Sole Trader Accounting Services

What should you know?
What HDH Accountants can help with

Understanding Sole Trader Accounts

If you have started a business or are thinking about starting one, then you will need to decide on a business structure. You can choose to create a limited company, work as a sole trader or a partnership. Each business structure varies, especially when it comes to accounts and bookkeeping. Sole trader owners are classed as self-employed, therefore they have their own set of tax rules and regulations to adhere to.

Sole Trader Accounts

We work extensively with technology, IT and digital clients from pre-revenue start-ups to established businesses. We have a deep understanding of the sector and are passionate about building lasting relationships with you that add sustainable value to your business. We can advise you on sole trader accounts and we can also discuss how we can work together to reach your goals.

Key things to know

Do Sole traders need an accountant? 

Whilst there is no obligation for a sole trader to employ the services of an accountant, there are many benefits to doing so. You receive surety that your financial affairs are being managed and that all your filing obligations are being met. You should also find that you have more time to focus on what you do best – running your business!

Do Sole traders need to file their accounts with HMRC?

Whilst it is not necessary for sole traders to file accounts with Companies House, they should still prepare accounts, not only to calculate tax liabilities, but also to assess the financial performance of the business.

Additional Funding Opportunities

There are many tax incentives, grants and funding initiatives available to UK businesses. Whether you’re a start-up or an established business, we can provide you with the crucial advice that will help you access additional cash to help your business grow. We are partnered with Counting King, an industry leading firm, that specialise in tax incentives that can support you with accessing additional funding support. Get in touch to find out more about what cash is available to you today! 

Sole Trader Accounts

Overview

From a legal perspective, a sole trader and their business are considered one entity, however records should be kept in a distinct and separate format for a number of reasons. 

Overview

From a legal perspective, a sole trader and their business are considered one entity, however records should be kept in a distinct and separate format for a number of reasons. 

Accounts

Firstly, accounts should be maintained to meet the businesses accounting and tax filing obligations. 

Accounts

Firstly, accounts should be maintained to meet the businesses accounting and tax filing obligations. 

Data Driven

Secondly, accurate and timely record keeping allow the business owner to make data driven decisions, helping to grow and streamline the performance of the business. 

Data Driven

Secondly, accurate and timely record keeping allow the business owner to make data driven decisions, helping to grow and streamline the performance of the business. 

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Submit Before The 31st January

Self Assessment Tax Returns (SATR’s) are a necessary document which is required to be submitted to HMRC on an annual basis if you are in receipt of income which is not categorised by PAYE.

SATR’s are complicated and require detailed information in order to be completed and submitted compliantly. If these aren’t submitted on time or correctly it can be quite a stressful and costly time as HMRC impose multiple fines.

With updates to tax allowances and legislation each year it is always better to get professional advice to see what incentives and allowances you are eligible for to reduce your tax liability each year.

We provide a complete personal tax service for sole traders, partnerships, directors of limited companies and private individuals.

If you are unsure if you are required to complete a self-assessment tax return or what information should be submitted, then please contact us today.

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