Whether you are are sole trader or in a business partnership, we have the perfect accounting services for you.
We understand that the thought of having to submit a tax return can be very daunting to a sole trader or partnership. Leave the time consuming form filling and paperwork in our capable hands and get on with running your business.
Our service is completely customisable, but we can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay, making sure you avoid any penalties for late filing or errors. You choose the level of service you would like us to provide for you.
If you are looking into setting up a business partnership with another individual, we can offer help and guidance through the whole process to ensure you each understand the process, liabilities and any paperwork that will need completing annually.
Frequently Asked Questions
Q: What is classified as a sole trader?
A: If you’re self-employed and run your own business – you can be classified as a sole trader. It also means you get to keep all your business’s profits after you’ve paid tax on them – but you’re also responsible for any losses your business makes.
Q: Is a sole trader still a business?
A: Yes – a sole trader is still considered as a business. When you own and operate a business as a sole trader, you and your business are considered as a single entity.
Q: What is a partnership and how do they pay tax?
A: A partnership is a collection of sole traders. There is usually a partnership agreement in place which dictates how much profit each partner is entitled to. The partnership itself does not pay tax. The profit share is fed in to the individual’s self assessment, and the individual will pay tax on their total income.