Accounts Preparation for The Self-Employed

Our accounts preparation for self-employed individuals in Medway, Swale and Kent helps create and manage accurate records, choose the appropriate accounting method, prepare compliant accounts, and submitting their tax returns correctly and on time.

How we help prepare accounts for self-employed businesses

Registration and Setup

We help self-employed individuals get registered with HMRC for Self-Assessment register for VAT if their turnover exceeds the current threshold and advise if a separate business bank account be started in order to keep personal and business finances distinct.

Accurate Record Keeping

We advise clients to keep detailed records of all business income, expenses, receipts, invoices, and bank statements. These records must be retained for at least five years after the 31 January submission deadline for each tax year. These records are vital for calculating profits and supporting figures in the event of an HMRC enquiry.

Choosing an Accounting Method

Our team will help the self-employed individual select the most suitable accounting method. Sole traders and partnerships may still prefer cash basis accounting and record income and expenses only when money is received or paid out, simplifying cash flow management.

Larger businesses or those seeking finance may choose traditional (accrual) accounting records where income and expenses when invoiced or billed, regardless of when money changes hands.

Bookkeeping and Accounts Preparation

Our team can either manages or oversee the bookkeeping process, ensuring all transactions are logged accurately. We use this data to prepare annual accounts, which detail the business’s income, allowable expenses, and resulting profit or loss.

Tax Return Submission

Finally, we use the prepared accounts to complete and submit your Self-Assessment Tax Return. This includes calculating the tax and National Insurance to be paid and advise on what the payment deadlines are.

Contact us about your self-employed accounts