Accounts Geek

Create your bespoke sole trader package

What accounting services do I require

If you’re self employed as a sole trader and have earned more than £1000 (in a single tax year)  you need to send a Self Assessment tax return to HMRC, 9 months after the tax year has ended.

For example, the 2020-21 tax year ended on the 6th of April 2021, the deadline for filing your tax return is the 31st January 2022. 

Although, you can complete and file your own Self Assessment tax return, hiring an accountant can save you time, money and ensure you’ve completed your tax return correctly and on time.   

You will need to register and run payroll if you pay any of your staff more than £120.00 a week. 

You must register for VAT and submit regular VAT returns to HMRC, if your turnover reaches more than £85,000.

General FAQ's

We understand it’s not a one size fits all solution when it comes to small business and sole trader accounting. 

So our ‘bespoke’ pricing model means you only select and pay for the services you require. You can add on services as your grow. 

An example of a single transaction would be buying stock from a supplier or selling goods to a customer.

An invoice or a receipt is a recorded as a single transaction. This would include information like the VAT amount, net amount and supplier or customer information.

 

Hiring an accountant can free up your time so you can focus on your business. You can file your own tax returns the same way you can cut your own hair – however it’s always better to go to an expert.

Having an accountant can also save you money in many areas by increasing tax efficiency and improving cash flow.