Tax Returns

If you are a sole trader and have any income other than that from paid employment then HRMC needs to know about that income and you will need to fill out a self-assessment form.

A sole trader is an individual who is self-employed and runs their own business. You keep all of your business’s profits after you have paid tax, you are also responsible for any losses that the business makes.  As a sole trader, you must register with HM Revenue and Customs (HMRC) and follow certain rules on running and naming your business.

You must keep a record of your business sales and expenses, complete a self assessment tax return and pay income tax on any profits in additional to Class 2 and 4 National Insurance due.

If you annual turnover is more that £83,000 then you must also register for VAT (see VAT page for more info).

If you are a sole trader I can help to make sure you are operating as you should be, make recommendations to improve your business including tax savings, how to keep proper accounting records, or even keep them for you, and to ensure that you pay HMRC the right amount of money and on time.