For Sole Traders

27 Jun

Running your own business can be stressful and you need to focus on your own work, leaving the accounting and tax planning to a chartered accountant.
Child & Child is very experienced in advising businesses in a range of sectors and sizes. We have been helping businesses like yours for over forty years
We can help you record transactions in a simple manner so that you aren’t spending ages on what many clients feel is the ”boring” bit!
When it would be more tax efficient to incorporate into a limited company is an extremely important planning point for all sole traders and one we are constantly reviewing with you. We look at the tax position but also consider with you other implications such as limited liability, commercial considerations and whether you want your information posted on the public registrar at Companies House.
VAT is an important issue for all businesses – when must you register, should you “voluntarily” register if your turnover is below the annual threshold which is sometimes beneficial.
If you take on staff/freelancers should they be an employee or can they invoice you as a freelancer? We help you ascertain this, an area HMRC are very keen to look into in enquiries.
We help you with:

Initially setting up as a sole trader

Preparing annual profit and loss accounts for you to understand where your business may save money by cutting costs

Claiming all possible expenses, the tax implications of the timing of business purchases

The most tax beneficial treatment of business losses – what income can you set these off?

Maximising tax efficiencies between spouses/civil partners – could a non-earning spouse be helping you in your business?

Preparation, calculation and completion of VAT returns where needed and compliance with Making Tax Digital

Preparation, calculation and completion of monthly PAYE returns where needed

Ongoing business development advice

Advising on the implications of ongoing changes in tax legislation


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