Sole traders & partnerships
Accounting and tax support when you're self-employed
When you're running the business yourself, keeping on top of records and tax can quickly become another job on the list.
We can deal with the accounting and tax work you need while keeping you informed about what is due and when.
Working for yourself
For sole traders
Your business records are the starting point for calculating profit and reviewing allowable business expenses. We can prepare your Self Assessment return, calculate the tax due and explain payments on account where they apply.
If record-keeping is taking too much time, we can agree bookkeeping support. We also help with VAT where relevant.
Working together
For partnerships
A partnership has its own reporting requirements, while the partners may also have individual tax obligations. The business return and each person's position need to be considered together.
Where engaged to do so, we can help with partnership accounts and tax reporting, alongside the relevant personal Self Assessment work. We'll agree what is covered for the partnership and for each partner.
Digital record-keeping
Making Tax Digital for Income Tax
For qualifying individuals, the start date depends on income from self-employment and property. Qualifying income is broadly combined gross income or turnover before expenses, subject to HMRC's rules and exemptions.
This is a check on income, not just the profit left after your costs.
MTD involves compatible software, digital records and quarterly updates, followed by the relevant year-end tax return process. Quarterly updates do not replace the tax return.
We'll help you understand whether it applies to you and what needs to change in your record-keeping.
Explore our MTD for Income Tax support
Over £50,000
Qualifying income on the 2024/25 tax return
MTD from 6 April 2026
Over £30,000
Qualifying income on the 2025/26 tax return
MTD from 6 April 2027
Over £20,000
Qualifying income on the 2026/27 tax return
MTD from 6 April 2028
Last reviewed:
When does a limited company become worth considering?
Incorporation is not automatically better. Profits, how you take money from the business, administration, commercial circumstances and future plans all matter.
We can discuss whether a company would suit your circumstances before you make a change.
Looking for an accountant? Let’s talk.
Tell us a little about yourself and what you need help with.