Small Business Accounting for Sole Traders
Looking to set up your new sole trader business? Or perhaps you’re thinking of switching accountants to get a more personal service. At iFinance Department, we understand that you need much more than just tax returns. We’ll support you and give you financial advice that will help steer your business and ensure you become a success.
Our friendly, expert advice is supported by our Silver Champion partner status with Xero. This allows us to offer you the world’s leading accountancy software, with implementation, support and management. Manage your Sole Trader company from anywhere, from any device.
Sole Trader Accounting Services
The hardest part of being self-employed is dealing with tax, receipts and accounts. Whilst traditional accountants can be out of reach for many sole traders, our services provide affordable, yet vital financial support. From ensuring you keep on top of the books to providing actionable, easy to understand financial reports, we’ll be with you every step of the way. Our unique accounting service combines Xero online software with expert advice and support. Our team will ensure your returns are filed, accounts completed, financial trends spotted and investment opportunities highlighted. Trust a true financial expert to ride with you on your business’s journey.
Sole Trader Accounting from £29.50 p.m.
Why iFinance Department?
Sole Trader FAQs
Do sole traders need to submit accounts?
Unlike with limited companies, sole traders are not required to file their accounts with Companies House. However, you are required to provide an audit trail for tax purposes, so it is recommended that you prepare a profit and loss account each year.
Do I need an accountant if I am Self-employed?
It is not mandatory to have an accountant to be able to complete your own tax return. However, there are many other reasons for employing an Accountant, and it is for these reasons why getting a great accountant by your side is critical to the success of your business.
Firstly, an accountant is a financial expert. This means they can identify ways for you to minimise your tax liability. With tax rules constantly changing, having an accountant by your side can help to ensure your business remains nimble and you only pay what you truly need to pay in tax.
Secondly, an adviser from iFinance Department can provide a consistent and up-to-date financial picture for your business. This allows us to identify financial opportunities, all of which lead to faster growth for your business.
Finally, hiring an accountant saves you time. Time is money, and with our unique model meaning we’re often less expensive than a traditional accountant, you’ll be saving more time and more money! An accountant will save you the considerable time it takes to file tax returns as well as produce a balance sheet and profit and loss.
How much does an accountant cost for a Sole Trader?
Our accounting package for Sole Traders starts at just £29.50 per month, including a subscription to Xero!
Is Xero Accounting software good for a Sole Trader?
Xero is the leading accounting software. As a Silver Champion partner, we chose Xero because of the way it perfectly suits small and medium sized businesses.
Xero is specifically focused towards Sole Traders, displaying easy to use features. It doesn’t bombard you with a plethora of useless information, it keeps it simple, making it easier to understand the financial landscape of your business.
Xero also includes data entry automation, invoice reminders and much more, meaning it saves you a whole heap of time. Everything is totally secure and you can access it from anywhere on any device.
I’m not sure about a Virtual Accountant. Can I get to know you first?
Since the Covid-19 pandemic, we’ve all become a lot more used to keeping our distance. However, it may still be daunting to hire an accountant that you haven’t physically met, and we understand that. Our team is UK based and we offer a free initial consultation over Google Meet, Zoom or on the phone, which you can use to get to know us a little bit more. We’ll also be able to provide some initial advice for free, so why not get in touch!
Looking to set up as a Sole Trader?
If you’re starting a business, then setting up as a Sole Trader is the easiest way to trade. You can do this by visiting HMRC online and registering your new business. At iFinance Department, business set-up is included when you select any of our accounting packages.
As a Sole Trader, you have a number of responsibilities, so having a dedicated accountant can help give you peace of mind and ensure your business is compliant with the minefield of regulations out there. In short, your Sole Trader business will need to do the following:
- Keep a record of all receipts, expenses and invoices.
- Complete a self-assessment tax return
- Pay national insurance contributions and self-assessment tax.
- Keep a record of incomings and expenditure.