Sole Trader Accounts and Tax is the simplest form of business. Record Keeping is less strenuous compared to Partnerships/Limited Company and only one return is required to be filed.

All is required that you register with HMRC and file your personal tax return by 31st Jan to avoid substantial penalties. Tax is paid on 31st Jan and 31st July. VAT Registration and subsequent filing is only required if the business turnover exceed the VAT Threshold. Proper accounting records have to kept for all income and expenditure.

One word of caution is that a sole trader is personally liable for all debts of the business.

Our advisors can assist in a number of ways with deciding on the optimal business structure, examining costs and possible tax savings to ultimately filing your accounts and providing you with tax payment details. We also specialise with international and property tax matters. Our Fees are amongst the lowest in the South and we are not VAT registered too which is a bonus if you are not VAT registered either.

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