Sole trader accountants in Grays, Essex

Monthly accounting for sole traders starts from £25 a month. A one-off self assessment return starts from £99. Your price depends on your records and how many transactions you have. We quote a fixed price upfront.

No law requires one. An accountant earns their fee when you have expenses to claim, more than 1 income source or a tax letter you don’t understand. They also catch mistakes that can trigger penalties.

Register with HMRC when your gross self-employed income passes £1,000 in a tax year. The deadline is 5 October after the tax year you started trading. Register late and you may face a failure-to-notify penalty. We can register you.

You can claim costs that are wholly and exclusively for your business: stock, insurance, software, phone and internet, marketing and mileage. If you work from home, you can claim a fair share of your running costs. Keep every receipt.

You pay income tax on your profit after allowances, plus Class 4 National Insurance once your profit passes a threshold. The bill depends on your profit and any other income. We calculate yours before the deadline so it holds no surprises.

Online returns and payment are due by 31 January after the tax year ends. Paper returns are due by 31 October. If your bill is large enough, HMRC also asks for payments on account on 31 January and 31 July.

HMRC charges £100 straight away, even if you owe nothing. After 3 months it adds £10 a day up to £900. After 6 months and again after 12 months it adds 5% of the tax due or £300, whichever is greater. Paying late adds its own penalties and interest.

Cash basis records income and expenses when money enters or leaves your bank account. Traditional accounting records them when the invoice is issued or received. Cash basis is simpler and is the default for most sole traders. We pick the method that suits your business.

It depends on your profit, your risk and how you take money out. Lower profits usually suit a sole trader. As profit grows, a limited company can cut your tax bill but adds filings. We compare both using your numbers.

Register once your taxable turnover passes £90,000 in any rolling 12 months. Below that it’s optional. We tell you whether registering early would help.

It is HMRC’s system of digital records and quarterly updates for Income Tax. It applies to sole traders with qualifying income over £50,000 now, over £30,000 from 6 April 2027 and over £20,000 from 6 April 2028.

Yes. You report both on 1 self assessment return. Your employer taxes your salary through PAYE and you pay tax on your trading profit through self assessment.

Sales invoices, receipts, bank statements and mileage logs. Keep them for at least 5 years after the 31 January deadline for that tax year.

Yes. We request your records and handle the handover.

The trading allowance lets you earn up to £1,000 of gross self-employed income a year without registering or paying tax on it. Above £1,000, you can deduct either your actual expenses or the £1,000 allowance from your income. We work out which gives you the lower profit.

A sole trader doesn’t draw a salary. Your profit is your income, and you take money out of the business as drawings. You pay tax on the profit whether or not you withdraw it.

You have 2 choices: HMRC’s flat rate based on the hours you work at home, or a fair share of your actual running costs.

There is no legal requirement for a sole trader, but a separate account keeps your business income and spending apart from personal spending and makes your records and tax return much easier.