Self Employed - Sole Traders

A simple and popular option for many people who are considering setting up a small business on their own is the Sole Trader route. As a Sole Trader you have no requirement to notify companies house, nor deal with any administrative or accounting requirements which are associated with Limited Companies.

Our professional service for Sole Trader clients is built around many years of understanding your specific requirements and expectations. Most typical high street accountants will charge you for the time that they have spent working on your affairs, for added peace of mind our fees are fixed with unlimited telephone support and we can arrange a flexible payment plan.

We are available to provide advice and planning on all aspects of your accounting requirements including implementing a bookkeeping system, VAT administration, advice regarding taking on employees, national insurance contributions and we can point you in the right direction for all your business insurance requirements.

It is essential that within three months of commencing to trade you register as a self employed person with HM Revenue & Customs. Failure to register within this time frame may lead to you incurring a £100 penalty. Below is the link that takes you to the relevant form on HMRC website, alternatively let us assist you with this task, contact us to find out how:

https://online.hmrc.gov.uk/registration/options

As a sole trader you will pay income tax and Class 4 national insurance on any profits your business makes. Your annual income and expenditure are reportable each year via HM Revenue & Customs' self assessment.


Partnerships

If your business is run as a partnership you'll have to complete an individual Self Assessment tax return. The nominated partner must also complete a Partnership Tax Return showing each partner's share of the profits or losses.

This might include supplementary pages too, depending on what types of income the partnership has. The nominated partner is responsible for sending in the partnership tax return. But all the partners will be jointly liable for any penalties and interest if the tax return is late or inaccurate, non-compliance can get costly.

Each partner is personally responsible for paying the tax and Class 4 National Insurance contributions due on their share of the partnership profits.

Sole Traders & Partnerships – All your Self Assessment Tax and Accountancy needs are professionally dealt with all for a cost effective fixed fee contact us today for a no obligation tax planning review.

Sign Up to our e-newsletter