We’re here to help you better your business.
Not sure how to register, or when to file your tax returns as a Sole Trader? Don’t worry; we do.
HMRC’s Self Assessment is a way that self employed individuals are able to pay income tax. It is dedicated from wages, pensions, and/or savings. It must be reported in a tax return, to be made by specific deadlines to avoid fines or interest. Anyone who makes over £1000 in a year from self employed work must register, even if you won’t earn over the tax threshold.
We will help support you through the process by filing your taxes for you, as well as being on hand for any questions you might have about it all.
There are a whole range of reasons why you might need to register with HMRC. This may include being self-employed, having an untaxed income like tips or commission, or having an income for a trust. There are many circumstances that might require you to complete a self-assessment tax return. We are on hand to help, and to advise you as to whether it’s something that you’ll need to do.
You can claim various expenses, including office expenses, business travel expenses and equipment costs, among others. You must keep accurate records of expenses to do so, though. When you’re unsure about what you can and can’t claim, it’s best to check with an accountant or personal tax advisor.
There are financial penalties to missing the self-assessment deadline, depending on how late the return is and how much tax you know. It’s better to get it done as early as you can.
Note: These packages represent the monthly fee for the average business and are all quoted on an individual basis. Depending on the size of your business and the volume of transactions/invoices, the package fee may change. All quotes will be provided and agreed before any work in commenced.