Sole Trader Accounting Service
What’s included in our accounting services for sole traders
If you need business accountants in London or the surrounding areas, Passman Leonard offers an outstanding sole trader accounting service to meet your needs. We support business start-ups as well as more established businesses who need support with their annual accounts and tax returns.
When you start to run your sole trader business, you may find that there are essential tasks that consume too much of your headspace and time. Dealing with your accounting and tax could be one of those tasks that isn’t the best use of your time or energy.
Our sole trader accounting service starter packages will help you understand your finances and ensure that you meet legal and compliance requirements with HMRC, whilst ensuring the tax efficiency of your business.
Whether you need help once a year with your tax return, or you also need monthly support such as bookkeeping, VAT returns and payroll, we can support you to ensure you remain fully compliant and keep the tax man at bay.
We work with accountancy packages such as Xero that integrate with innovative online accounting solutions to streamline your processes. The accounting software will save you time tracking transactions including business expenses, personal expenses, invoices, and payments, allowing for real-time financial insights.
Passman Leonard is a highly recommended team of business accountants in London who can help you achieve your business plan and goals. Our professionally trained accounting team is ready to take your call.
Business Accountants for London and the surrounding counties
Your Essentials package includes:
Sole trader annual accounts
Sole trader annual accounts
When you are involved in a sole trader business, there’s often too many tasks and too little time for you to manage everything effectively yourself. Although there is no requirement to file annual company accounts with Companies House, there are benefits in preparing accurate sole trader annual accounts.
Not only does this give you a clearer picture of your business’s financial health, but it also ensures that you meet all your tax obligations, reducing the risk of errors or penalties. By entrusting your accounting to us, you can focus on growing your business while we ensure your financial records are in order.
As part of our sole trader accounting package Passman Leonard accountancy firm can help you with managing your income and expenses, ensuring accurate tax calculations, and providing guidance on allowable deductions.
Preparing annual accounts will help you to manage your business more profitably, provide an audit trail for tax purposes and could give you access to capital or loans to grow your business by demonstrating that you are in control of your financial obligations.
Personal tax and self-assessment tax returns
Personal tax and self-assessment tax returns
Our personal tax service is so much more than filling in your tax return each January. Our qualified accountants can advise you on tax planning including how to best structure your investments such as property to ensure compliance with tax law, and to minimise your tax liability.
And the annual chore of completing your return, if done incorrectly, can lead to tax investigations, penalties and surcharges, and months of misery!
HMRC is getting tougher to reduce the national deficit. They are reviewing people’s disclosures with a fine-tooth comb, and where anomalies are found they are using penalties and surcharges as well as additional tax as a means of generating extra revenue. So be aware, a late or inaccurate return could end up costing you thousands!
Our expert accountants can prepare your return for you each year to ensure it is done on time and correctly, and as part of the service we will also highlight potential tax saving measures and anything else that may become apparent. We prepare hundreds of returns for our clients each year, and regularly add value through this service.
And in the unfortunate situation where you are being investigated by HMRC, we will be fully armed to support your case with the minimum of disruption and stress for you.
Tax investigation fee protection
Personal Tax investigation fee protection
Recession bites deep every few years. Each time it does, HMRC bolster their tax collection by using the law to investigate and recover ‘lost’ tax. Investigations are always expensive, time consuming and often require formal legal representation.
An insurance fee protection, a very small yearly sum, will cover all of your accountancy fees in the event of an investigation. In our humble opinion, in this day and age, this should be a serious consideration for all individuals and businesses.
