At Naseems Accountants, we offer several accountancy solutions as a sole trader accountant to assist your business. As one of the simplest ways for individuals or smaller companies to get started in this competitive industry and market climate where so many resources are focused on growth and success, starting as an individual can be done quite easily without all those extra complications associated with larger organisations, but they still need some guidance.
You don’t need to worry about your business finances anymore. Let us take care of it for you. With one easy-to-use platform, we can integrate all aspects into one system so that everything is seamlessly interconnected and up to date at every point in time – even when using different accounting software programs throughout the year or on multiple devices simultaneously without sacrificing hours spent trying hard buttoning things up only get halfway done before something else needs adjusting again.
We know how stressful running a company often feels like juggling accounting tasks between different platforms while also keeping tax returns filed correctly with sole trader accountants who will help ensure nothing slips through unnoticed.
Are you already trading or considering starting a business as a sole trader? Naseems Accountants can help, we are the one-stop shop for accountancy services and tax advice.
The UK government has revealed that 76% of British small businesses are sole traders. This means they work for themselves and have no employees, meaning there is more responsibility on the owner’s shoulders – but it also gives them creative control over their destiny.
Sole traders are personally liable for their business. This is unlike a company, where owners only have limited liability as long, they follow the rules laid out in writing and operate within them satisfactorily. This will be more beneficial with an sole trader accountant who can help keep track of all taxes owed by companies versus sole traders.
The benefits of setting up as a limited company are many, but the decision to do so should be well considered. There is an option for tax relief when converting from sole tradership into becoming more formalised with corporate status, and taxation requirements also come into effect that way.
If you’re thinking about becoming self-employed, be sure to research the tax implications and register for VAT or book a free consultation with the sole trader accountant. You may need a license or certification in your state if it’s not already required when starting as an independent contractor with one company.
As a sole trader, you should keep detailed records of all your income and expenses. You can use essential bookkeeping software to log invoices, receipts, or other necessary documentation, so when it comes time for self-assessment tax returns, there’s no hassle in submitting them with complete accuracy. As an individual who operates as their boss (a “sole trader”), one responsibility rests squarely on top – accurately documenting how much money came into the company last year while also tracking what was spent from that same sources.
A sole trader’s business plan is like the roadmap for your start-up. It provides clarity and certainty, which acts as guidance when it comes time to ask banks or alternative finance lenders for money because you know exactly where things stand with what you’re trying to sell.
Sole traders can choose to operate as sole traders under their name rather than registering the business in partnership with others. You still have an option of registering your company if you wish for more formalities and legal documents that go along with it, but this will come at an additional cost on top of what is already required when trading self-employed instead.
A sole trader business name is a great way to start your own distinct identity. Careful thought should be put into choosing the right one, which can’t include any trademarked words or phrases since other companies in the industry already take them.
Self-assessment is the system used by HMRC to collect income tax and National Insurance contributions (NICs) from self-employed profits. You will need to register for Self-Assessment with HMRC, which can be done using sole trader accountants who help in completing this form accurately so that your business remains legitimate while still being able to enjoy certain benefits.
You should be aware that there are specific taxes and deadlines for your business, which can sometimes come as a surprise.
Here’s what you need to know:
January 31st is the deadline for submitting your taxes from last year. By this point, you should have submitted a tax return and made sure that all payments were made on time so they don’t come back with any surprises.
July 31st is a deadline for paying your second payment of the current tax year. Remember, this can impact cash flow, and you may need to pay 150% or more than what’s required by January 31st, followed by another 50%.
If you are a self-employed subcontractor in the construction sector, something needs to be said. As your livelihood depends on making timely payments and meeting deadlines with little room for error or unexpected events–it’s important not only where tax law plays into this dynamic but also how contractors should handle themselves when dealing directly with clients who may have different expectations than them as an employer would entail. You see, due to special rules set forth by CIS (Construction Industry Scheme) – sole traders must first deduct 20% from invoices before paying over those funds.
When it comes to your taxes, you’ll never need another accountant after working with us. We offer an unmatched level of expertise and personalisation that can’t be found anywhere else. As soon as you become one of our clients, we’ll introduce you directly by phone or email. So there are no more long-distance calls between both parties when discussing sensitive issues relating to business transactions in progress – which means better work quality for less money spent on accountants fees. Talk about service excellence at its finest: let’s keep things close-minded, too, because this way, nothing slips through the cracks unnoticed.
Your finances are in good hands with our team of sole trader accountants. We’ll help you gather all the paperwork, documents, and receipts to ensure that your taxes stay on point throughout this year.
If you plan on earning more than £85K a year from your sole trader business, it’s essential to register for VAT. As an exempt seller and taxpayer of the United Kingdom (UK), registering with HM Revenue & Customs (HMRC) will allow collectors at tax time to know exactly how much they should be taxing their customers who make purchases from this specific retailer or provider of goods/services because there are benefits when one becomes registered: not only does he reclaim any uncollected taxes in advance but can also receive cashback incentives upfront.
Legal requirements for sole traders are different depending on the type of business they’re operating. For example, suppose you want to drive your taxi. In that case, it’s essential that both Hackney Carriage licenses and Private Hire Vehicle (PHV) permits be obtained before the beginning operation- these will ensure safety standards like driver health checks and vehicle inspection by law enforcement agencies.
If you plan on becoming a street trader, your local council must permit you first. There are also other requirements depending on what industry or business idea has been decided upon – whether they’re catering, retail salesperson, etcetera, so be sure to check thoroughly before applying.
Naseems Accountants can look after your registration as a sole trader accountant quickly and efficiently so that you’re not stressed out. We will need the basic information from just about anywhere, online, or off, to go through setting up an account with no hassle at all. It’s always good news when we hear from one of our clients. It certainly doesn’t seem like such an arduous task these days. Filling out forms online is easy nowadays, given what technology has done for us over here lately.
If you’re looking for additional income, the self-employed business may be perfect. However, before diving in headfirst and quitting your day job remember that it’s important to check with HR if this is allowed by company policy or contract law. Otherwise, taxes will get complicated quick when declarations need to be made each year on what was earned via earnings at both personal level (P60) as well as how much profit has been generated by running one’s enterprise so there can still receive payments like unemployment insurance coverage from government-sponsored programs.
We know that running a business can be difficult, which is why we offer many services to help you grow as an independent contractor. For instance, there are specific plans available for sole traders who want their receipts captured digitally. This allows your sole trader accountant easy access and tracking of all expenses incurred during tax time.
We offer a complete range of accounting services for sole traders. So, for example, we can prepare your annual accounts and year-end report for competitive rates, which should help you understand how well or bad the business is doing at any given time without having too much guesswork involved in it. And if borrowing money through high street banks/lenders isn’t an option because they don’t allow sole traders onto their lists, our sole trader accountants may be able to offer some assistance with getting those mortgage qualifications sorted out.
Accounting software like (Xero, FreeAgent, QuickBooks and Sage) is the perfect tool for any business looking to improve its efficiency. With a real-time 24/7 view of your accounts across all devices, these online portals will enable you significantly reduce time spent on manual tasks with quick and simple functions that are familiar at every level in an organisation whether it be small or large.
At Naseems Accountants, you will get a team of professionals who are passionate about their work. We take pride in our ability to solve any financial issue and ensure it’s done right.
With our service, you’ll know where every penny goes. We offer a range of accounting services for sole traders businesses to get their finances in order and grow.
As a self-employed person, you are the boss of your financial destiny. Naseems Accountants will make sure this journey is as straightforward as possible for you to understand financials.
Our process is fairly straightforward. We utilize approaches that are ideally tailored to your business sector’s performance requirements.
Get an in-person consultation with our sole trader accountant. It’s a chance to get to know you and find out more about what help is right for your budget.
We have a team of expert sole trader accountants who are happy to help you grow your business. We’ll be on hand with advice and support.
The fixed and tailored fees are perfect for everyone’s needs. You will only pay the amount of support you require, so there are no surprises when it comes time to file your taxes.