Keeping account of all your business transactions is vital for all types of business including Sole traders otherwise known as self-employed businesses. Like all businesses it is important that this is done correctly and can be especially difficult for sole traders as you are trying to work in the business and on the business! It can all seem overwhelming trying to fit in time to do your accounts. Love Management Accounts can take this stress away by doing your year-end accounts and completing and filing your tax return for you.
Self-employed businesses don’t have to keep a formal profit and loss account. They don’t have to file accounts like limited companies do to Companies House. But it is really important to keep good financial records (a balance sheet and profit & loss account for every year of trading) to ensure your Self-Assessment tax return is complete and accurate. We
recommend that you set up a business account and keep your personal account separate to keep income and expenditure records tidier. Keep all of your receipts safe so filing your self-assessment tax return will be easier too. Having a separate business account also gives you the benefit of using a ‘trading as’ company name and looks more professional to your customers.
Maintaining proper records enables you to manage your business, but also provides an audit trail for tax purposes. Sole traders do not have to be registered at Companies House but must be registered with HMRC for Self-Assessment. We can help with this too!
At Love Management accounts we will advise which business expenses you can claim for, which taxes apply to you, and whether you need to be VAT registered.
We can advise the best book-keeping software to use to ensure conformity for ‘Making Tax Digital’.
We can file your self-assessment tax return for you so you can be assured it is done correctly whilst saving you time (and stress!)
We can take care of all your financial requirements keeping up to date so you can focus on your business without the worry of missing legal deadlines. We offer free, no obligation, initial meetings in Oxford and Banbury. We offer fast, high quality service for a fair price.