Sole Traders Bookkeeping and Small Business Accountants in London

Sole Traders Accountants London

Is setting up as a sole trader easy

Yes, it is! All you need to do is:

  • Open a business bank account
  • Pick an accounting period
  • Start selling your goods / services

Sole Traders Accountants London

What are my tax responsibilties

  • Report your profits each year to HMRC by completing a tax return
  • Pay income tax and national insurance contributions on the profits

Sole Traders Accountants London

Why don't I do just submit the tax returns myself

You could end up paying too much tax! Think about it, if HMRC wanted you to take advantage of all the tax breaks, they would prepare the return for you!

How we can help

Notify HMRC

We will make an application on your behalf to let them know you have started trading and ensure you are correctly set up on the HMRC systems

Prepare accounts

We will manage your bookkeeping and accounting obligations using the latest technology so you have a digital record of your financial transactions. You will need to provide this to HMRC if they open a tax investigation

Complete your tax return

We are professionally trained, have years of experience and keep current with tax legislation changes. This ensures your tax return is submitted accurately.

Unlimited support

We will be on hand to answer your queries and support your business. We won't charge you for the time either!

Sole Traders Accountants London

Advantages of a sole trader

Privacy (you don't to publish your accounts), simpler taxation regime, only have to do your taxes once a year and fewer record keeping requirements

Disadvantages of a sole trader

Difficult to raise capital, cannot attract external investors, unlimited liability and higher rates of tax

Tax payment dates

31 January and 31 July

When do i register?

You must register within 6 months after the year end in which you become self-employed. HMRC will then send you a Unique Taxpayer Reference (UTR) within 10 days

Claiming expenses

You can claim a tax deduction for most expenses you incur running your business subject to some exceptions. Just keep a copy of all your receipts because HMRC might ask to see them.

Hiring freelancers

The definition of freelancers and employees can be blurry and the liability to pay tax ultimately falls on you. Tread with caution.

What is making tax digital

Big changes are coming in from 2024. Reporting and paying your tax every 3 months with a greater emphasis of real-time reporting and publishing invoices/expenses.

Since becoming a Freelancer, Lancing Cotswold have given me peace of mind. Professional, efficient and highly acknowledgeable in all accountancy, tax returns and any other related matters. I would highly recommend Lancing Cotswold as your go to accountant for a 5 star service!

One of the best accountants I've come across , very efficient and professional, great advice, good quality of work and very helpful. Definitely would recommend to everyone looking for an accountant.