Sole Trader Accounts and Bookkeeping Support Across the UK
As a sole trader, you are responsible for keeping accurate records of your business income and expenses, completing your Self Assessment tax return, and meeting your tax obligations. T&N Accountancy provides clear, organised support to help you stay on top of it all.
Get Sole Trader SupportSole Trader Accounting Responsibilities
Operating as a sole trader is one of the simplest ways to run a business, but it still comes with important financial and tax responsibilities. HMRC requires sole traders to:
What Our Sole Trader Support May Include
- Preparing business accounts from your income and expense records
- Bookkeeping support to keep records organised and up to date
- Calculating business profit for Self Assessment purposes
- Supporting your Self Assessment tax return preparation
- Identifying allowable business expenses to include in your accounts
- VAT return preparation for registered sole traders
- Payroll support where applicable
- Advice on what records to keep and for how long
Allowable Business Expenses
Sole traders can deduct certain allowable business expenses from their income to reduce their taxable profit. Common examples may include costs such as office supplies, business travel, professional subscriptions, and marketing costs, among others. Allowable expenses depend on the nature of your business and must be wholly and exclusively for business purposes.
Understanding what you can and cannot claim as a business expense is important. We can help ensure your expense records are properly categorised as part of preparing your accounts.
General Information Only
Tax rules, allowable expense categories, and HMRC requirements can change. The information on this page is general guidance only and does not constitute personalised tax advice. Please contact us to discuss your specific circumstances.
HMRC requires you to keep records of all your business income and expenses. This includes receipts, invoices, bank statements, and other relevant documents. Digital records are generally acceptable. You should retain records for at least 5 years after the 31 January Self Assessment deadline for the relevant tax year.
Making Tax Digital (MTD) is HMRC's programme to move tax administration online. MTD for Income Tax Self Assessment (MTD for ITSA) is being phased in for sole traders and landlords with qualifying income above certain thresholds. The requirements and timescales are subject to HMRC announcements. Please contact us to understand how this may apply to your situation.
Running Your Business as a Sole Trader?
Contact T&N Accountancy and tell us about your business. We will help you get your records organised and your tax return prepared correctly.