Sole Trader Businesses.
We understand the unique financial needs and challenges that sole traders face in today's business landscape. Our team of dedicated accountants and tax advisors is here to provide tailored solutions that help you manage your finances effectively and maximize your business success.
Tailored and expert accounting
and tax advice and support for sole traders.
As a sole trader you have specific tax and accounting obligations. Tax planning is critical when it comes to minimising your tax liability. Our qualified accountants and tax advisors will help you stay compliant avoiding and penalties or fines being imposed by HMRC.
Calculating taxable profit
Sole traders are required to file a self-assessment tax return each year.
They must report their income and expenses, calculate their taxable profit, and determine the amount of tax owed. Sole traders can deduct allowable business expenses from their income to calculate their taxable profit. It's important to understand which expenses are deductible for tax purposes.
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NIC Contributions and Pension
Sole traders are liable for Class 2 and Class 4 National Insurance contributions on their profits. Class 2 contributions are flat-rate, while Class 4 contributions are based on profits. Sole traders are entitled to the State Pension, but the amount depends on the individual's National Insurance contributions over the years.​
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Registering with HMRC for VAT
If a sole trader's taxable turnover exceeds the VAT registration threshold, currently £85,000, they must register for VAT and charge VAT on their sales. VAT-registered sole traders need to submit regular VAT returns to HMRC.
"Boxwood have been our accountants for a number of years and provide us with advice and support. 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."
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Peter at Curzon
Landscapes Ltd
Why not get some expert help with your accounting and tax?
You'll be surprised at how easy and affordable it is
to get the support you need.
How we can help contractors and freelancers
with all accounting and tax compliance issues.
It's crucial for sole traders to stay informed about changes in tax regulations, seek professional advice when needed, and keep accurate financial records to navigate these complexities effectively. Our professional team are on hand to help.
Tax planning and compliance.
Navigating the complexities of tax regulations can be daunting. Our experienced tax advisers will work with you to develop a proactive tax strategy, optimize your deductions, and ensure compliance.
Bookkeeping and accounting.
Our comprehensive bookkeeping and accounting services are tailored to the specific needs of sole traders, providing clarity and control over your financial data.
VAT.
If your turnover exceeds £85,000 per year you will be required to register for VAT and apply VAT to your invoices. We can deal with the registration process and quarterly VAT returns
Registering for and paying NIC.
As a sole trader you will be required to register with HMRC for National Insurance contributions. Class 2 are a flat rate but class 4 are based on your profits. National Insurance contributions made by sole traders can have an impact on entitlement to certain state benefits, including the State Pension.
We offer a completely complimentary initial consultation.
Why not give one of the team a call today to get
answers to any questions you may have.
WHAT PEOPLE SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. 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
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why should you choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
1
Chartered
Tax Advisers
We are fully qualified Chartered Tax Advisers & Accountants and we can provide expert advice & guidance
2
Complimentary
Consultation
We provide a completely free initial consultation, allowing you time to chat through any questions you may have
3
Competitive
Fixed Pricing
We operate on a fixed fee basis which is agreed in advance and there are absolutely no hidden costs
4
Small Business
Expertise
We have a long and established history of providing advice and support to small businesses.
Switching accountant?
If you are not getting the level of service that you expect from your current accountant then switching is very straight-forward.
1
Book our complimentary consultation and get answers to any questions you may have and get a fixed fee quotation,
2
Once you are happy that Boxwood Accountants is the right accountant and tax adviser for you then simply let us know by dropping us an email,
3
We will contact your previous accountant to advise them of the change and obtain all relevant records from them. Once we receive these the the switch is complete.
Useful tools for sole traders.
