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Sole Traders
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 we can take care of.
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.
There are also certain HMRC rules and regulations that must be followed:
Small Businesses/ Companies are not in a position to hire expensive lawyers and accountants for the basic accounting and company secretarial services. Red Accountants helps small businesses/Companies in the following way to successfully run the business
- Keep records of all business sales and expenses
- Submit a Self-Assessment Tax Return each year
- Pay Income Tax due on profits made
- Pay National Insurance
- Register for VAT if your turnover is expected to be more than £85,000 a year
We have hundreds of self-employed clients with years of experience. This means you’re in good hands. We will take on all the hard work and stress that comes with doing the bookkeeping and meeting HMRC deadlines so that you can run your successful business.