Sole Trader / Partnership Accounts

Get the advice and support you need

Sole traders & partnerships must prepare accounts each year. The experienced Boxwood team can help & we are committed to providing a first-class service.

Every sole trader and partnership must prepare Trading Accounts that accurately reflect the trading results of the business. Typically, these will be used to support the tax return of the individual partners or sole trader filed with HMRC. Unlike for a company, these do not need to be filed with Companies House and the level of disclosure tends to be reduced but they must comply with the same UK accounting standards as companies. These may need to be submitted to HMRC and this will depend on the size of the business and the accounts are prepared for a trading period and not necessarily the tax year.

Things to consider

Care is required here as the importance of these Trading Accounts can be overlooked, especially by smaller businesses. The accounts will be used to support the tax return and therefore accuracy is important. Just as in the case of companies, the accounts must comply with UK accounting standards but they will never need to be audited. Business owners should consider:


  • As is the case for companies, taxable profit is not the same as trading profit,

  • Several adjustments are required e.g. entertainment, gifts, capital expenditure etc,

  • It is important that these are prepared well ahead of the tax filing deadline,

  • This is to ensure that there is sufficient time to review,

  • These accounts do not need to be filed at Companies House.

Boxwood have been our accountants for a number of years and provide us with advice and support for our year-end Statutory Accounts and Corporation Tax Return. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.

John at Bentley Consultancy Services Ltd

How We Can Help

At Boxwood, we work with many sole traders and partnerships, preparing Trading Accounts on a timely basis and advising on the best way to minimise tax liabilities. We offer a professional and friendly service and we help ensure that tax claims are made where relevant. We will remind you well ahead of any future filing deadlines, helping to avoid penalties. We offer a single point of contact so you will always speak to the same accountant and our friendly team will always be available if you have any questions. Finally, we will always agree a fixed fee prior to any work being carried out.

Call us anytime for a free and informal chat 

​Call us anytime if you have any questions at all. We will be more than happy to chat through your queries. You’ll be surprised at how easy and inexpensive it is to get the help you need with your accounting and tax obligations.

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