Sole trader / Partnership Accounts and Self Assessment

We can help make sure accounts and tax returns are completed correctly and within the deadlines imposed by HMRC. Keeping you up to date with new rules and regulation.

Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023 we can help you prepare.

If you are currently considering or recently started trading here are a few things we can help you with.

We can get you register as self employed. The rules state you must register with HMRC by the 5th October in your business's second year or you may be fined if you do not do this.

We can complete your first self assessment tax return online by the 31st January 2021 if you started trading between 6th April 2019 and 5th April 2020.

You will need to disclose other income on your self assessment such as your P45 or P60 from employment, pensions or any other income you receive within the reporting tax year so keep information safe and to hand.

HMRC are introducing new rules for making tax digital from April 2023. This means that you will have to file quarterly tax return using software to HMRC. Therefore you may want to start off using bookkeeping software so you are ready for the transition. We can supply compliant software and training if or when you require it.

Deadlines for filing tax returns are:

• 31st October for paper returns.
• 31st December (if eligible) if you wish HMRC to take tax owed from wages or pensions.
• 31st January for online filing.

Penalties for failing to submit your tax return start at £100 on the 1st February then rise by £10 a day from the 1st May to a max of £900 then further penalties will be applied after this. So we are here to help please talk to us before this happens.

Remember this is an exciting time but we all need help so don't be afraid to ask no question is to silly.