As a sole
Setting up as a sole trader
A sole trader is required to register as a sole trader with HMRC. HMRC then send you a unique taxpayer reference, which is used to file your tax return.
What taxes do sole trader’s pay?
Sole traders pay income tax at progressive rates from 0% to 45% dependant on your level of income. Further to this class 2 and class 4 national insurance is payable.
HMRC require you to file an annual tax return on 31 January, following the year of assessment. By way of example for the period 6
How Emulous Accounting can help
At Emulous Accounting we can help you with:
- Registering your business with HMRC for tax purposes.
- Calculate the businesses taxable profits.
- Provide advice on allowable expenses to help maximize tax savings.
- Complete and submit your tax return using HMRC approved software.
- Provide advice to you on tax payable to HMRC.
For more detailed information and to arrange a free consultation, please contact us.