-2.png?width=150&height=150&name=Logo%20Light%20Background%20-%20Inter%20font%20%20(Transp.)-2.png "Watmore and Co. Accounting Logo, Blue Shield with Three Wheat sheafs surrounded by filigree")
VAT Compliance
Our VAT (Value Added Tax) services can help you register, de-register, account for and file your VAT returns with HMRC.
We can discuss whether you need to be, should or even shouldn't be VAT registered.
What is a Sole Trader?
A Sole Trader is a person who runs a business for profit on their own.
They will be solely responsible of any Profit, Loss, Liability and Tax.
They will have their own UTR (Unique Tax Reference) number for tax reporting purposes so that the profits can be reported to HMRC.
Can you not be a Sole Trader but still need to register for Self-Assessment?
Yes, if you have taxable income that is not from a business, such as dividends or savings interest, you may need to register for Self-Assessment so that you can report your taxable earnings to HMRC.
The Services Available:
Construction Industry Scheme (CIS)
If you are in construction, you'll more often than not be registered as a contractor or subcontractor for the Construction Industry Scheme or CIS for short.
Bookkeeping
Bookkeeping is not only the record keeping of the transactions that happen in your business, it's also a good safety net for fraud, the compliance for accounts and VAT (Especially with Making Tax Digital or MTD for short).
The other good things you can do with up to date bookkeeping is you can run comparisons with previous months to see which months are usually busier (good to book holiday's around), where your money is coming from (which services are the most popular) and so that you can plan what you want to expand into, services you want to improve on or expenses you want to cut down on.
Payroll
The main way, before dividends to take money out of a business, is payroll. Whether it be a single director payroll or multiple employees you need to do payroll for, we can help with it.
Self-Assessment Tax Return
A Self-Assessment Tax Return is people use to report their taxable income to HMRC.
Taxable Income can include:
- Sole Trader Business Income
- Income from Partnerships
- Dividend Income
- Property Income
- Foreign Income
- Capital Gains
- Savings Interest
- Pension Income