SOLE TRADER ACCOUNTS

You may have a smaller business but it's still essential for you to understand your accounts so you can make informed decisions.  There are also the issues around staying compliant with HMRC!

We offer services from annual accounts and self-assessment preparation to supporting you with cloud accounting.

Cloud Accounting for Sole Traders

Cloud accounting packages have a lot of benefits for all businesses, no matter how large or small.  We can help, whether you would like a full bookkeeping package (please have a look at the limited company page) or just want some help with setting up so you know what you're doing.

Not just for larger companies

• An increasing number of self-employed clients are opting to use cloud accounting packages to get the same benefits as larger companies over the visibility of their finances.

Get more organised 

• Cloud accounting makes raising invoices and storing expenses extremely straightforward and time efficient.

Making Tax Digital

• If you are VAT registered this is now a necessity due changes in Making Tax Digital legislation. By April 2022, every VAT registered business will have to submit returns via appropriate software. Other taxes are also going digital – from April 2023 self employed income will have to be reported to HMRC on a quarterly basis. Why not get yourself ahead of the game and organised now?

Pricing

• paying for software can be an issue for smaller companies, but it depends on how you value your time. If invoicing, emailing invoices to clients, converting quotes automatically to invoices, checking for payment and sending reminders is all in one place and already set up with invoice and email templates is that worth the amount of time you can save, and that is before you look at your expenses. There are packages that are available to use that we can pass on at a discount so please ask if you are interested.

Support 

• like with limited companies, we can support you with setting up your package, training you and then carrying on with regular bookkeeping if you need it – have a look at our other services pages to find out more.

Self-Assessment

One of the things that keeps self-employed awake at night, particularly in January.  We can offer SATR preparation as part of a bookkeeping package or as a stand alone annual service

As part of bookkeeping packages or in addition to cloud accounting support

• As part of doing your regular bookkeeping we can prepare and submit your self-assessment tax return to HMRC. This will make sure everything is in the right boxes and nothing is missed to make sure you are paying the right amount of tax.

One-off annual service

• If you do not think you need cloud accounting or are happy with the way you are at the moment, we can also provide one-off annual service for self-assessment.
• You provide us with a spreadsheet that you have prepared with income and expenses; your bank statements and / or a box or folder of receipts you have stored away and we can
  • provide you with a set of accounts to allow you submit your self-assessment, or
  • compile and submit your self-assessment for you.
• Prices will depend on how organised your paperwork is and how many transactions we need to go through.