Sole-Trader-vs-PartnershipSole Traders & Partnerships

Self Assessment Tax Returns and National Insurance

Once you have registered as Self Employed, you will be required to complete an annual Self Assessment Tax Return.

We can ensure you complete this correctly, especially if you have other sources of income such as property rental and/or other employment.

If your business is making losses then we can help make sure you make best use of these losses and claim back any tax which may be owed to you.

You will also need to be registered for Class 2 National Insurance and may have to pay Class 4 National Insurance contributions on any business profits.

Setting up and managing business accounts

You will want business accounts which are simple, quick and show you the position of the business in meaningful terms and help make the completion of your Tax Return straightforward.

We can review your processes or help new traders set processes up from scratch. You can choose whether you want to manage the new processes yourself or ask us to do it for you.

VAT

If your turnover exceeds £82,000 you are required to register with HM Revenue & Customs to pay Value Added Tax.

We can complete the registration on your behalf and ensure that you choose the correct scheme to meet your needs.

Payroll

If you employ staff, then you need to be aware of the National Minimum Wage etc. We update you annually of any changes and ensure that you meet your legal requirements.

Workplace Pensions

Every employer has to offer a work place pension and make contributions to it on behalf of their employees.