FOR INDIVIDUALS

Help tailored just for you
When its just you working alone or getting income from wise investments, HMRC will be interested, and this is where we can help.
SIMPLE

With clear advice on how to structure your income and investments in the most tax efficient way, we will provide all the support you need. We are always at the end of the phone or email and we will assign a dedicated member of staff to you, and all this at a pre-agreed price.
SELF EMPLOYED OR SOLE TRADER -
WHICH ONE ARE YOU?
Its a good question about a confusing and vague definition. The simple answer is based on the following:
SELF
EMPLOYED

If you are in a job such as a taxi driver, hair dresser renting a chair or work on building sites, maybe do CIS tax, work as a freelance designer or consultant then you are probably best suited to self employed status.

This is because you will have few expenses and receipts and most of your earnings will be classed as your income.

When you register, you will also receive a ‘Self Assessment’ notice and UTR number from HMRC and will submit a simple tax return by filling in a form online or via your accounts software.

The great news is that you can get an HMRC approved accounts package for as little as
£4/month*
(*first 6 months then £8/month)

SOLE
TRADER

There isnt much difference between a Sole Trader and being Self Employed. Where HMRC differentiate is around how your business is conducted.

If you spend a lot of money on buying in materials and other expenses, pay rent on premises or ask others to work with you or subcontract parts of a job, then you are more suited to be classed as a Sole Trader.

Your accounts will be more complex than being self employed and you will need to have a formal end of year set of figures to base your income and tax returns on. Often this is seen as being one step under being a limited company.

If you want to know what the package cost options are, then contact us for a chat.

From £14/month*
(*first 6 months then £18/month)

Typically you might need some of the services below, but as always we cover more than what we have listed below:

 

  • Personal Tax returns & personal tax planning
  • Sole trade & Partnership accounts
  • Payroll bureau
  • Making Tax Digital- Book keeping & VAT
  • Rental statements
decal

SO, WHAT DOES IT COST?

We recommend that the minimum all our clients need is a digital software package such as QuickBooks Online and Receipt Bank. Both products are integrated, allowing you to see your accounts in ‘real-time’, record expenses and create invoices instantly on your smart phone – and all are fully approved by HMRC. The software will allow you to submit Self Assessment tax turns directly to HMRC

It’s a monthly fee – which means smaller year end bills – and we can provide them at a great discount of around 30% off the normal online cost.

£4/month*
(*first 6 months then £8/month)

Minimum Recommended Package
MGA QuickBooks Online
+
MGA Receipt Bank
£14 / month*

(*first 6 months then £8/month)

CONTACT

IF YOU ARE LOOKING FOR
MORE SUPPORT & REPORTING

 

The great thing about digital accounting is that you can do as much or as little as you want, we will fill in the gaps for you…

 

See our full price list and our great GOLD, SILVER and BRONZE monthly packages

What do I need to do?

HMRC are only going to accept electronically submitted accounts. So everybody will need to be recording their business accounts using one of the recognised software packages.

The minimum ‘MUST do’s’ are:

  1. Create and record invoices
  2. Record expenses and receipts
  3. Reconcile your bank accounts
  4. Compile your ‘end of year’ records
CONTACT