Setting up a sole trade is one of the quickest ways and simplest to get your business going.
Not only are your profits are easily accessible but there are also no statutory obligations to file annual year-end accounts.
There are however, certain tax implications and compliance obligations that come with setting up a sole trade. Therefore, whether you are a new or well established sole trader, we can provide expert help and advice with your overall tax affairs.
Sole Trader Compliance & Advisory Service:
- Preparing your annual sole trader accounts and making the relevant adjustments for tax.
- Advising on allowable revenue expenses including any pre-commencement expenses.
- Identifying capital expenditure and optimising any capital allowance claims.
- Calculating any relevant capital gains and advising on issues such as Entrepreneurs relief.
- Preparing your annual tax return and submitting the Return to HM Revenue and Customs.
- Calculating your annual tax liability and subsequent payments on account.
- Providing pro-active tax efficient advice in relation to your overall sole trader business.
If you would like to find out more about how MW Tax can provide the help and support that your business requires, then please don’t hesitate to get in touch for your free consultation.