Accounting for Sole Traders

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As a sole trader we know how busy you are, send us all your receipts and let our accounting experts worry about the rest!

What do we offer?

For only £300, Formations House offers a complete accounting solution for sole traders; we take care of the entire process so you can rest assured you've met all your accounting obligations in the eyes of the law. Our system is designed with you in mind, so all that is required of you is to send us your bank statements and receipts - let us worry about the rest. With our dedicated team of tax and accounting experts are on hand to assist you, we offer the following services as part of our Accounting for Sole Traders package:

  • Registration as self-employed, if necessary;
  • Application for a Unique Tax Reference (UTR) number;
  • Preparation and electronic filing of annual company accounts;
  • Automatic checking for any deductible expenses;
  • Compliance and filing of the "Self-Assessment: Tax Return" form (SA100);
  • Calculating the payments of Class 2, and if necessary Class 4, National Insurance contributions;
  • Live accounting support via phone and email;
  • User-friendly accounting software, powered by Formations House’s own world-class back end filing service, provided with every plan

What You Should Know

According to HMRC all sole traders must file a tax return once a year, with the deadline typically 9-10 months after the end of the tax year. So, for example, for the tax year that ran from 6th April 2014 until 5th April 2015, a tax return had to have been filed by midnight on the 31stJanuary 2016 (deadline only applies to online returns, tax returns by post have an earlier deadline). The 31st January 2016 is also deadline for the payment of the last year’s tax bill.
The deadline for registering for tax self-assessment for the current tax year is 5th October.

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