Accountants for Sole Trader
As your trusted accountants for sole trader across the UK, Asmat & Co Accountants provides transparent and reliable support with everything from tax returns, VAT returns, bookkeeping services and payroll to specialist areas such as CIS compliance, landlord accounts and contractor support.
We know that spending hours tracking receipts and updating spreadsheets takes valuable time away from your business. That is why our sole trader accountancy services come as a complete online package for a fixed fee, designed entirely around your needs with no hidden costs and no jargon.
With us as your self employed accountant, you will benefit from:
- Self-assessment tax returns filed accurately and on time
- Simple bookkeeping and VAT submissions
- Payroll management for staff and subcontractors
- CIS refunds and compliance handled smoothly
- Unlimited advice and proactive guidance throughout the year
No hidden costs. No jargon. Just clear, professional accountancy that lets you focus on running and growing your business while we take care of the numbers.
Accounting Services
Asmat Accountants offer a comprehensive range of services to meet the needs of today’s businesses
From the simplest questions to the biggest concerns — we’re here to help.
A truly unlimited accounting package that meets all your needs with complete transparency — no hidden costs, and a guaranteed response to your enquiries within three hours.
Unlimited support via phone and email
Absolutely no hidden fees
Guaranteed response within 3 hours
Trust the professionals with your numbers
We’re here to support your growth and reduce your tax liabilities.
Our goal is to support your business growth while reducing your tax burden. With monthly or quarterly management reports generated through QuickBooks Accounting Software, you’ll gain clear insights to make smarter business decisions. Plus, your accountant will be equipped to provide you with ongoing tax guidance every step of the way.
Monthly or Quarterly Management Reports
QuickBooks Subscription Included
Ongoing Expert Tax Advice
Ready to join us? We’ll handle it all for you!
Once you give us the go-ahead, we seamlessly take over all your accounting needs. If required, we’ll liaise directly with your previous accountant on your behalf, ensuring your accounts and tax matters are brought fully up to date without delay.
We liaise with your existing accountant on your behalf.
We handle HMRC approval to become your appointed accountant.
You stay focused on what you do best — running your business.
Frequently asked questions
DO SOLE TRADERS NEED AN ACCOUNTANT?
Although hiring an accountant is not legally required when operating as a sole trader, there are clear benefits to investing in professional sole trader accounting services — particularly when it comes to staying compliant with HMRC and making the most of available tax reliefs.
Do I legally need an accountant?
Despite common assumption, small businesses are not required by law to engage an accountant, and organisations that meet the following criteria are exempt from auditing:
1. The business must be “small,” as defined by two of the following criteria: turnover of less than £6.5 million, average employee count of less than 50, and balance sheet turnover of less than £3.26 million.
2. If a firm member seeks an audit (assuming they hold 10 percent of the share capital or 10 percent of all members for a company limited by guarantee).
The majority of businesses meet this criterion.
Why would you engage an accountant?
Despite the fact that hiring accountants is not needed, the vast majority of sole traders do so for a variety of reasons.
Simply put, an accountant does more than put your books together at the end of the year and file your VAT filings. They also do a range of other things, like:
- Getting the company registered with the necessary tax departments, such as VAT and PAYE.
- Establishing and maintaining the company payroll, as well as complying with the new RTI standards.
- Bookkeeping.
- Organising business correspondence (HMRC).
- Providing tax planning guidance.
- Professional references are available upon request.
- In addition, experienced accountants are more aware with the nuances of dealing with tax authorities, the right format for submitting information to HMRC, and are usually better prepared to deal with tax enquiries if they arise.
Additional Points to Consider
If you decide to go it alone, you must ensure that your accounts are kept in accordance with Generally Accepted Accounting Practices, that information is submitted on time and accurately (and in the correct format), and that the company’s statutory and financial obligations are met.
It is worth comparing the time you spend preparing accounts, bookkeeping and dealing with HMRC against the cost of a professional. If you are based in the Slough area, our self employed accountant Slough service offers a fixed monthly fee that covers everything, so you always know exactly what you are paying. For businesses in the Reading area, our self employed accountant Reading team provides the same transparent, all-inclusive service with no hidden costs.
If saving money is your top priority, an accountant may be able to help you save both time and money by allowing you to focus on running your business rather than worrying about numbers.
WHY IS IT IMPORTANT TO KEEP ACCOUNTS AS A SOLE TRADER?
WHAT ACCOUNTS DO I NEED TO KEEP AS A SOLE TRADER?
- Business revenue — everything you earn from your services and sales as a sole trader
- Personal income — any income from other sources such as property and investments that may affect the amount of tax you owe
- Expenditure — payments for items required to run your business efficiently
- VAT records — if your annual turnover exceeds the VAT threshold, you must register for VAT and keep records for a minimum of six years
- PAYE records — you can hire workers as a sole trader without forming a limited company, but you will need to manage salaries through HMRC’s PAYE system
- Grants — any funds received as a result of a grant
WHAT TAXES DO SOLE TRADERS PAY?
The following are the taxes that sole traders must pay:
- You pay income tax on your net earnings after making Class 2 and Class 4 NI contributions (these are set to be reformed to remove Class 2s)
- VAT (Value Added Tax) (if your turnover is more than the threshold for the tax year)
OTHER COMPANY TYPES WE HELP
- Small limited company accountants
- Sole trader online accountants
- Online partnership accountants
- Limited liability partnerships accountants
- Contractor accountants.
