Accountants for the Self-Employed & Sole Traders
accountancy services for the self employed
Kingston Burrowes offers a range of tax and accounting services for the self-employed and sole-traders, including:
- Self Assessment Tax Returns
- Start-up Accounting Advice
- Personal Tax Planning
- IR35 Contract Advice
As an experienced accountant for self employed individuals, we are able to provide as mush or as little support as required, which may be as simple as completion of your annual tax return.
For those with more complex tax affairs, you may benefit from our personal tax planning service, or if you are employed through an umbrella company, we could direct you to specialist IR35 contract advice to ensure you remain compliant.
what does an accountant do for a sole trader?
Operating as a sole-trader is a simple way to get started in business, but there are still obligations to be met when it comes to your tax and accounting, and this is where an accountant can support you.
Firstly, you may need help with the formal process involved to set up as a sole trader, as well as registering for VAT. As an accountant for the self-employed and sole traders, Kingston Burrowes can simplify this process and take care of the detail on your behalf.
You should always bear in mind, that as a sole trader (as opposed to Limited Company), you are personally liable for any debts or legal action relating to the work you deliver. The upside of this responsibility, however, is that you can keep all the profits (after tax, of course!)
Once your sole trader setup is complete, you will need to prepare for the completion and filing of your annual tax return and this is where an accountant for sole traders or the self employed really provides value. A good accountant will ensure that your return is completed accurately and in good time, using the financial information you provide.
At Kingston Burrowes, we are always available to provide support and guidance where we can, whether that be advice on accounting software packages, planning for tax efficiency or dealing with HMRC queries.
Can’t I just use an online accountant if I am self employed?
On the face of it, the advantages of using an online accountant are low cost and simplicity. However, they may not prove to be as good value as they first appear as initial fees are likely to only cover basic requirements and simplistic subscription packages offer little flexibility or scope for more tailored advice and guidance.
At Kingston Burrowes, we have extensive experience with sole traders and freelancers/contractors across numerous industries, and through your own dedicated accountant, we can offer responsive and tailored support which means that you only pay for what you need.
This on-hand support may be particularly useful if you are considering whether to setup as a limited company or not. This is a significant decision for any business as there are some key differences especially when it comes to tax benefits, and you will want to be sure that you are receiving the best advice possible.
Our team have supported many sole traders with this transition over the years, so they understand the key factors involved.
To discuss your tax and accountancy requirements, please get in touch to find out how we can help.
who else we help
Running a Limited Company comes with a number of tax and accounting responsibilities which we can help you to meet.
We can support you with a range of accountancy services while helping your small business to thrive and grow.
Tell us your story
If you'd like to know more about how Kingston Burrowes can help manage your business or personal accounts, talk to one of our friendly team today.