Keeping It Simple

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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.

-Key Services

-Basis of Assessment

-Next Steps

small ovalKey Services

We offer a complete service including:

bullet Help with planning your record keeping
bullet Advice on the best business structure
bullet Tax returns from £299+VAT (micro business)
bullet Capital allowance computations
bullet VAT returns
bullet Bookkeeping advice

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.

small ovalBasis of Assessment

The Basis Period is to the 5th April each year.

Tax is calculated on the incomes earned less applicable business expenses.

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 tax year.

small ovalNext Steps

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


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