Sole Traders

Many people starting a small business or freelancing choose to be sole traders. While simpler than running a Limited Company, sole traders still have obligations to HM Revenue and Customs. Uptax can help you understand your accounting responsibilities, from income tax to using your home as a business premises. We save you time so you can focus on growing your business.

Do Sole Traders Need an Accountant?
Yes, using an accountant is highly recommended. An accountant can save you money, ensure your business affairs are in order, and ease the transition if you decide to become a limited company. Self-employed individuals are personally liable for their business and must keep accurate records and file an annual Self-Assessment tax return.

Advantages of Using a Professional for Sole Trader Accounting:
• Simplify the Process: Our accountants use the latest software and simplify complex jargon.
• Tax Efficiency: We know what’s tax-deductible and stay updated on HMRC rules.
• Avoid Costly Mistakes: We ensure timely and accurate tax return filing to avoid fines.

Can I Do My Own Business Accounts?
Yes, but it requires significant time investment. Using an accountant saves you time, stress, and potentially money.

Will My Accountant Advise Me on Tax-Efficient Reporting?
Absolutely. We help optimise your accounts for tax efficiency, often resulting in higher expense claims than self-filing.

Why Choose Uptax?
Our accountants are well-versed in UK tax law and national insurance. We ensure you understand your tax obligations and help you avoid surprises.

What Kind of Businesses Do You Work With?
We work with various clients, including freelancers for trades in construction, media, IT, restaurants / takeaways and retail