Sole Traders
 
Having trading accounts as part of your self-assessment preparation for a sole proprietor (sole trader) is really important when looking to get financial assistance in the form of a loan or mortgage.
 
Although you can ask an accountant to prepare retrospectively for this purpose it is much better to have trading accounts produced annually so you can also see a yearly comparison. The process of getting finance will be a lot smoother if you can show these straight away. KFS Accountants will always offer you this option of having the trading accounts prepared each tax year. 
 
Being accountants that love technology, all clients have access to an online portal where your documentation can be uploaded for your accountant to view. We also like to reduce email traffic so your self-assessment and trading accounts, on completion, will be available in your online portal to view.
 
Signing your self-assessment couldn’t be easier as we use Echo Sign that allows a click of a button, automatically sending you, and us, a signed copy. At KFS Accountants we want to ensure that your tax and national insurance liability is kept to a minimum (after all that is our job).
 
Partnerships:
 
If you are going into business with someone else and you form a partnership you will need to complete a partnership tax return as well as including this income on your personal tax return. Partnerships aren’t always a 50/50 split so if you have other income as well it is worth discussing with an accountant and also make sure you have a partnership agreement in place. As already noted for Sole Traders, trading accounts for partnerships is really important.
 
Director Tax Returns
 
As a director of a limited company, your income is probably going to have the basic payroll element and dividends. Dividends over £2000 each year means you have to fill out a tax return. HMRC do often neglect to send letters out reminding directors to file a tax return so don’t fall foul of the system, make sure KFS Accountants complete a return for you. Of course, you may also have other income, like property rentals or interest on savings. These should also be included in your Tax Return.
 

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