1) Advice on how to keep proper records (It should not normally be necessary to purchase expensive accounting software for this process). This will also include what you can and cannot claim in relation to your business.
2) Production of your annual accounts in readiness for your tax liability calculation.
3) Registration of your Business on line with HMRC and maintenance of your tax affairs.
4) After agreement, submission of your annual Self Assessment Tax return to HMRC.
One annual fee is set and agreed with you payable after completion of the work.
The initial face to face consultation will be free of charge and is recommended in order to gauge your individual requirements and to give advice.
Letters, certifications of income, references and other types of correspondence to other business entities will be charge separately at £40. Reasonable emails requesting information or general phone enquiroies will be free of charge
General Information regarding a Sole Trader
Setting up as a sole trader
If you’re a sole trader, you’re running your own business as an individual. This is known as being ‘self-employed’. You can keep all your business’ profits after you’ve paid tax on them.
You can take on staff – ‘sole trader’ means you’re responsible for the business, not that you have to work alone.
You must register for Self Assessment with HMRC as soon as you can after starting your business.
You’re responsible for:
- your business debts
- bills for anything you buy for your business, like stock or equipment
- keeping records of your business’ sales and expenses
- sending a Self Assessment tax return every year
- paying Income Tax on the profits your business makes and National Insurance
Naming Your Business
You can use your own name or trade under a business name. There are rules on using a business name. For example, you can’t:
- use the terms ‘Limited,’ ‘Ltd’, ‘public limited company,’ ‘plc,’ ‘limited liability partnership,’ ‘LLP’ or their Welsh equivalents
- use sensitive words or expressions unless you have permission
- suggest a connection with government or local authorities
- use a name that is too similar to a registered trademark or an existing business in the same area or sector.