To become a Sole Trader selling goods or services, you must at first register as self-employed with HM Revenue & Customs (HMRC). Confian Accountancy Services can take care of this and act as an Agent so that we can speak directly with HMRC on your behalf.
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Sole Trader Responsibilities
You run your business as an individual and keep all business profits after tax has been paid on them. You are also solely responsible for losses that your business may make.
There are also certain HMRC rules and regulations that must be followed:
- Keep records of all business sales and expenses
- Submit a Self-Assessment Tax Return each year
- Pay Income Tax due on profits made
- Pay National Insurance
- Register for VAT if your turnover is expected to be more than £83,000 a year
At present there are two deadlines for submission of your Self-Assessment tax return which fall after the end of the tax year:
- Paper submission – 31st October
- Online submission – 31st January
For example, for the tax year ending 19/20, your tax return will not be due to HMRC until 31st January 2020 if submitting via an online portal. Late submission of a tax return may result in HMRC issuing you with a £100 penalty.
At Confian we submit all our clients tax return online via a HMRC approved third party software.
If you would like to know more about our services then please contact us. Alternatively, we offer packages for Sole Traders. To find out more, click the link below
“For the past 8 years I have worked closely with Jason and throughout this time Jason’s knowledge and experience has allowed me to focus primarily on the business whilst comfortably knowing that my accounts and tax affairs are in safe hands. Jason’s delivery and communication is always clear and precise and he makes sure that everything is explained in a way that a non accountant can understand.”
“We can confirm that the service given by Confian Business Services in respect of our book keeping and accountancy has been outstanding. Client focused, knowledgeable and professional, nothing is ever a problem for them and I wouldn’t hesitate to recommend them.”
“Like most tradesman, I am never on top of my receipts and bills. Each year I give Jason a bag of receipts and he prepares my accounts and tax return for me. It’s now been over 5 years since I’ve been using his services.”
“Being a Swedish National who has only lived in England for 18 months prior to the inception of my UK business, I had no idea of UK company and tax law. Despite paying for professional advice elsewhere, I was nowhere near achieving my goal of setting up a UK limited business. Thankfully I meet Jason through a member of my network. His advice was invaluable. His first task was to help me register the business with companies house and register both the business and myself with HMRC. It was literally all done within two weeks whereas I had previously been waiting 6 months through other “so-called experts”. Two years later and again ably supported by Jason, I was able to submit my first set of company accounts.”
“I would like to thank Confian for the continued support they have given Kensington Hill Ltd over the last few months. It’s been a welcome relief to have found a reliable and proactive book keeper, it make a pleasant change not to be chasing people for our book keeping tasks to be completed.“
“Jason was recommended to me by a mutual friend whom Jason has been working with assisting them with their Bookkeeping. I required Jason’s assistance as I was let down by my previous Bookkeeper and as a result I had a backlog of transactions that needs inputting into Xero before being passed onto my Accountant, to unable my year end accounts to be submitted to Companies House.
Instantly Jason understood the complexities of the type of transactions that go through my business. The work was completed within a timely manner and Jason liaised directly with my Accountant to enable the year end accounts to be prepared. Due to the great work that Jason did, I engaged him to assist with all Bookkeeping for my Businesses and recommended him to a colleague to assist with their Bookkeeping requirements.
Jason and I have regular dialogue on a weekly basis and if I have any queries, I know that I can contact him to ask for his help.”
“I’ve known Jason for a few years in a personal capacity. I explained to him that I wanted to register as a sole trader but I didn’t know what to do. Jason said “leave it with me” and asked for a few details and the very next day I received confirmation that he had registered me with HMRC. Jason explained in simple terms what was required for me to submit my tax return and made sure that I kept a clean set of records. Whenever I had a question, Jason answered within a timely manner and when I needed to elaborate further he was more than willing to assist.”
Get in touch
Use the form below or call 07921 506 051.