As a sole trader you are required to submit a self-assessment tax return to HMRC each year.
The return will include a self-employment section detailing the turnover and expenses from your sole tradership.
The tax return must also include details of any other income you have received during the year.
Accounts are prepared to enable the necessary figures to be entered on the tax return but the accounts themselves aren’t submitted.
Many of our clients operate as sole traders and we have extensive experience of these types of businesses.
If you’re a Sole Trader, get in touch to see how we can help your business thrive.
Partnerships are similar to sole traders except that the business must also submit a partnership tax return along with the partners’ individual self-assessment tax returns.
If you’re in a Partnership, get in touch to see how we can help to grow your business.