If you are a sole trader, you run your own business as an individual and are self-employed. Being a sole trader, you have certain responsibilities such as:
- Keep records of your business’s sales and expenses for at least 5 years after the 31 January submission deadline of the relevant tax year
- Send a self-assessment tax return every year by 31 January
- Pay income tax on your profits and Class 2 and Class 4 National Insurance
At Martax, we can help you to:
- Calculate your taxable profits on your business
- Advise on claiming all the legitimate expenses to optimize tax savings
- Complete your tax return using HMRC approved software
- Advise you on the tax to be payable to HMRC and when they are due.
For more information and to arrange a free consultation, please contact us.