Financial regulations and compliance for sole traders can be complex and time-consuming. Alongside the day-to-day running of business, you need to ensure accounts are accurate and tax payments are made on time.
This is where accountants come in. Enlist the expertise of Perrys Chartered Accountants to handle your financial affairs today.
Accountants in London and Kent for individuals and sole traders
As accountants for sole traders and individuals, we provide friendly and open advice on all aspects of personal taxation including self-assessment tax returns, and multiple aspects of financial planning.
We provide the same level of personal, professional service for all clients, regardless of whether they are individual sole traders or larger corporations.
We have experts on our team who have worked extensively with individuals and sole traders, who are on hand to provide a professional service especially for you.
Getting self-assessment right is a key issue for everyone who is required by HMRC to complete a tax return, including:
Sole traders with profits over £1,000 pa
Partners in a business partnership
PAYE employees earning over £100,000 pa
Individuals getting more than £10,000 pa from savings, investments and share dividends.
Beyond tax returns, we provide the services of a personal accountant for tax planning for private individuals and families.
Taking the right steps now can mitigate liabilities under inheritance tax, including the setting up of trusts for tax efficiency.
Our team also keeps clients right up to date to with changes in legislation, with professional advice on the right steps to take.
Self-assessment tax returns
We make sure individual and sole trader tax returns are accurate
and include the right information on expenses, reliefs and exemptions.
Digital tax returns
With HMRC’s Making Tax Digital initiative, tax returns are increasingly being completed online. We guide clients through the process, and advise on any software required.
Inheritance Tax Planning
We provide professional advice on the best ways, including wills and trusts, to pass assets on to future generations with as much of the value in tact as possible.
Savings, Investments and Dividends
Income from savings falls into your personal allowance and is taxed at your marginal rate, once you exceed your savings allowance. Tax on dividends fall into a range of bands. We ensure your returns and allowances are properly reported.
Income from property
Any individual receiving income from property must make sure the income is declared. We provide expert advice which also covers allowable expenses.
Bookkeeping for sole traders
Accurate bookkeeping is essential for every business. We look after financial record-keepings for sole traders, allowing them to get on with their key trading activities.
Tax investigations
If HMRC decides to investigate the finances of an individual or sole trader, being represented by an accountant is more likely to result in a successful resolution.
Freelancers and contractors
As a sole trader, you may operate as a freelancer or contractor.
While your income will be taxed in line with HMRC’s income tax rate
bands, care needs to be taken not to fall foul
of off-payroll IR35 rules.
Types of businesses we work with
Our team of chartered accountants for sole traders work with a wide variety of businesses from different industries. Some examples include:
- Construction
- Marketing
- Retail
- IT
- Hospitality
We also have many years of experience working with clients that are remote or hybrid working, giving insight into what they may be eligible to claim.
Why choose Perrys Chartered Accountants?
Tailored approach – Our team will get to know your business and understand your needs on a personal level, ensuring we deliver solutions that work for you.
Expertise and knowledge – Our team of expert chartered accountants are hand-picked for their outstanding levels of skill and experience, giving our clients the best the industry can offer.
Straightforward service – We prioritise telling you what you need to hear, not what you want to hear. Our advice will be clear, simple, and straight to the point.
Exceptional as standard – Providing robust and effective accountancy for all of our clients is our number one priority, ensuring we never compromise the integrity of our mission.
Sole Trader Accountants FAQs
Should I get an accountant as a sole trader?
Whilst sole traders do not legally need an accountant, it is generally a good idea to get one. This will ensure that your finances and tax affairs are all in order and correct in accordance with the law.
How much do accountants charge sole traders?
The price of an accountant for a sole trader will differ depending on the size and complexity of the business, and the level of service it requires. Naturally, a more comprehensive and detailed service will amount to higher fees.
Do sole traders require an audit?
No – most sole traders will never meet the requirements for a statutory audit. However, HMRC do have powers to enquire in to tax returns, sometimes at random. Having an account prepare your return can give you peace of mind should your return be selected for an enquiry.
