Accountants for Sole Traders

Citi Accounts Can Help You Set Up As A Sole Trader

As a Sole Trader, you are classified as self-employed by HM Revenue and Customs (HMRC) whether you sell goods or services. You also have to register with HMRC and certain rules and regulations apply, all of which Citi Accounts can take care of.

When you join Citi Accounts, we will provide you with a free bookkeeping software to get you started and ensure you never miss a deadline.

 

Sole Trader or Limited Company?

It is so important that you are set up on the correct structure from day one, whether its a limited company or a sole trader.

When you get in touch with us, we will review your business idea, potential earnings, other sources of income and advise what structure is best for you.

Thereafter, we will ensure your books are ALWAYS up to date and you NEVER miss a deadline.

 

Sole Trader or Limited Company?

We do the Bookkeeping!

Unlike other accountants, when you join Citi Accounts we will carry out full bookkeeping for you. This means that you can focus entirely on running your business.

We know that businesses can often miss out including small receipts and invoices which can cost them penalties as well as paying more taxes. This is why we think it’s so important for accountants to carry out the bookkeeping in addition to filing taxes and providing proactive advise.

 

Bookkeeping

Book keeping

Accounting for Sole Traders – Main Services

Compliance

The responsibilities that come with being a Sole Trader are different to those of a company director who runs a limited company. You run your business as an individual and keep all business profits after tax has been paid on them. You are also solely responsible for losses that your business may make. As such, compliance is a key responsibility and we can help you.

If you reach the turnover level where VAT registration is required, we will arrange this for you. In some cases, sole traders may wish to voluntarily register for VAT, we can advise if that is the best option based on your circumstances and the sector that you work in.

 

Bookkeeping and Cashflow

At Citi Accounts, we will help provide you with accounting software to ensure that you keep records of all business sales and expenses. 

We will provide full bookkeeping services to ensure that full records are kept.

As a Sole Trader, cashflow is a major factor in the success of a business venture and we will work with you to keep your costs down and keep the money coming in.

Personal Tax

As a sole trader business, you’ll need to submit a Self-Assessment Tax Return each year. Citi Accountants will do all the hard work for you, and ensure your tax returns are always submitted and paid by the deadlines. 

As you grow and need to hire employees, one of the necessary evils is payroll administration. It’s time-consuming and distracts you from more productive activities, so Citi Accounts can take the hard work out of your hands, doing things such as administrating PAYE, National Insurance, and statutory sick pay.

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