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info@adeptaccountax.com
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Mon - Sat: 9:00 AM - 7:30 PM
info@adeptaccountax.com
Mon - Sat: 9:00 AM - 7:30 PM 
Being self-employed gives you the freedom to run your business your way, but it also means taking responsibility for your bookkeeping, tax and financial records.
Whether you have recently started working for yourself, have an established sole trader business or are considering moving to a limited company, we provide practical accounting support based on your circumstances.
Self-Employed Professionals We Work With
We support individuals who run their own businesses, work independently or provide services directly to their clients. Our clients come from a wide range of professions and industries.
We work with:
Whether you are newly self-employed or have been running your business for years, we can help you manage the accounting and tax side of your business.
The Financial Challenges of Being Self-Employed
Being your own boss gives you greater control, but it also means taking responsibility for understanding and managing your business finances.
Keeping Accurate Records
You need to keep appropriate records of your business income and expenses. Keeping your records organised throughout the year can make your accounts and tax return easier to manage.
Understanding Allowable Expenses
Knowing which business expenses can be claimed for tax purposes is important when calculating your taxable profit. The rules vary depending on the type of expense and your individual circumstances.
Preparing for Your Tax Bill
Unlike an employee whose tax is generally deducted from their salary, self-employed individuals may need to set money aside throughout the year to cover their Self Assessment tax liability.
Managing Irregular Income
Self-employed income can vary significantly from month to month. Good financial planning can help you manage quieter periods and prepare for larger expenses and tax payments.
Keeping Up With Tax Deadlines
Self-employed individuals have specific registration, record-keeping, tax return and payment responsibilities. Staying organised can help you avoid unnecessary penalties and interest.
Deciding When to Incorporate
As your business becomes more profitable or your circumstances change, you may start considering whether to continue as a sole trader or operate through a limited company.
This decision can have legal, tax and administrative implications, so it is worth considering your options carefully.
How Adept Accountax Supports Sole Traders
We help take the administrative pressure out of managing your business finances, giving you more time to focus on your clients and your work.
Our support can include:
Rather than only helping when your tax return is due, we can provide ongoing support to help you understand your finances throughout the year.
Sole Trader & Self-Employed Accounting Services
Self Assessment Tax Returns
We can prepare and submit your Self Assessment tax return, helping ensure your relevant income and allowable expenses are properly considered.
Sole Trader Accounts
Accurate accounts help you understand your business income, expenses and profit while providing the financial information needed for your tax obligations.
Bookkeeping
We can help keep your financial records organised and up to date, giving you a clearer picture of how your business is performing.
Tax Planning
Understanding your expected tax position can help you plan ahead and avoid being caught by an unexpected tax bill.
Allowable Expenses
We can help you understand which business expenses may be allowable for tax purposes and how they should be recorded.
VAT
If your business needs to register for VAT, we can help you understand your responsibilities and manage your VAT accounting and returns.
Cash-Flow Management
We can help you monitor income and expenditure, plan for upcoming costs and prepare for future tax liabilities.
Business Advice
As your business develops, you may need advice about profitability, pricing, budgeting, business structure or future growth. We can provide practical financial guidance based on your circumstances.
Understanding Your Tax Responsibilities
If you are self-employed, understanding your tax responsibilities is an important part of running your business.
Your taxable profit is generally calculated using your business income and allowable business expenses, subject to the applicable tax rules. Depending on your circumstances, you may also have National Insurance obligations.
The amount of tax you pay will depend on factors such as your taxable profits, other income and applicable tax allowances and rates.
Self Assessment deadlines also need to be considered. For most individuals filing online, the deadline for submitting a Self Assessment tax return and paying tax owed for the previous tax year is 31 January. Some individuals may also have payments on account to make.
Because tax rules and individual circumstances vary, professional advice can help you understand what applies to you.
Should You Stay Self-Employed or Become a Limited Company?
As your business grows, you may start asking whether you should continue as a sole trader or operate through a limited company.
There is no single answer that applies to every business.
The decision can depend on factors such as:
A sole trader operates the business personally, while a limited company is a separate legal entity. The two structures also have different accounting, tax and reporting responsibilities.
We can discuss your circumstances and help you understand the financial considerations before you decide whether changing your business structure is right for you.
Frequently Asked Questions
