If you are a sole trader, your accounts will be used in your self-assessment tax return to calculate your tax liability.
General partnerships work in a similar way with each party of the partnership being required to declare their share of the income, profit or loss within their personal self-assessment tax returns.
It should be noted that Limited Liability Partnerships must register with Companies House in the same way as a limited company and are subject to the requirement to submit annual accounts to Companies House.
The correct preparation of sole trader and partnership accounts is important as there is a difference between trading profit and taxable profit and any adjustments for allowable expenses, assets or liabilities can result in an incorrect tax calculation.
HMRC has strict deadlines for the submission and payment of personal tax returns – which often makes January the busiest year for any accountant!
If you miss your filing deadline you will face a penalty and may also be charged interest on the money you owe.
Many of our clients have lost precious family time, weekends and evenings trying to prepare their accounts in time for HMRC’s hard deadline and took the decision to hand it over to us.
By choosing Accountancy Solutions to take care of your Sole Trader or Partnership Accounts, you can rest assured that your accounting system data will be used to assess your trading, and taxable profit accurately ensuring you don’t may too much, or too little tax.
The robust, accurate annual accounts allow you to celebrate your growth, track your achievements and stay on course with your growth ambitions.
As a business owner, you need to be driving your business forward, exceeding customer expectations, achieving your goals and helping your team to thrive. Yet all too often, what you actually end up doing is spending hours slaving over your books, tracking down missing invoices and receipts and losing sleep over HMRC and statutory returns. Download our free guide to change that today.
DOWNLOAD YOUR FREE GUIDEAs a business owner, you need to be driving your business forward, exceeding customer expectations, achieving your goals and helping your team to thrive. Yet all too often, what you actually end up doing is spending hours slaving over your books, tracking down missing invoices and receipts and losing sleep over HMRC and statutory returns. Download our free guide to change that today.
DOWNLOAD YOUR FREE GUIDE