Sole Trader & Partnership Accounts

Sole Trader Accounts

Conducting business as a sole trader is the simplest and most popular trading medium.

As well as being described as a sole trader, such businesses may also be referred to as self-employed, sub-contractor, tradesman, schedule D, or numerous other descriptions.

We offer a one-stop-shop for various accounting and tax services.

Services include:

Registering a new sole trader business with HMRC and the Contributions Agency.

Examining VAT registration.

Record keeping requirements under Self Assessment and Bookkeeping.

Personal tax advice and compliance.

Preparing statutory accounts.

General business, tax and finance advice.

Partnership Accounts

Partnerships have a unique culture as a business trading medium.

Account & Finance thoroughly understands this culture and offers a range of services to support partnerships.

Services include:

Advice on creating, and the contents of, a Partnership Agreement.

Comparing the tax cost of trading as a partnership versus trading as a limited company.

Preparing statutory accounts.

Examining the possibility of becoming a limited liability partnership.

Preparing the self assessment tax returns of the partnership and the individual partners.

Pre-year end tax planning advice.

Sole trader and partnership accounts come in a variety of formats, as determined by the individual business needs. These accounts are generally produced annually, however there are various reasons this may change from time to time, usually when a business commences and ceases trading. These accounts form the basis of assessment for the requisite tax returns for each tax year.

Detailed accounts offer more than a basis of assessment for tax purposes, they also provide business owners with an invaluable insight into how their business is performing, and comparisons can be used to track progress and identify areas of potential improvement and cost saving.

We have extensive experience gleaned from years of working alongside sole traders and partnerships in a variety of sectors and industries, and as such we are geared up to assess individual business needs and requirements. This will ensure our clients get added value from the production of annual accounts in conjunction with their tax returns.