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Sole Trader


Tax for a Sole Trader doesn’t have to be taxing… apparently!

We all know, too well, that it can be which is why Whittaker & Co offers a wealth of experience to alleviate the pressures of owning a sole trader.

Making a Decision.

  • When you decide to work for yourself and “go it alone” – there are many decisions to make.
  • The biggest decision is the first one – and that is the line of work that you are going to do. As you are sat there, reading this, we shall assume that you have made this decision

Sole Trader (Self-Employment)

  • Being a sole trader simply means being self-employed. Being a sole trader involves some personal
    financial risk. Sole traders must pay their debts if their business fails
  • Setting up as a sole trader is quick, easy and involves no cost
  • Sole traders can employ people and, later on in their business life, can become a limited company
  • You are liable for tax, Class 2 AND Class 4 National Insurance contributions depending on your level
    of income

Self-Employment – what you need to do

  • Register as self-employed with HMRC
  • Find work
  • Retain all invoices for the work that you have done
  • Retain all receipts that are related to your work
  • Keep a mileage log for business travel
  • Keep your accountant (if you have one) up to date
  • Submit tax returns and pay tax liabilities within deadlines

What Whittaker & Co can do for you?

  • Help with your registration for self-employment
  • Keep a record of your income and expenditure throughout the tax year
  • If required, give you quarterly, six monthly updates on your business profitability
  • Prepare end of year accounts
  • Submit Self-Assessment tax returns to HMRC on time and inform you of any tax liability to be paid
  • Advice on updates and news from HMRC, i.e. personal allowance, tax allowances, etc.

Expenses you could offset against tax – Self Employed

  • Accommodation expenses
  • Telephone and the Internet
  • Percentage of household expenses for using a room as an office
  • Mileage (if you use your mileage you cannot claim any other vehicle-related expenses)
  • Travel costs, fuel, train, flights, taxi. Etc.
  • Subsistence
  • Protective clothing
  • Accountancy Fees/Professional Fees
  • Office Equipment
  • Specialist Equipment
    This list is not comprehensive; any expense that is wholly used for business purposes may be allowable.
    Contact us tax adviser for further information on this.

    Please get in contact with Whittaker & Co and let us advise you on business set-up – click here…

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