Sole traders

We act for numerous sole traders and have done so for many years. We then supply an income and expenditure account, a balance sheet and a general ledger report which details how all the figures are made up. The income and expenditure account flows through to the Tax Return while the balance sheet records all the capital transactions together with debtors (amounts owed to the client) and creditors (amounts the client owes). Each year we advise our clients of changes in tax legislation such as the new rules on claiming for use of home, subsistence etc. Examples of our charges are below.

Client A.

This client is subcontractor. Turnover is under £25k. Each year he sends over the contractor’s summary of gross earnings, materials and tax deducted. We then run through his business mileage and expenses. The figures are reviewed and we let him know of any points of interest.  We can usually do this type of Return very cheaply. Our charges are around £175 – £250 pa. within the basic pack. This type of client will also have to upgrade their bookkeeping system to comply with “Making Tax Digital” requirements which are being introduce over the next few years. Some subcontractors prefer to keep a note book recording weekly income and expenses on separate pages. Analyzing and transferring this information on to our software will increase our charges to £250 – £350 pa. and this faalls within the standard pack of services.

Client B.

This client is freelance artist. Turnover is under £25k. Each year she sends over an email with a summary of her income and related business expenses categorised in accordance with the Tax Return headings on sole trader supplement. The figures are reviewed and let her know of any points of interest.  We can usually do this type of Return very cheaply. Our charges are around £175 – £300 pa.in our basic level of service. This type of client will also have to upgrade their bookkeeping system to comply with “Making Tax Digital” requirements which are being introduce over the next few years.

Client C.

Our client is a part time journalist with a turnover under £25k.  He keeps full bookkeeping records on a Collins “Cathedral Analysis Book” which he sends us each year with all his invoices receipts and business bank statements.  Were enter the figures onto our accounts preparation software and resolve any queries. Our charges are around £250 – £350 pa. within our standard pack of services. There is an element of duplication here as the figures have to be re-entered however our client is happy with this as our charges are significantly less than he was being charged before he moved to Tax Data.

We are happy to prepare accounts from manual records such as the Cathedral Analysis Bookor Simplex D however these methods are inefficient when compared to the digital alternatives available such as VT Cash Book, which is free and QuickBooks Online. This type of client will also have to upgrade their bookkeeping system to comply with “Making Tax Digital” requirements which are being introduce over the next few years.

Client D.

This client is freelance surveyor with a rented property. Turnover is £50k. Each year he sends over his accounts book on which he completes one page for each week listing income, related business expenses and a summary of his rental.  We analyse the figures onto our bookkeeping software and resolve any queries. Our charges are around £350 – £450 pa. in our standard pack of services. This type of client will also have to upgrade their bookkeeping system to comply with “Making Tax Digital” requirements which are being introduce over the next few years.

Client E.

This client owes a hair dressing salon with 2 employees. We collect all the records weekly, write these up and deal with the payroll and VAT. Our charges for the bookkeeping, VAT, payroll, accounts and Tax Return are around £350 -£500 pa. in our premium pack of services.

New company discount.

Anyone setting up a new business for the first time really needs to go for the premium pack. This includes all the help you will need. As we appreciate that this is the most expensive and money is tight when you start ask us about a new business discount. This is available for new clients in their first year only.

Basic package £175 - £250 net of VAT pa.

  • Production of accounts from your summary.
  • Review to ensure all available expenses are claimed.
  • Production of Self-Assessment Tax Return.
  • Tax calculation and note of what and when to pay HMRC.
  • Submission of Return to HMRC and confirmation to you.
  • Annual review of your tax position.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Reminder emails/telephone calls (max. 5).

Standard package £250 - £500 net of VAT pa

  • Bookkeeping (3 hours per year)
  • Bookkeeping training (1 hour)
  • Production of accounts from bookkeeping records.
  • Review to ensure all available expenses are claimed.
  • Production of Self-Assessment Tax Return.
  • Tax calculation and note of what and when to pay HMRC.
  • Submission of Return to HMRC and confirmation to you.
  • Annual review of your tax position.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Reminder emails/telephone calls (max. 10).
  • Tax advice (1hour)
  • Meetings (1 at our premises)

Premium package £500+ net of VAT pa

  • Bookkeeping (6 hours per year)
  • Bookkeeping training (1 hour)
  • Payroll (employees\subcontractors)
  • VAT Returns.
  • Production of accounts from bookkeeping records.
  • Review to ensure all available expenses are claimed.
  • Production of Self-Assessment Tax Return.
  • Tax calculation and note of what and when to pay HMRC.
  • Submission of Return to HMRC and confirmation to you.
  • Annual review of your tax position.
  • PDFs of Tax Data's quarterly and budget newsletters.
  • Reminder emails/telephone calls.
  • Tax advice (2 hours)
  • Meetings (2 pa).

Pick the level of service you want. We will tailor the the quote for your needs then decide how you wish to pay.

Published 13 September 2017.

Updated 14 February 2018