11 STEPS TO SETTING UP AS A SOLE TRADER (SELF-EMPLOYED) Post 10 of 10

ITEMS TO DO BEFORE TRADING Cont'd

10. BOOKKEEPER, ACCOUNTANT OR DO YOU OWN ACCOUNTS

As self-employed you are responsible for the following

· Keeping records of your business activities i.e. sales, purchases and expenses

· Send a self-assessment tax return every year

How you do that is your choice

It is not mandatory for someone who is self-employed to get a professional to do their accounts or tax return. For some businesses, their year-end accounts are straightforward and not time consuming and limited tax implications.

For other businesses are more complicated and more time consuming and being unaware of any tax changes could cost more tax in addition to a possible fine. A solution if you are confident to do your own accounts to a standard then hand them over to a professional to complete your self-assessment.

Within The Institute of Certified Bookkeepers (ICB) there are bookkeepers with the qualifications to do Final Accounts of a Sole Trader and Self-Assessment Tax returns.

Having read the 11 steps to setting up as a sole trader (self-employed) and you are still looking to take those steps contact us to discuss these options and the best set up for your personal circumstances.