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Self-Employment

Are you looking for accountants for self-employed in Ipswich? Maybe you have been running your own business for a while, or have just set up on your own. Either way, you will need to keep your books and fill in tax returns.

All the back-up tasks associated with working for yourself can seem daunting, especially if you need help with keeping records and filling in forms. Fortunately, Ipswich-based Orwell Accountants Ltd can take time-consuming paperwork out of your hands. This will allow you to concentrate on other important tasks like running your business and serving your customers.

Sole Traders

If you have started up your own business as a self-employed person and don’t have any partners, then HMRC officially describes you as a “sole trader”. This also applies if you take on staff to work for you, but you are still the only person responsible for the business.

People in business partnerships  are also regarded as self-employed and we provide expert services for these businesses too.

As a sole trader, you have various responsibilities. These include:

  • Filling in a Self-Assessment Tax Return:

    This has to be done every year, with strict deadlines for when you must register and file your return. If you miss the set date, you could face having to pay a penalty. The main deadlines are October 31 for filing paper tax returns and January 31 if you are filing online.

  • Paying Income Tax and National Insurance

    These need to be budgeted for over the year if you want to avoid suddenly being hit with a big bill. Self-employed people usually have to make two “payments on account” every year, on January 31 and July 31, and could also have to make balancing payments. There are two different types of National Insurance, Class 2 and Class 4.

  • Keeping Records

    This doesn’t just mean keeping a record of the sales you make, but also keeping evidence of all the costs you incur in running your business. Many costs can be claimed as “allowable expenses” against tax.

  • VAT Registration

    Once your business turnover meets a set threshold, then you need to register for VAT and submit returns. You will be given a VAT number to put on your invoices. It’s your responsibility to charge the correct amount, as well as keeping full records and making VAT payments to HMRC.

Sole Traders

Services for Self-Employed People

As accountants for self-employed, Ipswich- based Orwell Accountants provides a full range of services, including:

Self-Assessment Tax Return

As part of our full tax service, we calculate your liability for tax and file the return online on time. We also keep you fully informed of what tax you owe and when it is due.

Book-keeping Services

We can take over the task of keeping the books for your business throughout the year, with comprehensive services including data entry, balance sheets, profit and loss and preparing invoices. If you prefer to do your own book-keeping, we can provide a suitable system and some training for you.

VAT Returns

Many self-employed people find it onerous to keep track of VAT, but there’s no need to worry. We can help you to register, charge the correct amount, keep the right records and file returns.