The last 12 months have proven extremely difficult for a lot of businesses, but industries have adapted and many entrepreneurs have found new ways of working. As such, the volume of business start-ups and company formations during the last year has been much higher than expected.
Sole traders are actually the most common type of business in the UK, so it’s surprising this area of self-employment doesn’t get more attention. Here are some of the key things to bear in mind when planning your sole trading business financials:
Ensure you pay taxes on time
Of course, this should be a given. But that doesn’t stop hundreds of sole traders each year from being late in filing their yearly tax returns.
The domestic VAT Reverse Charge was introduced throughout the UK on 1st March 2021 for the construction industry, in an effort to combat VAT fraud. This Reverse charge is likely to have a significant impact on cashflow and VAT compliance, with major system changes required for those operating in the sector. To help your business adhere to the new rules, we look at the construction industry VAT Reverse Charge at a glance.
Rishi Sunak, Chancellor of the Exchequer, unveiled the UK Budget 2021 on Wednesday, 3 March. If you're wondering how this coronavirus budget will affect you, these key points at-a-glance should answer all your queries.
If there is one thing which makes most business owners wake up in a cold sweat, it is the prospect of undergoing an HMRC tax investigation. Even for those who have done nothing wrong, it can fill them with dread and cause a lot of extra stress. As with most things in life, you can take the sting out of a tax investigation by finding out more about it in advance.
Start-up
£
60
/ Month (+VAT)
This price plan is suitable for the start-up companies who are not VAT registered.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Payroll & RTI submission for 1 employee
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Assisting with correspondence from HMRC and Companies House
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 80K
Recommended Plan
Limited Company
£
100
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 2 employees
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- MTD VAT returns submissions – quarterly
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 100K
Company Pro
£
150
/ Month (+VAT)
This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.
- Company formation (if required)
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission for up to 5 employees (Free)
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Unlimited face to face advice and email support
- 2 Directors
- 2 Shareholders
- Annual turnover should be less than 200K
Company Premium
Let's talk.
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This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.
- Company formation
- Year-end accounts preparation and submission
- Corporation Tax returns
- Monthly payroll including RTI submission all employees
- MTD VAT returns submissions – quarterly
- Personal tax return [salary & dividends income only] (Free)*
- File confirmation statement (annual return) with Companies House
- Reference letters for the all Directors (Free)*
- Unlimited face to face advice and email support
- Flexible and can be discussed
- Annual turnover should be more than 200K
- Personal Tax Returns
This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.
If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.
- Tax Investigation
- Business Legal Support
- Company Formation
- Business Mentoring
- ARA accounting services for ATOL & ABTA travel companies
Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate.
