A Self Employed person is currently required to keep records and submit a tax return for their period of account by 31st January following the tax year. This will continue until the 2018 tax year if your turnover is above £85,000 and from April 2019 if your turnover is over £10,000.
If you are a Sole Traders we can help by:
- Completing your Self Assessment tax returnfor the tax years 2017, 2018 and 2019;
- Taking on your bookkeeping;
- Managing your payroll;
- Managing your CIS– as a sub-contractor or as a contractor;
- Managing your VAT;
- Giving you up to date information on your business with Management Accounts;
- Getting you ready forMaking Tax Digital;
- Ad Hoc requirements.
For the tax years 2016/17 and 2017/18 and for businesses with a turnover less than £85,000 Self Assessment Tax Return will still be required.
Self Assessment tax return for the tax years 2017, 2018 and 2019
We can prepare this for you from source documents – a shoebox of invoices, receipts and bank statements or books you have been keeping manually, spreadsheet or software.
However, you prefer to work, we can support you whether that’s introducing you to software to help with keeping your books or training or we can take care of it for you.
If you employ people or use contractors to conduct your business, you must run a payroll scheme and file RTI returns to HMRC every time a payment is made.
The responsibility for deducting the correct tax, National Insurance and other statutory deductions lies with the employer (you) and if you employ others, you may also need to provide a pension scheme.
We can help you meet all your legal responsibilities by running your payroll, providing you with payslips to pass to your employees, calculating the correct deductions, filing RTI submissions to HMRC and letting you know how much pay HMRC, when and how.
Construction Industry Scheme (CIS)
Some businesses use sub-contractors from time to time even though these are not ‘employees’ you still have a requirement to deduct subcontractor tax, report the deduction to HMRC and make the payments.
Both PAYE, National Insurance and Subcontractor Tax are payable every quarter. Submission and payment dates
If your sales reach the VAT threshold, you must register for VAT but there may be occasions and benefits for registering for VAT regardless of turnover.
Once registered, you must submit a VAT return (usually) every quarter. We can prepare this for you from source documents – your sales invoices, purchase invoices and bank statements or we can work from any manual bookkeeping, spreadsheets or other software that you currently use. We can also help you to find software that might be useful to you and offer different of levels of support as you need it to ensure your VAT return is correct and submitted on time.
With two qualified management accountants on our team and with the software that we use we can deliver a prompt and insightful management accounts tailored to exactly what you need to know to manage your business on a monthly or quarterly basis.
This service can give you informative and relevant information on a real time basis allowing you to make decisions based on the current state of your business, compare month on month or quarter on quarter helping you to identify trends or identifying where costs lay to make informative decisions on the direction of your business.
Making Tax Digital
From April 2018 if your turnover is over £85,000 and from April 2019 if your turnover is more than £10,000 you must comply with the requirements of Making Tax Digital. We have a variety of ways to help you comply, get in touch and we can explore all options.