Sole Trader Accountants

Accountants for sole traders in kent

If you are a forward-looking and proactive sole trader, you deserve an accountant to match. At Jameco Group, we do far more than simply file your tax return; we’re here to save you money, help boost your bottom line and achieve your plans for business growth.

Welcome to Jameco Group, accountants for sole traders

If you run your own business as a sole trader, then hats off. It’s not easy running the whole show on a daily basis while simultaneously managing your accounts. No wonder things like bookkeeping and tax planning go out of the window, never mind time for strategic thinking.

That’s why Jameco Group was established; to help ambitious small business owners in Kent and beyond to manage their numbers, keep hold of their profits and plan for future growth.

So if you are looking for an accountancy firm that will not just keep you compliant but also proactively find ways to reduce your tax liability, look no further.

Our highly qualified and talented team has vast accounting experience, but we can offer you so much more. As one ambitious business to another, we’re here to help you fulfil your financial goals and scale your sole trader business to new heights.

As your dedicated accountants, we’re here to take the headache out of accounting and direct as much of your profit into your pocket as possible.

To enquire about our accountancy services and request a quote, please get in touch.

What is a sole trader?

A sole trader is a self-employed individual who trades under their own name. Unlike a limited company, there is no separation of legal entities – sole traders are their business.

Should the business run into financial difficulty or cease trading, the owner is personally liable for any debts, meaning their personal assets are at risk.

There are various perks to adopting a sole trader business structure, including autonomy, greater flexibility and, of course, keeping all the profits.

Another big advantage is simplicity. It’s easy to register as a sole trader and begin trading straight away. There’s far less paperwork involved, which, as well as being less onerous, also results in more affordable accountancy services.

Should your small business really start to take off, it’s a good idea to ask for tax advice on your business affairs, as it may be more tax-efficient operating in a limited company structure. While the accountancy fees are likely to rise, the increased tax efficiency could make it a worthwhile investment.

Does a sole trader need a dedicated accountant?

Sure, you can do your own accounts, but running a successful business is much easier – and potentially more profitable – with a dedicated accountant.

Not only will we relieve you of the admin burden, but we can also provide advice on tax matters to save you money and help grow your bottom line.

When you go it alone, it’s easy to miss opportunities for tax savings which can seriously affect your profit. Our specialist accountants know tax legislation inside out and will help you to identify tax-deductible expenses and other tax reliefs to minimise your bill as much as possible.

The result? Fewer headaches from HMRC and more profit in your pocket.

At Jamesco, our sole trader accounts services start at just £40+ VAT per month. We estimate that 90% of our clients benefit from a reduced tax bill in their first year as a result of our professional service. To request a quote, please get in touch.

Our sole trader accounting services

We believe in a personalised approach, and so our accountancy services can be tailored to suit you for an affordable monthly fee.

Along with our basic accounting services, we can support you with business planning and strategic advice to help you reach the next level.

Why choose Jameco Group as your sole trader accountants?

Our business has been built on trust, talent and results.

Over 50% of our clients have been referred to us, which we think speaks volumes. Add to that our experience, personal approach and cost-effective accounting packages, and that is what makes Jameco Group a great choice for sole traders.

Great value

To many sole traders, accountants appear as an expense when in fact, they are an investment. While we’re not a budget firm, we offer competitive monthly fees and deliver a high quality of service that every ambitious small business owner deserves.

Vast experience

Our down-to-earth and approachable team all hold relevant degrees or professional qualifications across a number of chartered bodies. We firmly believe in in-house talent, and we never outsource work in the UK or overseas.

Personal touch

When you work with Jameco Group, you can expect large firm expertise but with a small firm approach to personal service. You will benefit from your own dedicated accountant from day one, who will get to know you and your business in order to provide a truly tailored service.

Do sole traders need to prepare financial statements?

Sole traders report their business finances via an annual self-assessment tax return each tax year. Businesses that are VAT registered with HM Revenue and Customs must comply with Making Tax Digital (MTD) VAT, which involves submitting quarterly VAT returns to HMRC via MTD-compliant software.

It’s important to note that MTD for self-assessments will be implemented in the near future, which will also require quarterly returns.

What records do sole traders need to keep?

Sole traders should keep their self-employed business records for 5 years, including accurate records of all sales, business expenses and self-assessment tax returns. With simple bookkeeping software such as Xero, you can simply snap pics of your receipts, and we’ll do the rest!

How much income tax do I pay as a sole trader?

Self-employed sole traders pay income tax and National Insurance in line with their earnings at a rate of either 20%, 40% or 45%.

What accounting software can sole traders use?

We heartily recommend Xero as it enables both accountants and business owners to gather real-time financial information, providing greater accuracy and efficiency than using traditional methods.

Xero is included in your accountancy package as standard. Rest assured, if you’re already subscribed to Xero, this will be removed from our monthly fee in line with our policy for no hidden costs.

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