Sole Traders & Partnerships

Sole Traders & Partnerships

Accounts

What sort of accounts do you need? Do you just need some simple income and expenditure accounts to support your personal income tax return submission, or do you need complete accounts, including a balance sheet and capital account reconciliations?

The more historical information you have about your business, the more useful it will be to you. Don’t forget to think longer term too; most banks will expect to see evidence of how you manage your business and balance sheets provide this footprint for them.

We can help you with:

  • Preparation of annual accounts
  • Preparation of periodic management accounts
  • Preparation of income and expenditure accounts
  • Suggestions and feedback to improve tax efficiencies

Self-Assessment Tax Returns

No one wants to pay more tax than is necessary, but equally no one wants to fall foul of complex and ever-evolving tax legislation either. Peace of mind is vital when it comes to compliance with HMRC so we can help you with:

  • Making the most of allowances and available reliefs
  • Liaising with HMRC on your behalf
  • Completion of self-assessment tax returns and partnership returns
  • Advice on the timing of tax-efficient expenditure
  • Cashflow planning for payments on account
  • Advice on Making Tax Digital requirements

Bookkeeping

You might take on this obligation yourself or you might prefer to focus on running your business and delegate bookkeeping to a professional.

Whether you need someone to take on this role, or you just need someone to sense check your work, we can help you with this. Regular bookkeeping is essential for VAT obligations, if this applies to you, and makes the preparation of accounts much easier rather than waiting until any filing deadline approaches.

For help and advice, contact us to explore the type of support you need.

VAT Returns

Whether you have a compulsory VAT registration, or you voluntarily register for VAT, there are many obligations that you must comply with, including:

  • The records you need to keep
  • Filing and payment deadlines
  • Application and management of VAT schemes
  • Direct debit payments
  • Making Tax Digital obligations, coming into effect from April 2019.
  • EC Sales lists and Intrastat returns, if applicable.

Your choice of bookkeeping system can make this obligation a simple matter of pushing a button, but correct recording of sales and purchases at source is vital to ensure reporting compliance.

For more information about how we can help you meet your legal requirements, contact us.

Payroll

Employee obligations are a huge responsibility for all businesses. Now that Real Time Information is compulsory for all businesses, alongside pension Auto-enrolment, monthly compliance is a burden that can be easily outsourced.

We can help with the following:

  • Monthly payroll and reporting
  • Annual reporting and provisions of P60s
  • Ongoing Auto-enrolment administration
  • CIS submissions and sub-contractor verification
  • Advice on benefits in kind and annual submissions to HMRC

Contact us to talk about ongoing accountancy

support to free up your time and enable you to just run your business.