Accounting Services for Sole Traders & Partnerships

By Pauline Healey

Accountancy for Partnerships & Sole Traders

We take care of your self-employed accounts and provide quarterly or mid-year finance reviews so you can continue being awesome with what you do whilst being confident that you finances are being managed and kept up to date.

We will set you up on Xero accounting software, at the level required for your business, and provide training and full year support. You will not need to update a spreadsheet for your finances, you can simply focus on your business.

With Quarterly or Mid-year reviews we will set a date to run through your financial and management reports together, to ensure you are maximising your business cash and profits whilst having an estimate of how your year end tax bill may be based on current projection of work.

With our added value packages we make business finances easy, minimising your administration activities enabling you to have more time to do what you love!

We will prepare all required statutory returns for HMRC, in good time, so there are no last minute panics to scramble for payment of your tax bill. And if you are VAT registered or need to become registered in the near future, we will also take care of your returns.

Benefits of our sole trader or partnership support packages with Xero software;

Manage your accounts from your phone, tablet or laptop at anytime, anywhere

Capture expenses on the go with photo capture and item recognition

Send professional invoices, have automatic reminders and quickly allocate payments

Have your key business financial data on the app, see you cash flow in real time, on the go

Have access to chartered accountancy support throughout the year as your business partner

Know how your current finance performance BEFORE year end and work with your finance support to forecast future months activities to maximise tax benefits and profit opportunities

Packages start from £65 + software per month.
Contact us today to discover the start of your financial freedom.

My Top Tax Tips for Business Owners

Can I claim back my start-up costs?

Yes, you can claim relevant start up business expenses for up to 7 years BEFORE your business began trading. Many people start on their business journey well before they start trading – do you remember that course you eagerly booked to start up your business but then did nothing for many years….. The expenses could include expenditure such as training, domain names, travel to industry, or professional relevant events, to name a few items. Or did you have equipment that was then brought into your business to trade such as computers, tools, cameras? 📽💻

Do I need a business bank account?

It is always best practice to keep your business finance separate to your personal finance, one of the key benefits is knowing what you are earning as the business grows and also reserving some of the funds towards the required tax payments. All your sales should be paid into this bank account and all business related costs for carrying out your service plus all running costs such as insurance, memberships, marketing and fuel. You will also pay yourself out of this account on a weekly or monthly cycle, transferring your wage, known as drawings from your business bank account to your personal bank account. If you have a business bank account you can also link it up to accounting software, this will minimise the amount of administration and recording you need to do in the business as you can allocate against sales and expenses very quickly and easily.

How do I switch my accountancy to a new accountant?

Businesses often look to change accountants due to change of direction or growth of the business, or requiring a change of services that the current accountant does not offer or you may simply feel that you are not gaining any real value and ongoing financial support between your year ends.
The process of switching accountants (or bookkeepers) should be simple and stress free, at Logical BI we take care of much of the requirements. Following our discovery call you will receive a fixed price proposal for our services, if you choose to proceed we will run through our onboarding process checklist.

• We ask that you contact your current accountant to let them know that you’re moving on and grant them permission to speak to ourselves, if you need help with drafting an email we can help with that too.
• Professional clearance and disengagement letter is requested from ourselves to your current accountants. We will ask if there is any reason we cannot take you on as a client, a required formality, and to provide details of the work they have completed so far with key reports and copies of most recent submissions.
• You then assign authority that we can act as your new accountants, filing returns on your behalf.

A few simple steps on your behalf, guided by ourselves is all that is required allowing you to continue to manage your business core whilst we support your business finances, maximising your profits and cash whilst reducing your financial administrative burden.