When you start out in business you might not want the administrative burden of a limited company, and will just operate as a sole trader. This does not mean that you should ignore your accounts during the year: management accounts are still important to monitor progress.
All the business profits you make are included in your self assessment as taxable income and are also subject to national insurance contributions. We can offer advice on many aspects of operating as a sole trader including initially setting up and registering with HMRC; the records you should maintain for your accounts; tax deductible expenses and how to legally minimise your taxable income.
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“Maintaining your records to ensure all transactions are accurately recorded and your accounts are kept up to date.”
Accurate bookkeeping is not only essential to compute your taxable income, but will help you understand how your business is performing.
We understand that you might not be comfortable with numbers and paperwork so we can help you devise a system that works for both of us.
“Quarterly VAT returns”
Once a business reaches the turnover threshold as prescribed by HMRC it is required to register for VAT.
This brings the additional requirement of quarterly VAT returns.
Tall Horse Accounts can assist with your VAT registration and advise on the most appropriate VAT structure for your business.
In addition we will remind you of VAT filing deadlines and can prepare and submit VAT returns on your behalf.
“Business plans, analysis of year to date results, cash reporting, profit forecasting and budgeting”
Management accounts help you manage your business. Each business is unique and we tailor your accounting reports to suit your business. We then discuss these with you so that you can make decisions based on accurate and up to date information.
We can advise on improving your cash flow, managing your expenses and pricing structures.
“Financial statements for internal review and HMRC”
Tall Horse Accounts collates your data and prepares financial statements for filing with HMRC. These accounts are discussed with you in detail, complementing the information contained in your self assessment.
“Completion and submission of personal tax return”
Anyone operating a business as a self employed trader or a UK company director is required to submit a tax return. Profits from your business as well as any other income from employment, investments, property, etc, are included in your tax computation.
We remind you of filing deadlines well in advance, thus avoiding headaches and fines.
Tall Horse Accounts will assist in the preparation and submission of your tax return, ensuring that all income and expenses are correctly accounted for.
“Accurate payslips mean happy staff”We can manage your payroll for up to 50 staff, ensuring that they pay the right tax and National Insurance.