Sole Trader Accounting

You’re self-employed if you run your own business, hire people, provide the equipment you need to work, charge for your services and sell goods or services for profit. A sole trader or self-employed person is not a limited company. If you’re unsure or need further information, please consult the HMRC website.

What records do you need to keep?

When you are self-employed, you are responsible for notifying HMRC of your earnings and paying all appropriate taxes. In order to do this correctly, you must keep records of:

  • Your invoices.
  • Your expenses.
  • Your profit.

You must fill out regular tax returns – or have your accountant file it for you.

What can you claim as expenses?

There are many costs associated with running your own business. If you have purchased certain items or services in conjunction with the day to day running of your business, you will be able to offset these against your turnover – meaning you do not have to pay tax on that amount. (i.e If you have spent £10,000 on expenses, and your turnover is £40,000 – you will only pay tax on £30,000).

Expenses include:

  • Travel costs such as parking, public transport fares and fuel.
  • Accountancy fees.
  • Office equipment such as stationary and business phone costs.
  • Protective or branded clothing.
  • Staff and financial costs.
  • Advertising costs.
  • Business rates and utilities.
  • Capital Costs for machinery, vehicles, office equipment.

Plus other specific expenditures.

Why choose A&S Accountants for your sole trader or self employed accounting?

At A&S Accountants, we can take away the tax headache of being self-employed. We make your tax returns, simple. We keep on top of your accounts and give you complete peace of mind.

Don’t panic about your annual tax returns and on time submission dates: From £250 per year – we’ll keep on top of your tax return for you.

Get in Touch

If you're not sure use general enquiry

Harbour Taxi's Burry Port

I've been in business a number of years and always used a accountant. I moved to Burry Burry port and asked A&S to do our tax returns for me and my what a brilliant and professional service they provide, nothing to much trouble, very fast turn around, highly recommend 5 star plus

Matthew Smith

Superb service from Ash - took over our payroll seamlessly and has helped us no end during this troubling period. Highly recommended

Leighton Masky Bryant

I would highly recommend A&S accountants very reasonable price, reliable friendly and professional service. Anyone who is looking for a local accountant A&S are the ones you need
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Location

Pemberton Road, Llanelli,
Carmarthenshire,
Wales, SA14 9BG

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