SOLE TRADERS & PARTNERSHIPS

Sole Traders & Partnerships

As a sole trader or partnership, you make the decisions and the profits you earn go directly to you. It is, however, critical to remember that your profits are subject to income tax and national insurance.

This is where we can help take some of the burden. We can prepare your annual accounts and self-assessment tax returns. Plus, we can help with payroll returns, tax planning, and VAT, as well as with your business planning and cash flow projections.

Self-assessment

Every year the self-employed and members of a partnership have to submit an annual personal self-assessment tax return. This can be a confusing and time-consuming process.

We'll take the hassle out of completing your tax return, by doing the necessary paperwork and computations on your behalf, and informing you when the payments are due.

If your business is in a period of flux, we'll liaise with the HMRC to ensure that you pay an appropriate amount of tax and your cashflow is protected.

Annual Accounts

Sole Traders and Partnerships don't need to file accounts with a public body (like Companies house for limited companies), but the law requires you to keep records of all business income and expenditure for 5 years.

Maintaining proper records enables you to complete your self-assessment accurately, and also means you can understand how your business is doing.

Whether your files are neatly arranged, or a bunch of receipts in a cardboard box, we'll formulate your annual accounts for you and deliver back an orderly set of numbers summarising your performance.

VAT

We help companies register for VAT, complete the necessary returns and ensure that VAT reliefs and opportunities are maximised where possible. Plus, we can also advise on which VAT scheme would work best for your business.

If your business is registered for VAT and your taxable turnover is above the VAT registration threshold of £85,000, you must keep digital business records and send your VAT returns to HMRC using Making Tax Digital-compatible software. We can recommend the right software solution and train you on how to use it, to ensure the transition is as smooth as possible.

Payroll

If you are an employer, it is important to make sure your employees are paid accurately and on time. But this can be time-consuming, expensive and confusing to manage in house.

We can run the weekly, monthly, quarterly and annual payroll returns, create the pay slips and take care of pensions, P60s, and other taxable benefits. This will leave you free to get on with running your business, sure in the knowledge that the payroll will be completed correctly and promptly.

Business Planning & Cashflow Projections

Without a thorough business plan, it is easy to find your business on a road to nowhere, which can end up in financial difficulties.

Whether you are embarking on a new business venture, an acquisition, or an expansion plan, we can determine the impact on your core business in financial terms, by preparing budgets, cashflow forecasts, and financial forecasts to facilitate forward planning.

Plus, we can identify what finance you require and in what format. This includes developing a meaningful business plan to secure financial support.