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Why choose Optimise Accountants?
Receipts in shoe boxes, forgetting passwords for online banking and corrupt excel spreadsheets, sound familiar?
As a valued client at Optimise Accountants, you can say goodbye to those time-consuming tasks. All our packages include a licence to Xero, and with our Digital Accountant and Optimise Business Insights packages, also include a Dext licence for data capture and cloud storage.
Have a receipt? Upload via your mobile camera to Dext.
Need to check your bank balance if you’ve been paid? Log onto the Xero mobile application, whenever, wherever.
Find out which invoices need paying? Two finger swipes are all it takes.
Of course, we know not everyone wants to embrace the digital world quite just yet, that’s why we also offer a freepost service – all you have to do is tip that shoebox of receipts into one of our freepost bags, send it to us and your dedicated accountant will get to work!
Building a successful business involves developing enriching and rewarding relationships and an important decision as business owners is selecting the right accountant for you. Not only will we fulfil the accounting and tax obligations for the business and individuals, but with a dedicated accountant, we can get to know you personally and understand your business deeper, this only helps us provide more specific and tailored advise to help you achieve your long-term goals.
Digital is all around us, from individuals to businesses, applications and platforms are changing how we communicate, serve our customers and grow to new heights. At Optimise Accountants, we embrace this movement within our services and packages offered, believing digital solutions can streamline the mundane processes and optimise your business for the better. From invoice capture to cloud storage to software compatibility for Making Tax Digital (That’s right – even HMRC are joining the movement) – we have it all covered.
As accountants, we understand the need and importance for forward planning, especially when you are running a business. All our packages are fixed monthly fees, with no hidden costs or surprises. Once you subscribe to a package, your dedicated accountant will do all the number crunching from as little as £80 per month!
Our packages cover everything and everyone, from sole traders, limited companies, partnerships and even the one-off tax return. We work with individuals and businesses from a variety of sectors, ranging from start-ups to £1M+ offering bespoke accounting and taxation advice, with a digital focus, to ensure you gain the most value from our services.
Frequently Asked Questions
Remember, all questions are important, and there’s no such thing as a ‘silly’ one. If you don’t find the answer you’re seeking here, please don’t hesitate to reach out to us. We’re more than happy to assist you!
A sole trader is a self-employed individual who owns and operates their own business. A sole trader is characterised by the fact that the business does not have any separate legal identity from its owner. As a sole trader, you have complete control over your business, its assets, and profits after tax.
There is no legal requirement for a sole trader to hire an accountant in the UK. However, it is recommended to use a professional to help maintain proper books and records, stay compliant, and file complex tax returns and national insurance forms.
- If you earn over £1,000 per tax year from self-employment, you must register as a sole trader with HM Revenue and Customs (HMRC).
- It’s a legal requirement to record all your business’s income and expenses. This is crucial for calculating your self-assessment tax bill.
- While sole traders aren’t legally required to have a dedicated business bank account, it’s highly advisable to keep personal and business finances separate to avoid confusion and potential legal issues.
- Income Tax – Sole traders are required to pay income tax on their business profits after deducting allowable expenses. The amount of income tax you pay is calculated through the self-assessment process.
- National Insurance Contributions – In addition to income tax, you will also need to pay Class 2 and Class 4 National Insurance contributions. Class 2 contributions are a flat weekly amount, while Class 4 contributions are a percentage of your profits.
- VAT – If your annual turnover is over £90,000, you must register for VAT and send a VAT return to HMRC every year. However, you can voluntarily register for VAT even if your turnover is below this threshold.
- A sole trader can earn up to £12,570 in the tax year 2024/25 before they are required to pay income tax. This amount is known as the personal allowance.
- There are several steps you need to complete when it comes to paying your taxes as a sole trader.
- Register for Self Assessment
- Keep Accurate Records of income and expenses
- Complete Your Self-Assessment Tax Return
- Calculate Your Tax – Income Tax and National Insurance Contributions
- Once you’ve calculated your tax, you need to pay it to HMRC
- Remember, it’s your responsibility to submit accurate tax returns and pay any tax due on time. Which is why it’s recommended to hire a professional to keep track of your expenses throughout the year and calculate your taxes.
- While you could technically have different accountants for your personal and business finances, it might be more efficient and cost-effective to use the same accountant for both. This is because your personal and business finances are closely linked as a sole trader, and your accountant will need to understand both to accurately calculate your tax liabilities.
- You are not legally required to have separate accountants for your personal and business finances. However, it’s generally a good idea to keep your personal and business finances separate. If you have multiple businesses as a sole trader, it’s important to keep separate records for each business. This includes separate bank accounts, separate invoicing, and separate balance sheets.
