Small Business Tax Simplified
Sole Trader and Small Business tax can be a complex matter, especially to those new to the business world or to those who find the numbers hard to crunch.
The consequences of getting something wrong in your calculations can mean hefty tax bills or even penalties from HMRC, so business owners need to be savvy with their bookkeeping and tax calculations.
It makes good business sense to consult an expert – not just to get the numbers right but also to help you navigate the confusing field of tax and all of it’s denominations. You can expect to save money too – a good accountant will be able to identify claimable expenses, often offsetting the cost of the accountancy service in the process.
Using a dedicated online accountant is a great way to save time and stay organised too. No face-to-face meetings, free time-saving software which automatically logs and categorises your transactions, and all HMRC deadlines met with ease.
Which Taxes Do I Have To Pay?
This depends largely on the structure of your business and whether or not you operate a limited company, employ staff and have a dedicated premises. Some of the taxes are:
- Corporation Tax
- Capital Gains Tax
- PAYE and Employer’s National Insurance Contributions
- Business Rates
- Income Tax
- National Insurance
Do I Need An Accountant To Help With My Tax?
The short answer is no, but you will need to be confident in your ability to correctly calculate your business figures.
Although hiring an accountant is not a legal requirement, it could help free up your time to focus on other aspects of your business or life.
If you are the proprietor of a company, you may wish to hire an accountant to organise and record all of your accounts so that they are ready to send to HM Revenue & Customs. From a tax perspective, hiring an accountant could save you money (It’s a win-win). Accountants will use their expert knowledge to ensure proprietors are only paying what they have to, with no late fees or penalties.
What Services Do You Offer?
Accountly is a free to use service, which will match you with the best accountant for your needs and circumstances.
All of the accountants we work with are online-based, and use cutting edge technology to streamline the process. There’s no need to send bags of invoices and receipts as they’ll all be logged in-app.
The accountants we recommend are all fully qualified, with many combined years of experience in helping company proprietors and sole traders. You can take full advantage of this experience by telephone or email, with no limits.
All of the packages we offer are ‘full service’, meaning everything’s included in the flat monthly cost of your package – no paying for one-off services or fixes.