Being a sole trader is the most popular way to start a business, as it means you own 100% of the business rather than a part of it.
When starting any business, a sole trader must register with the HMRC. You must then fill in a self-assessment tax form every year, keeping records of business sales and expenses, and paying income tax on profits. If your business has an annual turn-over exceeding £82,000, you must register for Value Added Tax.
As a form of self-employment, there are currently around 2.8 million Sole Traders in the UK.
At We Do Any Tax Return we love helping sole traders and entrepreneurs to achieve their goals.
As our name suggests, we can fill in any tax return form for you. All you have to do is provide a summary of your annual expenditure and income. This will give you time to put your focus where it matters: your business.
We also cover many different tax returns, including Rental Accounts, Partnership Tax Returns, Self-Assessment forms, and more.
Our expert team can fill in your sole trader accounts for £80.
Please click here to read our previous article.