If you are a sole trader then you are liable to pay income tax and National Insurance (NI) contributions as a self-employed person. Under the rules of ‘self-assessment’ you must pay tax on all profits which arise from your business. You are obligated to declare the same by completing a tax return each year containing the details of your business’s income and expenditure. You are obligated to retain documents relating to business income and expenditure for at least 5 years after the 31st January submission deadline of the relevant tax year.
To make sure you pay your tax liability on time and to make sure you take advantage of all possible tax deductions available then why not make an appointment with your local Financial Management Centre. Click here to find your nearest centre.
Our sole trader clients include contractors, freelancers and other small business owners. Your annual self-assessment tax return will be written up as part of the service. We work with all market leading bookkeeping and accounting systems, including: Kashflow, Xero, Clear Books, VT Software, QuickBooks, Sage and CounterBooks.
Call today on 0800 470 4820. The Financial Management Centre has offices all around the United Kingdom. Click here to find your nearest centre.
Get access to support whenever you need it with our unlimited accountancy support service.
All our clients have access to experienced client managers that are dedicated to making sure your businesses accounts are managed as efficiently as possible.