• rajib raj info@premiertax.co.uk
  • rajib raj Monday-Friday : 9:00 am - 5:00 pm

Sole Traders

Sole proprietorship is the most popular type of business in the UK. This is because it is easy to set up, and the owner has full control of the business operations. We help sole traders register with the HM Revenue & Customs as a self-employed business and submit the annual self-assessment. With our knowledge and expertise in accounting, you are confident of receiving these accounting services:

  • Set up a business account: We advise our clients to set up a separate business account from a personal account. It helps you deal with business finances quickly and file your self-assessment tax return.
  • Bookkeeping: It is an essential service to any business, especially a sole proprietorship. It helps the business owner to track the monthly income and expenditure. We recommend keeping all your invoices and receipts safely as they come in handy when preparing the books of accounts. Alternatively, you may install bookkeeping software to record your income and expenses.
  • Inform you about tax and National Insurance rates: Sole traders are required to pay tax hence, the need to acquaint themselves with income tax thresholds.
  • Identify costs you can claim VAT: You are likely to incur a range of business expenses. Some business-related expenses are claimed back from the HRMC while others are not. They include parking fines, childcare and speeding tickets. Be sure to liaise with our experts if you are not sure about the kind of expenses you can claim with the HRMC.
Need any Help?
  • open hours

    Monday - Friday

    9:00 am - 5:00 pm

  • phone number

    Phone Number

    01745 403 259