- Q West, Great West Road, Brentford, TW8 0GP
- 0333 880 2460
Sole Traders
PROFESSIONAL ACCOUNTING SERVICES FOR SOLE TRADERS
If you are a sole trader, you are classified as being self-employed, whether you provide services or products. This means that you have to adhere to regulations set by HMRC (Her majesty’s Revenues and Customs). Failure to be compliant can result in financial sanctions and can mean that your accounts will be more closely scrutinised in the future.
With dozens of rules and demands to meet on top of the stress of being a sole trader, keeping up with your accounts, keeping accurate records and correctly filing your annual returns can be a daunting task. At AGP Consulting, we provide you with seamless, professional accountancy services and advice to help you to stay compliant.
Key Benefits of the Entertainers
- Professional accounting services tailored to your needs.
- Accurate accounts aren’t just a legal requirement; they help you to assess your annual profits and gauge the stability of your business.
- We offer three cloud-based solutions that will allow you us to share information and keep records efficiently.
UNDERSTANDING YOUR RESPONSIBILITIES
As a sole trader, you are responsible for your all profits and losses of your business. You are legally obliged to keep a record of all your income and expenses; submit a tax return in a timely manner; ensure that you pay Income Tax on profits made above your income threshold; pay National Insurance; and become VAT registered if your anticipated turnover is more than £83,000 within the financial period. At AGP Consulting, we will take the time to understand your business and how you operate, making the process of recording your activities simple and convenient for you.
- Budget and cashflow forecasts
- Monthly and quarterly management accounts
- Budget comparison
UNDERSTANDING YOUR RESPONSIBILITIES
As a sole trader, you are responsible for your all profits and losses of your business. You are legally obliged to keep a record of all your income and expenses; submit a tax return in a timely manner; ensure that you pay Income Tax on profits made above your income threshold; pay National Insurance; and become VAT registered if your anticipated turnover is more than £83,000 within the financial period. At AGP Consulting, we will take the time to understand your business and how you operate, making the process of recording your activities simple and convenient for you.
- Profitability analysis
- Credit control
- Customer activity
- Performance ratios
TAX ADVICE
As a sole trader, some of your business expenses can be deducted before your tax is calculated. It can be hard to know exactly what can and can’t be deducted, and to make things more complicated, you can sometimes deduct a proportion of your expenses, for example heating and electricity bills if you work from home. Don’t get into the habit of thinking that everything, from your family’s television to the new car, is deductible against your tax. Your designated accountant will talk you through your income and expenses and ensure that you are paying the right tax; but not too much.
A TAILORED APPROACH, ALL YEAR AROUND
As a sole trader, you will be allocated your personal adviser. However, at AGP Consulting, we understand that sole traders, in particular, can’t always predict when they will need support. Our entire team will be aware of your business so that, if your adviser is absent from the office, there will always be somebody who is able to offer you support.
If you would like to find out about the full accountancy, bookkeeping and tax services offered by AGP Consulting, get in touch; we will be happy to talk to you about your needs and advise on the best approach for your needs.
AGP Consulting’s advisers stay ahead of changes in legislation so that they can provide you with up to the minute guidance, whenever you need it.
SERVICES THAT YOU NEED, WHEN YOU NEED THEM
At AGP Consulting, efficiency is at the centre of everything that we do. We work hard to ensure that our clients save time and money wherever they can. And the same goes for the services that we provide. We understand that people working within the entertainment industry will typically see peaks and troughs in their engagements, with distinct busy periods and other, quieter, times. Our flexible approach means that you only pay for what you need; you benefit from our skills and experience in keeping books and preparing accounts for entertainers, without paying for services that you don’t need.
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We are detail oriented and always ensure an outstanding service to all clients. If you would like help getting to grips with your VAT, get in touch with us.