Sole Traders Bookkeeping and Small Business Accountants in London

How to set up as self-employed

  • Register with HMRC
  • Open a business bank account
  • Start selling your goods / services

What are my tax responsibilties

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

Why do I need an accountant?

We make sure you get all the tax reliefs you are entitled to. If HMRC wanted you to give you the tax breaks, they would prepare the return for you. We are professionally trained and have years of experience.

How we can help

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Notify

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

Prepare

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

Save you tax

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

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.

Read our latest blog on accounting and tax for sole traders, freelancers and the self employed.

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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.