Business Tax

All Tax Accountants can prepare your self-employed tax return and submit it to HMRC ensuring that you are compliant and do not miss the tax return deadline.

We will:

  1. We will register with HMRC as your tax agent.
  2. Remind you of all your deadlines.
  3. Prepare your Year End Accounts.
  4. Complete and submit your Self Assessment Tax Return.
  5. Provide you with an online bookkeeping system (Xero or QuickBooks).
  6. Phone and email support.
  7. HMRC tax investigation fee protection.

Sole Traders

Sole traders are individuals who run their own business. They are the only owner of their business. 

Sole traders are legally responsible for the business, its assets and its debts. Being self-employed is simpler than setting up a limited company and better for smaller businesses but you do not have the legal protection that comes with an incorporated company.

If you are self-employed you must register with HMRC and report your income each year through a self-assessment tax return. You will have to pay income tax and national insurance on the business profits.

Partnerships

Partnerships are similar to sole traders but the business is run by two or more people.

The profits are shared between the partners depending on an agreed percentage. Tax is then paid individually on the share of the profits received by each partner. 

Partnerships should have a partnership agreement, which includes how the profits are shared between the owners.

All partners must be registered with HMRC and complete a self-assessment tax return.

The partnership also needs to submit a partnership tax return to HMRC. One partner needs to be the ‘nominated partner’ who is responsible for reporting managing the tax return and keeping the business records.

  • Sole Traders and Partnerships can be VAT registered (you must register if your turnover in a 12 month period goes over £85,000)
  • PAYE – sole traders and partnerships can have employees.

Construction Industry Scheme

Contractors:

  • You must register with HMRC and deduct payments from your subcontractors if you pay subcontractors for construction work. The payments must be passed onto HMRC.

Subcontractors:

  • You report your income and the CIS stopped to HMRC on your self-assessment tax return. 
  • The deductions count as advance payments towards your tax and national insurance.
  • You should register with HMRC to prevent the payments being stopped at a higher rate.



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