Trading 8 months

[Colin81]

Hi, I am a sole trader who has been in business for 8 months. I have all receipts for expenses in a file organised monthly and all the money I have took I have noted each month. At what point do I go to an accountant to pay tax etc? I am unsure what the rules are? Thank you

 

[fisicx]

At what point do I go to an accountant to pay tax etc?

Now.

 

[Socio South West]

You do need to see an accountant... not to pay tax, but to find out how, when and what you are supposed to do... then worry about paying any tax that may be due

 

[DontAsk]

I didn't need an accountant until I incorporated.

As a sole trader I just filled out a self assessment and everything was calculated for me.

It's not rocket science.

 

[Socio South West]

I didn't need an accountant until I incorporated.

As a sole trader I just filled out a self assessment and everything was calculated for me.

It's not rocket science.

Are you sure you have been claiming all the allowances you are entitled to? There is a bit of smoke and mirrors involved, and some great savings to be made.
Your first post said you are a Sole Trader - you now say you have incorporated... Further evidence you need to sit down with an accountant and decide which you are and get some constructive advice.

 

[WaveJumper]

Well apart from the obvious if you are totally unsure of what you can and can't do I would have recommended seeking professional advice before starting, but you are where you are and adding to the post above how do you know, if what you think you are claiming as expenses are actually claimable

 

[DontAsk]

Are you sure you have been claiming all the allowances you are entitled to? There is a bit of smoke and mirrors involved, and some great savings to be made.
Your first post said you are a Sole Trader - you now say you have incorporated... Further evidence you need to sit down with an accountant and decide which you are and get some constructive advice.

You are replying to the wrong post.

 

[japancool]

Are you sure you have been claiming all the allowances you are entitled to? There is a bit of smoke and mirrors involved, and some great savings to be made.
Your first post said you are a Sole Trader - you now say you have incorporated... Further evidence you need to sit down with an accountant and decide which you are and get some constructive advice.

I think you're confusing him and the OP.

 

[Socio South West]

I think you're confusing him and the OP.

Correct and accepted.
Apologies to both posters.

 

[Lisa Thomas]

Ideally you should have taken advice before you began trading. It's too late to change history now so recommend you speak to an accountant asap. I can recommend one if you don't find one on here. Feel free to dm me.

 

[Paul Norman]

My personal opinion is that it is wise to appoint an accountant at the earliest opportunity.

They will advise you on record keeping, and on tax planning, and on the timings of submissions, right from the beginning.

Of course, you are allowed to do it all yourself, in which case I would advise making sure you are fully up to speed on all the above from the beginning. For me, I am thankful for the services of my accountant.

 

[FreddyG]

Ideally you should have taken advice before you began trading. It's too late to change history now so recommend you speak to an accountant asap. I can recommend one if you don't find one on here. Feel free to dm me.

Not having books presented to HMRC by an accountant is one way to make sure that you get audited.

"Another DIY job!" they will say. "I think I'll have some fun with this one!"

 

[DontAsk]

Not having books presented to HMRC by an accountant is one way to make sure that you get audited.

What utter tosh. Sole traders do not "present their books". They enter their profit and their expenses and get taxed on the difference.

 

[MyAccountantOnline]

Hi, I am a sole trader who has been in business for 8 months. I have all receipts for expenses in a file organised monthly and all the money I have took I have noted each month. At what point do I go to an accountant to pay tax etc? I am unsure what the rules are? Thank you

The very best time to consult an accountant is before you start trading. An accountant can advise you on how best to structure your business - whether a sole trade or limited company is best etc.

If you are unsure of what you need to be doing do get in contact with an accountant now.

Have you registered with HMRC as self employed?

I do also advise you to look at using some software to maintain your accounting records as you may need to send quarterly reports to HMRC - a good accountant can help you with that

 

[glengraving]

Been running my shop for a few years now, have yet to feel the need speak to an accountant. You can google stuff and do your self-assessment yourself, provided the nature of your business is simple enough.