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Tax Needn’t Be Taxing:
Sole Trader Tax Help

Britain has the most complex tax system in the world, proving too much to handle for some self-employed individuals and entrepreneurs. Discover how to manage your sole trader tax right here!

Sole trader tax can be a tough nut to crack.

While businesses and corporations often find support from finance experts and in-house account management teams, those running their own single-person operations tend to be left to their own devices when it comes to tax.

What is the difference between profit and cash?

The business owner wants to grow the business so starts investing in marketing.  The suppliers that this business owner is using have 30 day terms i.e. they want to be paid within 30 days.  The marketing is successful and the sales roll in to the business.  Turnover...

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Where does the business owner cost go in the profit calculation?

You have two choices.  We can put your cost as business owner into the costs or leave out. There isn’t really a right or wrong answer to this but I’m going to argue that you put your cost in for the following reasons: It shows your TRUE profit since you are a cost to...

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Are you on the correct flat rate VAT %

Here are the flat rate VAT %s..... Remember the 1% discount in the first year. If you are not sure what I'm talking about feel free to email me at Russell@rsaccountancy.co.uk     Type of business Current VAT flat rate (%) Accountancy or book-keeping 14.5 Advertising...

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What does a bookkeeper do?

In summary, this is what the bookkeeper does: Step 1 - Invoices Raise the sales invoices Record the sales invoices in the accounts (both the sale and the debt owed FROM the customer) Give the purchase invoice / expense receipt a reference number Record the purchase...

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How to avoid doing a P11D…

P11D forms are due to be submitted to HMRC on 6 July. You do need to complete a P11D if you have any 'benefits-in-kind'.  This is where your company pays taxable expenses on your behalf such as company cars and/or private healthcare. You then have to pay income tax on...

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Don’t forget the 31 July personal tax payment on account…

If you had a tax bill of over £1,000 at the end of January 2015, it is likely that you will have a payment on account due at the end of the month. This amount should be 50% of what your tax bill was last year. HMRC assume that your earnings are the same as last year...

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Can I appeal against HMRC penalties?

The quick answer to this is yes. You are always legally able to appeal our fine providing you have a 'reasonable excuse'. Unfortunately, what HMRC say is a 'reasonable excuse' and what you say may be two different things.  Generally, HMRC say that this represents a...

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