Sole Traders
What is a Sole Trader?
You are a sole trader/ self-employed if you are the exclusive owner of a business, and are therefore entitled to any post tax profit and responsible for any losses.
Accounting tips for Sole Traders
What records do Sole Traders need to keep?
Sole traders are required to keep records of profit, expenses and invoices, as well as filing regular tax returns.
What qualifies as an expense?
If you aren’t confident on what qualifies an expense, we will talk you through it. We will explain how your sole trader expenses are offset against your turnover, meaning you don’t pay tax on that amount. Some examples of sole trader expenses include:
Accountancy fees
PPE and branded clothing
Travel expenses such as parking, fuel etc
Advertising costs
Business phone costs
Stationary
Staffing costs
Business rates and utilities
Tax returns for Sole Traders
It’s important to get your tax affairs in order so you avoid penalties down the line. The thought of filing a tax return can be overwhelming, so let us handle it. Thomas & Co Accounting take the pressure away so you can get back to business. Chat to us about your needs and any concerns (even those silly ones), then sit back and let us work our magic.
Why choose us as your Sole Trader accountant?
We take the stress out of accounting
Let our experienced professionals handle your sole trader accounting so you can focus on your business.
Cost effective
Our prices are tailored to your needs so you never pay over the odds.
Keep on top of your Sole Trader tax return
We make sure you never miss a deadline.