Everything a sole trader needs
Registration with HMRC as self-employed Bookkeeping and digital records in simple app-based software Making Tax Digital quarterly updates (when they apply to you) Your annual Self Assessment tax return Expense reviews, so you claim everything you're entitled to Advice on payments on account and budgeting for tax VAT registration and returns if your turnover grows A yearly review of whether a limited company would save you tax
Who we work with
Tradespeople, including builders, electricians and plumbers, consultants, hairdressers and beauticians, personal trainers, cleaners, drivers, online sellers, creatives, therapists and many more. Many have just started; others have traded for years and want a better service.
Common expenses sole traders can claim
Business travel and vehicle costs (actual costs or simplified mileage) A share of home costs if you work from home Phone, internet and software Tools, equipment and work clothing (uniforms and protective wear) Insurance, professional fees and subscriptions Marketing and website costs Training related to your current business
When should a sole trader become a limited company?
There's no single number. It depends on your profit, how much you take out of the business, your plans and your appetite for administration. We'll compare both options for you each year with real figures, so you can make the switch at the right time.
FAQs
01Do I need an accountant as a sole trader?+
It isn't a legal requirement. However, a qualified accountant makes sure you claim every allowable expense and meet Making Tax Digital rules. You also get your tax right first time, which often saves more than the fee.
02How much does an accountant for a sole trader cost?+
Self Assessment tax returns start from £50 a year, and bookkeeping from £25 a month if you'd like us to keep your records.
03I've just started trading. What do I need to do first?+
Register with HMRC for Self Assessment by 5 October after the end of your first tax year, keep records of all income and expenses, and set money aside for tax. We'll handle the registration for you.