Sole trader accounts in Pill, The

Self-employed people in Pill, The trading in their own name: tradespeople, drivers and couriers, hairdressers and beauticians, consultants, creatives, market traders, therapists, tutors and anyone else running a business without a limited company, from a first-year side business to an established trade with a van, equipment and a few thousand transactions a year.

• Income and expenditure account for the tax year or your accounting period, with a balance sheet where you want one
• Every expense category reviewed for what is allowable, including home working, vehicles and the trading allowance
• Capital allowances on equipment and vehicles, with the cash basis or accruals basis chosen to suit you
• A plain-English summary: profit, tax and National Insurance due, payments on account and what to put aside
• Figures prepared in the format the Self Assessment self-employment pages need
• Records organised and stored so that an HMRC check can be answered quickly

1. Scope the job

   We find out what you need filed, when it is due and what state the records are in, and tell you which fixed-fee package applies.

2. Agree the price

   The fee is confirmed in writing. There is no hourly billing and nothing added for questions during the work.

3. Hand over the records

   Photographs, PDFs, software access or a spreadsheet, sent however suits you. We confirm what we have and what is missing within two working days.

4. Approve, then we submit

   You review the draft with our explanation, sign off, and we file. Receipts, copies and the next deadlines come back to you immediately.

Pill, The is in Wales, Wales. Businesses in Wales file with the same HMRC and Companies House as England, and for now the Welsh rates of income tax equal the English ones, though the Senedd can vary them. The practical differences are Land Transaction Tax on property and Welsh-specific business support schemes, and company names and documents may be in Welsh.

CIS deductions

The Construction Industry Scheme affects both sides of a construction payment. Contractors must verify subcontractors, deduct the right amount, issue statements and file monthly, with penalties from £100 for each late return. Subcontractors suffer deductions on turnover and recover the excess at the year end. Limited company subcontractors offset deductions against PAYE monthly instead.

Confirmation statements and identity verification

Every company must file a confirmation statement at least once a year, within fourteen days of its review date, with a £50 Companies House fee. Since November 2025 directors and people with significant control must also verify their identity with Companies House, and the confirmation statement is where existing officers confirm they have done so during the transition year.

Making Tax Digital for Income Tax

MTD for Income Tax replaces one annual return with quarterly digital updates and a year-end declaration, submitted from software. The threshold is gross trading and property income, measured two years earlier, and started at £50,000 in April 2026 before falling to £30,000 in April 2027. Anyone affected needs digital record keeping in place before their start date, not after.

Late filing penalties

Penalties are the clearest reason to work to deadlines. A Self Assessment return one day late costs £100 regardless of whether any tax is due; three months late adds £10 a day. Late company accounts start at £150 and reach £1,500, and double if the previous year was also late. None of this is negotiable afterwards except through a narrow reasonable-excuse appeal.

Payments on account

A common surprise in Self Assessment is the January payment that is far larger than expected. That is the balancing payment for the year just ended plus the first payment on account for the year ahead, which HMRC sets at half of the bill just calculated. We put the figure in your hands months ahead and tell you how to adjust it legitimately when circumstances change.

The Self Assessment calendar

The tax year runs from 6 April to 5 April. Anyone new to Self Assessment must register by 5 October after the end of the tax year in which their untaxed income began. The online return and the balancing payment are due by 31 January, with a second payment on account on 31 July where they apply. Paper returns have an earlier deadline of 31 October and are rarely sensible.

Director's loan accounts

A director's loan account records money moving between a director and the company that is not salary or dividend. If the director owes the company money nine months and one day after the year end, the company pays section 455 tax at 35.75% of the balance, refundable only when the loan is repaid. Loans over £10,000 are also a benefit in kind unless interest is charged at HMRC's official rate.