Self Assessment Tax Return
Sole trader accounts and self assessment tax return prepared and filed by a qualified Accountant.
If any of the following apply you need to submit a Self-Assessment:
If any of the following apply you need to submit a Self-Assessment:
- You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- You were a partner in a business partnership
- You had a total taxable income of more than £150,000
- You had to pay capital gains tax when you sold or ‘disposed of’ something that increased in value
- You had to pay the high income child benefit charge
You may also need to send a tax return if you have any untaxed income, such as:
- Money from renting out a property
- Tips and commission
- Income from savings,
- investments and dividends
- Foreign income
Profit and Loss Records
Sole traders must diligently maintain records detailing their business's income and expenses to accurately calculate their taxable profit or loss.
Invoice Management
Keeping track of invoices issued and received is crucial for maintaining transparency in financial transactions and ensuring compliance with tax regulations.
Timely Tax Returns
Sole traders are responsible for filing regular tax returns, necessitating the maintenance of organized records to facilitate accurate reporting and timely submission to tax authorities.