Accountants for Sole Traders

AccountantsAre you a sole trader? At Elver E-Commerce Accountants, we make everything as easy as possible for you. We offer everything a sole trader needs to fulfill their accounting and tax obligations as a sole trader.

Accounting Services for Sole Traders

Our accounting services for sole traders will save you time, save you tax and give you financia peace of mind. As a sole trader, one of the first step on your journey will be registering yourself with HMRC as a sole trader. This needs to be done once you’ve achieved your first £1,000 in sales. As part of our onboarding processes, we’ll gather all the information we need to complete the registration process on your behalf. We’ll also register ourselves as your agent with HMRC, which means we can talk to them on your behalf to more easily resolve any issues you may have.

Sole traders also need to file an annual self assessment tax return (SA100) with HMRC. We can take care of this for you. A self assessment tax return will cover all of your personal income for the year, so if you have any other sources of income such as employment or property income we’ll also file details of these with HMRC in the same single return.

As your sole trader business grows you’re also likely to have other tax obligations. Once your sales reach £85,000 per year, you’ll likely need to register the business for VAT. We can handle both the registration and the quarterly return filings. As part of our registration process, we’ll review your specific financial circumstances to determine the most appropriate scheme for you in order to minimise your liabilities.

Once the business gets to the stage of needing employees, we can help by getting the business registered for PAYE with HMRC. We’ll set up the payroll for you and establish processes to ensure that your employees get paid accurately and on time each month.

Why Choose Our Sole Trader Accountants?

Some of the key benefits of using our sole trader accountancy and taxation services include:

  • Xero – Xero is our preferred cloud accounting software. Depending upon what suits you, we’ll either maintain the bookkeeping records in Xero on your behalf or support you in doing the bookkeeping. We’ll make sure that the data in Xero ties back to your self assessment tax return so you can easily see a full and detailed breakdown of what makes up your income for the year.
  • Tax efficiency – every year we’ll review your circumstances to make sure you’re still being as tax efficient as possible. Whether that be claiming an allowance for working from home, a flat rate trading allowance where you have minimal expenses or ensuring you’ve got the maximum deductions for your business mileage.
  • Regular reminders – we’ll send regular reminders throughout the year to make sure your self assessment tax return so you won’t miss the filing deadline
  • HMRC account review – every year our accountants will review your sole trader account with the HMRC to check if you have any balances on account and make sure they get knocked off your final liability for the year. Many businesses find this to be of great benefit.
  • Submission confirmation – once our work is done we’ll always send you a submission receipt from HMRC so you’ve got peace of mind that everything is in hand.

Interested in Our UK Based Accounting Services? Get in Touch!

If you would like us to take the hassle out of filing your self assessment tax return, then please get in touch.

You may be interested in reading: Can a Sole Trader Be Vat Registered?