Services for
Sole Traders
WE LOOK AFTER THE FIGURES, SO YOU CAN CONCENTRATE ON YOUR BUSINESS.
Registration as Self-Employed
Class 2 & Class 4 National Insurance
VAT Returns
PAYE for Employers
CIS for Contractors & Sub-Contractors
Sole Trader Accounts
Self-Assessment Tax Returns
KEY INFORMATION
Sole Traders must register with HMRC for self-assessment and NI contributions. If you are a sole trader you will be running your business as an individual. However, you are able to take on staff and use sub-contractors, as being a sole trader does not mean you have to work alone.
If you have employees or sub-contractors, you will need to account for tax on any payments made to them and this will be through either, Pay As You Earn (PAYE) for employees, or, the Construction Industry Scheme (CIS) for sub-contractors.
You may have to register for VAT if your income exceeds £85,000 and submit monthly, quarterly or annual VAT returns, accounting for VAT on your sales and purchases.
You will need to prepare accounts annually and submit a self-assessment Tax Return.
All of these services can be taken care of by the team at Emma Pickles Accountants, leaving you free to concentrate on running a successful business.
Latest INSIGHTS
Income excluded from a property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and
Structures and Buildings Allowances
The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief applies to the qualifying costs of building and renovating commercial structures.
The
ISAs 2022-23
The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000.
ISA’s are a valuable and flexible relief and should be considered as an option for most investors.
An ISA is a tax-exempt savings account available to