Self Employed

Self Employed Services

Running your business as a Sole Trader is a great way to start your freelance work or self-employment because it involves less administration than Limited Companies. If you have decided to set up your business as a Sole Trader – we offer a complete solution to ensure that whatever requirements are mandatory for a Sole Trader to adhere to – are met.

All Sole Traders or Self Employed Individuals must register for:

Register for Self Assessment
Prepare Year End Accounts which are used as a basis to assess your tax liability (ie. calculate your profits)
Pay National National Insurance Class 2 (if your profits are £5,965 or more a year) and 4 (if your profits are £8,060 or more a year)
Pay Income Tax (assessed through your Self Assessment Tax Return)

View more FAQs or submit your own questions and get a professional response in our Dot Wiki Area →


Package Features

Full Set of Accounts

We will prepare your Balance Sheet, Income Statement for use in your self assessment tax return.

Assistance in Paying Taxes

We will remind you of when your tax payment is due, you on the correct amounts to pay and how to pay it.

Free QuickBooks Online

Use your QuickBooks Online Plus accounting software or mobile apps for invoicing customers, managing suppliers and overseeing your finances.

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Email Reminders

We’ll send you email or text reminders of any important business deadlines, such as payments of HMRC taxes etc.

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A Personalized Deadline Calendar

Access your personalised deadline calendar within your client portal – sync your calendar to your ical/googlevcal.

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Submission of your Self Assessment Tax Return

All packages include the preparation, calculations and submission of your self assessment return.

Allowances & Reliefs

We will ensure that your self assessment return has utilised the allowances and reliefs available to you.

Client Portal

Enjoy smooth collaboration via our online client portal with tools such as file sharing, payments, messaging and deadline calendars.

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Month End Profit Reports

Keep ahead of financial changes with our month-end profit reports which include comparisons, transaction reports and more.

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Maintaining your Records

Using our client portal as a file storage and archive we offer an option for you maintain an organised filing area.

Self Employment Responsibilities

Register as Self Employed

You need to let HMRC know that you are trading before the 31st of October. Within a few weeks of registering, you will receive a Unique Tax Reference number or UTR.
All our sole trader packages include self employment registration assistance.

Maintain Records

Being accountable for taxes places a burden on you to ensure that your financial business records are up to date, accurate and traceable. Using Dot Portal, our Client Portal we can help you create an archive of copies of your invoices, receipts, bank statements and reports.

Self Assessment Submission

Filing Online If you submit your return online it needs to be filed online by midnight 31 January. If you want HMRC to calculate your liability on your behalf, you need to submit your information to them by 30 December.
Paper Filings on SA100 need to reach HMRC by the 31st of October (before payment is due)

Payment of Tax

31 January Payments of income tax need to be made by 31 January. This is a balancing payment based on your previous year’s tax liability. 31 July A first payment on Account needs to be made for your most recent tax liability. Some individuals choose to pay more frequently through the year to spread the cost of their tax bill using budget payment plans, offered by HMRC.

National Insurance

Your National Insurance payments will be made along with your income tax payments, so the same deadline applies (31 January) unless you use HMRC’s budget payment plan.
You are liable for:
Class 2 if your profits are £5,965 or more a year AND
Class 4 if your profits are £8,060 or more a year

Other Responsibilities

VAT If your taxable turnover exceeds £82000, you must register for VAT.
Registering as an Employer If you hire and pay employees you must register as an employer and comply with statutory Payroll Requirements.

Ready to get started?

View our Fixed Fee Limited Company Packages, Year End Packages OR make a custom Accounting Package using our Package Builder.