for sole Traders
Be sure with your choices in financing and build your company. The package of accountancy starts from £25+ VAT per month.
Monthly reviews provide guidance on where adjustments can be made to improve the running of the business.
What are the Characteristics of a Sole Trader?
Since a sole trader is fully liable for the business, management decisions such as financial and business choices are exercised promptly and without much hassle. The advantage is you get to
keep all the earnings (as long as you have paid tax on them if needed!). The bad part is you are solely in charge of the success (or lack of it) of your business venture and you take full
responsibility for all the business debts.
You received over £1000 of income from self-employment in the period 6 April 2020 to 5 April 2021.
You wish to contribute voluntarily to the Class 2 National Insurance to afford your benefits. So, as soon as you start working for yourself, you automatically become a ‘Self-employed Sole
Trader,’ even if you didn’t tell HM Revenue and Customs.
Where can I get information on how to register for sole trader?
To register, a person has to inform HMRC that it can expect a Self-Assessment tax return from them. This you can do either through the internet by filling out an online form or by downloading the
necessary form from the HMRC website and posting it. If you declare your intention to HMRC to work as a sole trader, the department will assign you a Unique Taxpayer Reference (UTR) and set up an
account for the purpose of Self-Assessment.
Subsequently, you will receive from HMRC a personalised letter that contains an activation code for the online account. Find out more about your tax position, particularly the amount of taxes that
have been paid previously, the tax code, and the time when the filing is expected to be done.
Freelancers
Our tailored accounting service supports freelancers
The services range from helping hundreds of clients obtain the best value out of their take-home pay to maintaining control over statutory accounts, VAT and bookkeeping.
Trusted freelancer accountants
Taxvatreturn is a popular general accounting and tax online provider that targets dozens of independent workers and freelancers from numerous industries and industries offering suitable accounting
services to the freelance market.
We have preferred partner status with both Xero and FreeAgent, which means we can offer you a chance to use the best in accounting software that will give an all-compassing compliance solution so
you can spend time doing what will make your company more profitable, which in turn will give you more freelancing business. We also design mixed colours stylish monthly packages with full
transparency.
To assist you with this, our recommendation is the best accounting software for freelancers, which is an award-winning app.
You can monitor your business progress with the assistance of top three cloud accounting software that we have chosen. We always aim to give the best solution to minimize the time spent on
administration as much as possible for the freelancers enable thee concentrate on her business.
What’s more, all of our premium accounting software: Xero, Free Agent or Quick books, these accounting software are actualized and features in all our packages. Furthermore, extra 121 free
training can be conducted should there any request from the staff.
Further, get full chartered tax and certified public accountant services
Here at Taxvatreturn, it is our honour to support our freelancer clients to create optimal and suitable tax planning strategies for your business and all your financial needs and aspirations in
life. We do not apply the “one size” due to the fact that each UK individual contractor possesses special requirements.
The type of support we offer includes helping UK contract workers to move towards self-employment or set up a limited company; additionally, we offer clarification of which costs can be reclaimed.
We will tell you about the proper course of action to follow and how you can maximize the opportunities for the right tax exemptions if any.
Here are some of the things you can expect from our service:
- You have been helped in comprehending your ‘take home’ pay and the ways in which it is affected.
- Compilation: Which VAT scheme is best for you?
- Here is a list of expenses on which you can claim Tax Exemption that may assist in minimising your Tax Burden.
- Assist you to minimise the accounting and tax administrative pressures
- IR 35 advice
- Staff: OK, let’s discuss one of the topics I worked on in my taxation class, namely, tax planning on Dividends versus Salary.
- You are required to prepare and present some of the standard accounts such as Statutory Accounts & Tax, VAT, Payroll, and so on.
Self-Assessment Tax Filing
A self-employed Tax Return or Personal Tax Return is the general form where people can state the amount of annual income they earned or gains/Profits they earned on the capital assets.
There are some tax types, for instance, in Pay As You Earn (PAYE) the amount of the tax is collected at the source, meaning that employees’ taxes are deducted from their wages before they are paid
or banks tax the interest on the savings account when paying the interest. However, income is not taxed at source in other cases like rental income, business for own account, or gain on the sale
of an asset where the asset has increased in value (as an example, buy to let property). It must be declared and any extra taxes paid then the product is sold out from the shackles of those taxes.
Although the list is not exhaustive the following reasons can be given when preparing a tax return for example, an individual may want to complete a tax return in order to claim any overpaid taxes
for instance a wrong tax code has been input by your employer.
Who do we help?
Small Business
We love helping new start-up businesses succeed. We provide comprehensive services from company formation, support with raising finance, opening bank accounts, and developing business plans.
Sole Traders
Comprehensive accounting services for sole traders. We take the stress out of your accounting work so you can focus on growing your business.
Specialist Sectors
- Startups
- Contractors
- Ecommerce
- Construction
- Hotels and restaurants