As a sole trader our 'normal' cost is £195 per tax return needed. Unless……. You have multiple areas of income (rented house/houses etc.) or you are severely behind with HMRC and we need to 'un-pick' a couple of years or certain other situations. In this situation, everything can be sorted, so don't stay awake worrying about HMRC. Please talk to us on 0121 733 5807 or email firstname.lastname@example.org. We don’t bite!
Just £195 per tax return!
HMRC is closing in on undeclared income…
Talk to Gaffney Accounting NOW and say goodbye to the sleepless nights! Let us help you get your accounts in order - it is better to do the right thing now, rather than wait for the knock on the door. We can give you the right advice and we can even speak to HMRC on your behalf.
Keeping the record straight!
We advise all sole traders to use either an expandable file or a lever arch file to keep all their paperwork together. Split everything into month order (Starting April and ending March). In each month the paperwork should consist of: Bank Statements, all expenses, all invoices or other income records, mobile phone statements, receipts for fuel or mileage records etc. Basically, put everything in and we will decide when the time comes if all or some of the documentation is relevant (meaning expenses).
Top Tips For Sole Traders!
Understand Your Responsibilities: as a Sole Trader you have certain legal responsibilities, like submitting a self assessment form, on time or you will face financial penalties!
If you work from home, either full time or only occasionally, you may be able to claim some of the costs of running your home on your tax return!
Remember your Mileage allowance! If you use your car for work you can claim an allowance on your tax return (check out our information on Business Mileage Rates),
As a Sole Trader you are allowed to take money out of the business whenever you like without it affecting the tax due: you do not have to take a fixed amount each month.
Beware the VAT Threshold! If you have a good year and exceed the VAT Threshold you will have to charge your customers VAT (and pay it over to HMRC!).
Get Insured: good insurance will protect you against some of the risks you will face as a Sole Trader
GET A GOOD ACCOUNTANT! ‘Phone Gaffney Accounting today on 0121 733 5807