Capital allowances are a way of obtaining tax relief on some types of capital expenditure. What is capital expenditure? Expenses you incur in your business can either be capital or revenue [...]
As a sole trader you run your own business as an individual. You will pay tax on your business profits each year regardless of how much money you draw from the business.
You will be personally responsible for any losses that the business makes or causes.
We will prepare accounts to help in the completion of self-assessment tax returns.
We will explain your accounts to you in plain English.
Self-assessment tax returns
Completing even a simple tax return can be complicated, especially given the ever-changing rules and regulations.
We will prepare your tax return and submit it to HMRC.
We will make sure that we claim all the tax allowances that are available.
We can liaise with HMRC on your behalf and deal with any correspondence from them so that you do not have to.
If needed, we can register you and your business with HMRC.
We will notify you of the tax liability and give you a reminder to ensure that the tax is paid on time.
If you are VAT registered, we can prepare VAT returns and submit them to HMRC.
See our Frequently Asked Questions for when you need to register for VAT.
We can recommend the best VAT scheme for your business and register it for VAT.
We will prepare your monthly payroll, provide payslips to your employees and also complete all relevant month and year end reporting requirements on your behalf.
By 2018 all employers will be required to automatically enrol all eligible employees into a pension scheme and to make contributions to that scheme. It will depend on your staging date when your auto-enrolment duties come into effect.
We can advise you on when your staging date is and let you know which employees will be eligible. We can help you set up a pension scheme and process the monthly submissions.
P11Ds are used to notify HMRC of any benefits in kind that have been made to employees.
If relevant, we can prepare P11Ds for your business and submit them to HMRC.
We will provide monthly or quarterly management accounts to enable you to make the right decisions for your business using up to date financial information.
Preparing management accounts can save you money by helping to identify tax planning opportunities, showing how profitable certain areas of your business are and indicating where particular attention needs to be given.
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