Accountants for Sole Traders

Treetops Chartered Accountants for Sole Traders

Many people setting up a small business or going solo to offer their services on a freelance basis opt to do so as a sole trader. Whilst sole traders are less complex in accounting terms than operating as a Limited Company, there’s still plenty to learn, and there are certain obligations you must fulfil with HM Revenue and Customs.

At Treetops Chartered Accountants, we can help you understand the ins and outs of accounting for your business, from how much income tax you pay to the implications of using your home as your business premises.

In short, we’ll save you time so that you can get on with what you love doing best – running and building your business.

Do sole traders need a specialist accountant?

It is highly recommended that as a sole trader you use an accountant to help run your business. The involvement of chartered accountants can save you money in the long run and help you feel confident that your business affairs are in order. An accountant can also provide a seamless journey for if and when you want to become a limited company.

Whether you decide to employ a professional or not, anyone self-employed is personally liable for their sole trader business and must maintain accurate records and file an annual Self-Assessment tax return.

What are the advantages of using a professional for my sole trader accounting?

There are many advantages to engaging an accountant to manage or oversee your sole trader accounts. At Treetops, our knowledgeable team promise to:

  • Simplify the process – our accountants deal with a spectrum of business owners daily and are experts at taking the jargon out of the process and utilising the latest accounting software
  • Make you tax-efficient – we’re fully aware of what is and isn’t tax-deductible, are always abreast of the latest HMRC rules and regulations and can undertake regular tax efficiency reviews
  • Avoid costly mistakes – failing to file your Self-Assessment tax return on time or report accurately can result in fines; not with us on board!

How much do accountants charge sole traders?

Accountancy packages and fees will differ according to the services and level of support you require. At Treetops, there is no fixed monthly fee as such; our focus is on offering an accountancy package that’s right for you.

We offer competitive rates for our services and will take the time to understand your accounting needs in order to give you a quote.

Contact us for a free consultation today and rest assured you’ll find no hidden costs from the start.

Can I do my own business accounts as a sole trader?

It is possible to do your own accounts as a sole trader. The reporting required is less demanding than that needed for a Limited Company, but it’s worth weighing up the time you’ll need to invest against the cost of using a qualified accountant.

Using an accountant will save you a lot of time and stress and potentially save you money too.

Will my accountant advise me on the most tax- efficient way to report on my earnings?

Tax matters to every small business owner, and at Treetops, we can help you optimise your accounts in that regard. It’s a fact that most people who engage an accountancy firm file for more business expenses than someone filing their own tax returns.

Why choose Treetops Chartered Accountants?

Our accountants are fully aware of all the rules and regulations surrounding UK tax law and national insurance. They are much better placed to understand the bigger picture, alert you of any changes in legislation and analyse the detail.

We’ll check all the profits you’ve generated in the context of your expenses so you know exactly how much your tax bills will be. No nasty surprises!

What kind of businesses do you usually work with?

Our dedicated accountants have experience working with all sorts of clients, including freelancers in the construction industry, media and creative services, IT and retail.

Using years of experience gained from managing finances for an array of small and medium-sized businesses, your Treetops dedicated accountant can apply an eagle eye to your accounts and ensure your business is being run as profitably as possible.

They can also advise you on what working from home expenses you can claim, pension allowances and ensure you’re aware of any changes in UK tax law.

What accounts does a sole trader need?

As a sole trader, you must keep a log of your profits, your expenses and your invoices for a period of five years after the tax year concerned.

It’s a little more complex than this though, as each outgoing has to be categorised for HMRC, and there are strict rules as to which costs can be deemed business-related and which cannot.

Do I need to be VAT registered as a sole trader?

Not necessarily; it depends on your turnover. We can advise you and if you are liable for VAT, ensure your obligations are met. It’s a complex area, and the rules can change.

What online accounting software does a sole trader need?

Some people still use Excel spreadsheets but using the latest purpose-built cloud-based technology can offer so many efficiencies.

Our accountancy services include advice on the best platforms to use, and we utilise award-winning accounting software that our business owners love.

From simple bookkeeping software to technology that can automatically chase invoices if the payment deadline is reached, we can help you streamline your processes and access your financial information on the go.

Accountancy services we offer sole traders

Treetops provide a range of accountancy services to sole traders, including:

  • Personal Self Assessment Tax Returnwe can review or file your return for you, minimising the likelihood of any enquiries from HMRC
  • VAT & Bookkeeping we’ll advise you whether you’re liable for VAT, how best to maintain your bookkeeping records and help you keep track of your business transactions
  • Auditing serviceswe’re all about improving your efficiency as a business, and an audit can be a useful way to review your processes and controls and make improvements
  • Startup and new business advice get us involved from the start, and we can help set you on the path to success via strategic advice and systems that help your business thrive
  • Award-winning accountancy software – we’ll talk you through set-up and explain how the latest technology can have a positively impact your business.

Our accounting services for the self-employed will ensure your business finances are kept in check, and that your own accounting experience and business knowledge grows year on year.

How Treetops can help sole traders like you!

Having your own dedicated accountant will ensure your business is fully compliant and help you build a thriving, successful business. Treetops pride themselves on providing a professional service every day and being accessible to their clients through unlimited expert advice.

Get in touch today

At Treetops, our dedicated accountants have a raft of experience, so why not get in touch today or request a callback?

Check out our blog post if you’re just starting out, and would like to learn more about the differences between setting up as a sole trader or a Limited Company before taking the leap.

An accounting expert from Treetops can call you back at a time that suits you.

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