Tax Needn’t Be Taxing: Sole Trader Tax Help

Author: Russell Smith
April 16, 2018

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.

But this can be problematic.

Tax doesn’t have to be taxing” was the old byline of HMRC, yet it was far from an accurate portrayal of the process.

The British tax system features the largest amount of legislation in the world, arguably making it the most complicated on the planet. It took our chartered accountants years of study and training to become qualified professionals capable of working in the industry, a simple but clear demonstration of the kind of processes that need to be dealt with. Of course, to manage and file your tax returns does not require a degree in accountancy, but it may require more financial knowledge than your average self-employed worker has.

If you are struggling with your tax responsibilities and seeking sole trader tax help, you’re not alone. There is information and support available. Today, we look at how you can find it:

HMRC Sole Trader Tax Help Guidelines

The official website of HMRC should be a place any sole trader is familiar with. The financial authority to which you send your returns offers lots of free and clear advice on processes and tasks that need be followed. They also have an extensive list of leaflets and factsheets and offer videos, webinars and email alerts.

On the website, you’ll be able to find out:

  • How to establish yourself as a sole trader
  • What tax you owe and when
  • What is expected of you under British law as a sole trader

The primary issue with the HMRC website is that it is not always easy to find what you are looking for. You also cannot ask questions and get feedback, which can be crucial when it comes to effective sole trader tax help.

Tax Advice Workshops

Accounting and tax workshops are excellent tools for getting a better grip on your finance obligations and improving your tax management skills. Run by experts in finance, they’ll break things down in simple terms and often go above and beyond what HMRC can offer in terms of cutting through jargon, providing actionable advice and considering your specific needs.

Workshops are run through multiple channels. Places to look are:

  • Online advice platforms and brands
  • Small business conferences and events
  • Business schools and higher-education establishments

Online Small Business and Accountancy Communities

Workshops are really powerful platforms for tax education and targeted advice, but they have their own disadvantages in that they aren’t always readily available. If you have a problem with sole trader tax, you aren’t likely to be able to attend a workshop immediately to resolve the issue. If the information you have from HMRC hasn’t equipped you to deal with this problem, where do you turn?

Sole trader tax help is readily available online if you know where to look.

If you have general queries, such as questions about how to set your self-employed day rate, you can visit accountancy blogs like ours, or websites such as Accountancy Web.

However, for questions that are unique to your circumstances, you may find it more helpful to reach out to professionals and other business owners/sole traders through forums. Taxation Web and MoneySavingExpert are just two of many platforms available for people looking for sole trader tax help.

Accountants for Small Businesses and Sole Traders

If all these platforms of tax advice fail you, and you still need sole trader tax help, don’t suffer in silence. Tax mistakes can lead to major problems including investigations and penalties.

Accounting support needn’t be a bank-breaking expense. Specialist accountants who work exclusively with sole traders and small companies often have a multitude of plans and packages to suit varied budgets and business sizes.

While you may be reluctant to get help, the consequences of not doing so could be the violation of tax laws and the potential end of your business.

Here at RS Chartered Accountants, we are experts in tax advice for small businesses and sole traders. If you need help with your finance management, take advantage of our free consultancy meeting today!

0113 394 4616

Grab a no fee, no obligation meeting with us now

Book A Meeting Now

Pin It on Pinterest