Bookkeeping And Accounting For Sole Traders

A sole trader is a self-employed person who operates on his own.

What Is Self-assessment?

Self-assessment is the annual tax return that must be submitted to HMRC by 31st January each year for anyone who has untaxed income such as self-employed income.

What Is A Partnership?

A partnership is where more than one person works in the same business on a self-employed basis sharing the profit.

Does A Sole Trader Need To Prepare Accounts?

Yes, to be able to calculate what the taxable amount of the profits are in the business.

Does A Sole Trader Need To Register For Anything Else?

A sole trader must register with HMRC for self-assessment, but any other registrations depend on the individual circumstances. VAT and PAYE registrations may both be required at some stage.

Can SME Cloud Accounting Help With The Annual Requirements Of A Sole Trader?

Yes SME Cloud Accounting can look after everything for you from the initial registration to the annual self-assessment filing with HMRC. Feel free to contact us with any questions you may have.