Sole Traders & Self Employed

As an individual, there are several ways in which you may have to pay tax: on your income, on investment growth, on property income and some savings interest, as well as on assets you inherit or sell. It can be very useful to have an accountant to help you calculate your personal tax bill and also find ways to reduce it.  You can rely on us to prepare your accounts, calculate the tax and file on your behalf meeting deadlines and giving you notice of all your tax liabilities

All your income needs to be declared to HMRC in an annual personal tax return every year. Self-assessment is simple to do if your finances are relatively simple and you know what you are doing. However, it can be time-consuming, and you may end up paying more tax than necessary if you aren’t sure about all the expenses and allowances you can claim and what reliefs are available to you.

The constant flow of changes to tax legislation means not only that the returns are becoming ever more difficult to understand but it isn’t always straightforward to work out what you owe and Wyatts will remove the risk of either paying too little (and potentially getting into trouble with HMRC) or paying too much of your money.

Wyatts can help you with strategy, planning, compliance and general day-to-day, so you can concentrate on being creative.We can help untangle what isn’t working and set you on a clear path with fresh perspectives. We will also advise on how to budget for tax payments and offer an appeal service with HMRC should enquiries or investigations arise. If you’re worried about paying your tax in time, you may be able to use the HMRC  ‘Time to Pay’ service. 

Pensions

If you are a basic rate taxpayer, then your 20% tax relief on pension contributions will be added automatically. However, if you are a higher rate (40%) or additional rate (45%) taxpayer, you will need to claim the additional 20 or 25% through your tax return. You'll need to do this for every year that you pay tax at these higher rates, so if you haven't previously completed a self-assessment, you may have unpaid tax relief in arrears. You can make claims for up to four previous tax years, which may total many thousands of pounds of unpaid tax relief.

Contact us to find out more about our Self Employed and Sole Trader services and let us help you by explaining things in a language you will understand. A Schedule of our Services and Fees is available upon request.