Keeping It Simple
This plain-English book tells you everything you need to know about small business, bookkeeping, cashflow, VAT, tax returns and more.....Click here
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Business Taxation - Sole Trader
Operating as a Sole Trader is the way many businesses
begin. The compliance requirements are relatively straight forward
and there are few restrictions about what you can do with the money
you earn. The emphasis is on assisting you to plan your activities
to minimise the taxation due, as well as completing the compliance
side for you.
-Basis of Assessment
We offer a complete service including:
with planning your record keeping
on the best business structure
returns from £299+VAT (micro business)
On top of this, our principle can advise you on
more commercial aspects of running your business, such as cash
flow planning, credit control and investment appraisal.
If you have a sole trader business, please feel
free to get in contact, and have a free
consultation about your needs.
The Basis Period is to the 5th April each year.
Tax is calculated on the incomes earned less applicable
Incomes are recorded on a the Self Employment
pages within a normal tax return, for earnings per tax year, which
run to the 5th April each year. Filing and taxes are due by 31st
January following the tax year in which the period ends.
For the second and ongoing tax years, Interim
tax assessments are made by the HM Revenue & Customs on the 31st
January, and 31st July during the tax year, with a balancing payment
on submission of your return by the 31st January following the
If you haven't done so already, you can register
as a sole trader here.
You need to register with HM Revenue & Customs within 3 months
of starting your trade.
If you are new in business, our "starting
up" pages contain some useful hints