Find a Tax Accountant near you
The average rating for Bark Tax Accountants is 4.91, based on 114,788 reviews
5/5
based on 114,788 reviews
As a sole trader, you may find yourself trying to juggle several business functions, such as marketing, sales, administration and IT. Unlike a larger corporation, you don’t have anyone else to fall back on and it can feel exhausting at times trying to keep up with the diverse range of roles.
When it comes to filing your accounts, it can feel daunting, especially if it’s not something you’ve had any experience with in the past. Although it’s perfectly possible to file your self-assessment tax return yourself, there are many benefits to hiring a tax accountant to do this for you.
In this article, we will explain your legal obligations as a sole trader and the benefits of hiring a tax accountant.
As a sole trader, you are responsible for keeping records of your business’ sales and expenses throughout the year. You must then consolidate these to fill in your self-assessment tax return each year. You will then pay income tax on your profits, along with class 2 and 4 National Insurance contributions.
If your annual turnover exceeds £85,000, you will also need to register for VAT. If you are working in the construction industry in the UK, you may also need to register with HMRC for the Construction Industry Scheme (CIS).
In the UK, you are required to file a tax return with HMRC if you were self-employed as a sole trader and earned more than £1000 in the previous tax year. The tax year runs from the 6th April until the 5th April the following year.
You will also need to complete a tax return if you are a partner in a business partnership, if you earn money from renting out a property, or if you have any other form of untaxed income.
The most obvious benefit of outsourcing your self-assessment tax return to a tax accountant is that it frees you up to concentrate on the areas of your business that are most important to you. You can sleep easy in the knowledge that your tax return is being dealt with by an expert.
Many people are put off hiring a tax accountant to complete their tax return due to the costs, However, having the support of an experienced accountant can help you to avoid potential problems with your tax return along with making the most of any allowances that may apply to your business.
Rather than just being a luxury, a tax accountant is essential for many sole traders due to the value that they bring and the money that they could save you.
At Bark, we understand the importance of being able to read genuine reviews from former clients. That’s why when you hire a tax accountant on Bark, you can read through all of the company’s previous reviews, making sure that they’re the right person for your business.
If you’re considering hiring a tax accountant to help you with your self-assessment tax return, you can find a tax accountant on Bark.
The average rating for Bark Tax Accountants is 4.91, based on 114,788 reviews
5/5
based on 114,788 reviews
Want to hire an accountant to help you prepare your taxes? Read our handy guide to find out how much your accountant will charge for their services.
