WE LOOK AFTER THE FIGURES, SO YOU CAN CONCENTRATE ON YOUR BUSINESS.
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.
Any assets or rights (but not liabilities) remaining in a company at the date of dissolution will pass to the Crown as ownerless property. This happens under what is known as ‘bona vacantia’ which literally means vacant goods. The bodies that deal