Accountants for Sole Traders
From £50 + VAT per month
Our dedicated sole trader accountants will help you to stay on the right side of the taxman, preparing your accounts ready for submission, making the management of your finances much simpler.
Why Choose Bright Ideas Accountancy?
Bright Ideas have worked with many sole traders, helping them keep track of income and expenses and advise how to save more money on their tax bill. Our Sole Trader package has been designed from years of experience, to transform your earnings.
What is a Sole Trader?
A sole trader operates a business as a self-employed individual, this allows you to retain all your business’s profit after you have completed your year-end accounts and paid your due taxes to HMRC. However, unlike a limited company contractor, you will be personally responsible for any losses or liabilities that your business incurs.
Does a Sole Trader Need an Accountant?
You may opt to take care of your own accounts, however having a comprehensive accountancy service designed specifically for sole traders will prove to be invaluable. What’s more, with Bright Ideas you can relax with the knowledge that our accounting package has no hidden charges or surprises. Let us take care of your accounts, so you can get back to doing what you love.
Preparing Sole Trader Accounts
Often confused with tax returns, preparing your accounts is a different process altogether. Your tax return is what you’ll need to send to HMRC, which needs to show your profit and losses. You will also need to store your records securely, in case there is an HMRC investigation.
Preparing your accounts will involve the preparation and storing of all your business-related records including invoices and expenses, so that you are books are up to date and ready for the next tax return. Some Sole Traders will do this once a year when their tax return is due, however as your business grows it will be better to keep on top of your accounts.
With a specialist Sole Trader accountant like Bright Ideas, we’ll be able to provide accounting services that help with the admin involved with running a business, meaning that you won’t have to panic when your year-end accounts are due.
What Sole Trader Accounts Do You Need to Keep?
Whilst it will depend on the type of business you’re running, there are some minimum record requirements from HMRC:
- All your business’s sales and income
- All expenses incurred from the business
- VAT records, if you’re VAT registered
- PAYE records, if you have employees
- Personal income records
- Business grants, if applicable
You’ll need to keep these records for a minimum of five years after your tax return, so it is advisable to store your records online with specialist software like FreeAgent. Bright Ideas includes free access to this award-winning software as part of our Sole Trader accounting package.
From £50 + VAT per month
Our packages for sole traders give you:
Maximised earning status
Whether you’re a contractor, freelancer or small business owner, we want you to limit tax payments and get what you’re entitled to. Bright Ideas can assist any earning structure, even if it changes over time.
Your Self Assessment, sorted
When the time for tax returns arrives, you can rely on your dedicated accountant to prepare and send your Self Assessment before the deadline, error-free. So you don’t get in trouble with HMRC.
Responsive support
If you’ve got a question about your finances, or an issue you need to solve, your dedicated accountant will be able to help. We guarantee that all calls and emails received before 3pm receive a same day response.
Year-end account summaries
We wouldn’t be a premier accountant for a sole trader without laying out your yearly financial activity and walking you through it face-to-face. That’s how we’re able to compare stats and plan ahead together.
Rainy day support
If there’s an emergency – through illness or unfortunate circumstance – you’ll need a fund to fall back on. We’ll help you prepare for any eventually, advising on how to create a contingency plan so your livelihood is never under threat.
Smooth bookkeeping with FreeAgent
Work smart with an accountant for a sole trader. With Bright Ideas, you’ll get a specialised professional who will be your primary resource and guide.
From £50 + VAT per month
FreeAgent at no additional cost
All Bright Ideas clients get automatic access to FreeAgent – the UK’s #1 small business accounting software. Used by more than 60,000 freelancers, contractors, and small businesses, it helps to improve efficiency and ensure compliance with Making Tax Digital.
FreeAgent is HMRC-compatible, incredibly user-friendly, and can be used from any device at any time. It provides a full overview of your business performance, income, and profitability, as well as many other features.
- Cash-flow monitoring dashboard
- Estimate and invoice tracking and creation
- Direct tax return submission to HMRC
- Automatic generation of VAT returns
- On-the-go expense recording and management
- Direct connection to bank accounts
- Smart timesheets
Looking to Switch Accountants?
Does your current accountant give 1-to-1 support? Are they fast and thorough?
Slap-dash services hold businesses back, so try our expert accountants instead. We make the transition simple, get in contact with us today and we’ll start the process.
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