Sole trader accounts
Sole trader accounts are the among the most popular service. The sole trader way of life is ever growing, with people wanting more flexibility and more of a work life balance meaning alot more sole traders are being born. If you receive income from any work, you undertake you may well need to register for self-assessment. Generally, first time self-employed individuals struggle to get to grips with all the filing dates and deadlines, it all begins a burden which isn’t needed when you are trying to establish yourself. This is why here at SK Accountancy we would love to hear from you if you are thinking of going self-employed to see how we can provide our services to help you on your journey.
The VAT threshold currently sits 85,000, which means if your turnover is expected to exceed 85,000 in any given 12 month rolling basis your business will need to register for VAT. VAT returns will need to be filed quarterly with both sales and purchases accounted for. If you believe your business needs to be VAT registered please get in contact today.
If you are involved in the construction operations, you will need to register for CIS and submit monthly returns for your subcontractors. CIS deducts 20% from the gross pay of the subcontractor. The business then submits the CIS returns and pays the subcontractors tax across to HMRC. Get in contact today to see how we can help you.