manager, suppliers, etc.