Posted 3rd January 2023
Posted 2 years ago
By Unknown
What are self-assessment ‘payments on account’?
Do you know what ‘payments on account’ are? if not, then you need to read this #tax #paymentsonaccount #selfassessment
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!
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.
Posted 14th February 2022
Posted 3 years ago
By Unknown
Why you need a Balance Sheet
Are you confident in understanding the financial snapshot of your balance sheet? Book a session now to analyse your reports with an experienced business advisor.
Posted 14th February 2022
Posted 3 years ago
By Unknown
Why you need a profit and loss statement
Want to make better business decisions? Book a session today to examine your financial reports with an experienced business advisor.
Posted 14th February 2022
Posted 3 years ago
By Unknown
Chasing your invoices
As a small business owner, trying to chase payments while not annoying your clients can be a challenge. Here are 5 tips for getting those outstanding invoices paid while maintaining good relationships
Posted 11th February 2022
Posted 3 years ago
By Unknown
Limited company or sole trader
Do you know the key differences between a limited company and freelancing? If you’re starting out, we’ll help you choose the right legal structure #businesstips #incorporated #lancingcotswold
Posted 4th February 2022
Posted 3 years ago
By Unknown
The perfect business set up
Have you thought about the compliance needs of your business? We’ll explain the legal, accounting and tax requirements and how you set the right foundations. #businessadvice #startup
Posted 27th January 2022
Posted 3 years ago
By Unknown
Should I use the cash basis for calculating my tax?
Are you an self employer or a freelancer business? You may be able to benefit from switching to cash accounting – talk to us to find out the benefits. #accounting #smallbusiness #businesstips
Posted 24th January 2022
Posted 3 years ago
By Unknown
Proposed changes for self-employed taxpayers
self-employed OR a partner in a trade partnership? Proposed changes to accounting period for unincorporated businesses starting 2023/24 - how are you impacted?
Posted 15th January 2022
Posted 3 years ago
By Unknown
Home expenses to claim when you're self employed
FAQs people ask about expenses they can claim when running a business from home.
Posted 5th January 2022
Posted 3 years ago
By Unknown
Closing down your self-employed business
Closing down your self-employed business? We’ll help you meet your regulatory requirements, sort out your payroll and tax, and tie up all the loose ends. #selfemployed #ceasingtrading
Posted 4th January 2022
Posted 3 years ago
By Unknown
Thinking of freelancing? Know the self-emplyment tax rules!
When you’re starting up in business, you need to be all over the tax. We’ll help you tick the compliance boxes and manage your position in a tax-efficient way. #tax #accounting
Posted 18th February 2021
Posted 4 years ago
By Lancing Cotswold
Contractors: will the new IR35 off-payroll working rules affect you?
The new changes to the off-payroll working rules (often known as the IR35 rules) are likely to have a significant impact for any contractors – especially if you’re only working for one client.
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.
