Bookkeeping for Sole Traders

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It’s really important to keep up-to-date accounting records for all the income and expenditure of your business and these will need to be done correctly. This will make the process of paying and dealing with taxes much smoother.

As a sole trader you will need to:

  • Set up a business bank account
  • Keep records of all sales and expenses
  • Submit a Self Assessment Tax return
  • Pay National Insurance (NICs)
  • Register your business
  • Pay tax on profits made
  • Claim business expenses
  • Complete a bank reconciliation

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