Sole Traders and Partnerships
There are many financial benefits to being a sole trader; withdrawing money from the business is easy, there are less rules and regulations to contend with, and you’re at less risk from high financial penalties. That said, responsibility falls to you to process your accounts and paperwork accurately, which can be both time-consuming and stressful…and costly when carried out incorrectly.
If you don’t have the time to stay on top of your paperwork, or dread each deadline for your self-assessment return, let us take the pressure off by taking care of your accounts for you.
As a sole trader, if you have employees you’ll need to pay them through PAYE and keep payroll records. It’s a complex business with many elements involved – you’ll need to consider tax and National Insurance deductions, National Minimum Wage rates, sick pay, holiday pay, updated tax codes and final payroll reports, to name just a few.
For most, this adds to your workload, at worst it can be done incorrectly which could lead to financial penalties for you. Don’t take the risk. We can set up your payroll for you and manage it in a way that works best for your business, taking into account all relevant payments and deductions, along with expenses and benefit reports, and the calculations of P60s so you stay the right side of the employment law.
You can either register voluntarily for VAT, or you may have to compulsory register if your business has reached the turnover threshold. Either way, if you’re subject to VAT as a sole trader, it’s important you submit your VAT returns on time and correctly – VAT can be complex and getting it wrong can lead to trouble.
As well as carrying out your bookkeeping for you, and processing your returns within your specific deadlines, Chippendale and Clark can also regularly review and advise on the VAT scheme that is best for your business, including annual accounting, cash accounting, flat rate and margin schemes. To find out more about the different options available, just get in touch with us for further details.