Self Employed Accounts and Tax Return

Self-employed Accounts and Tax Return

Accounts

We will prepare your accounts inline with generally acknowledged accounting practice and accounting standards.

We will use your book keeping data to produce your accounts and will:

check that you are claiming all allowable expenses
prepare accounts that are a useful decision making tool and are often required by banks and other lenders
prepare accounts early and well before the tax return deadline at the end of January
work efficiently with low overheads and offer very competitive fees
aim for fast and efficient turnaround of work

Self Assessment Tax Return (SA100)

We provide an efficient service to meet your tax compliance needs. We plan our work to offer proactive advice and tax planning and:

check that all tax allowances and reliefs are being claimed
calculate taxable profit using our professional knowledge and experience
advise you on how much tax to pay and when it is due.
provide proactive advise on tax planning opportunities
work efficiently with low overheads and offer very competitive fees
aim for fast and efficient turnaround of work

Will Making Tax Digital Apply To Me

You will need to use MTD for Income Tax:

from 6 April 2026, if your gross income from self-employment and any property rentals totals over £50,000
from 6 April 2027, if your gross income from self-employment and any property rentals totals over £30,000
from 6 April 2028, if your gross income from self-employment and any property rentals totals over £20,000.

HMRC will use the qualifying income included on your most recent tax return to identify if you will have to start using MTD for Income Tax.

For example, if you have to use MTD for Income Tax from 6 April 2026 this will be identified based on your 2024 to 2025 tax return (which has to be submitted by 31 January 2026).

It is important to understand that gross income is the turnover (sales) of the business before expenses.

Electric Cars

Businesses can claim 100% first-year capital allowances (FYA) on new electric cars, allowing the full cost to be deducted from taxable profits in the year of purchase. This applies to new cars only and CO2 emissions must be 0 g/km. For example, a sole trader who is a high rate tax payer buying a £45,000 new electric car can reduce their tax bill by £18,000 at a 40% income tax rate.

The 100% FYA is available until 5 April 2027 for income tax. There is no guarantee of extension beyond this date, so sole traders or partnerships planning purchases should act before the deadline.