Accountants for
Sole Traders
Running your own business is hard enough without worrying about bookkeeping, tax returns and HMRC deadlines. We support sole traders with straightforward accountancy that actually makes sense — whether you're newly self-employed or have been trading for years, we help you stay organised and ready for Making Tax Digital.
We handle it all for you
-
Self Assessment sorted — on time, every time
We file before the deadline and make sure you claim the allowances and expenses you're entitled to.
-
No more January panic
We keep your bookkeeping up to date all year round, so there's no last-minute scramble from a bag of receipts.
-
Get Making Tax Digital ready
From April 2026 many sole traders will need to keep digital records and report quarterly. We set it all up and keep it simple.
-
Software that does the heavy lifting
QuickBooks set-up and support, Dext receipt capture and connected bank feeds — so your records stay clean with minimal effort.
Our services for Sole Traders
Everything you need, handled by your dedicated accountant.
Self Assessment
A Self Assessment tax return tells HMRC what you earned outside PAYE and works out what you owe.…
Learn moreSole Trader Accounts
Sole trader accounts pull a year's trading into one clear set of figures: what you turned over, what…
Learn moreBookkeeping
Bookkeeping is the record of every pound in and out of your business. Done monthly it takes very…
Learn moreVAT Returns
You must register for VAT once your taxable turnover passes £90,000 in any rolling twelve months, or if…
Learn moreSole trader services include
Self assessment tax returns
Bookkeeping
VAT returns
Making Tax Digital support
QuickBooks set-up and support
Dext receipt capture
Business expense guidance
Ongoing monthly support
We work best with clients who…
- want ongoing support throughout the year
- are happy to work digitally
- want to stay organised
- don't want the January panic every year
We believe good bookkeeping should happen throughout the year — not from a bag of receipts at the last minute.
How we help Sole Traders
Simple, transparent, no-fuss. Here’s how it works.
Free initial consultation
A short call or meeting where we learn about your situation — no commitment, no jargon.
We set everything up
Bookkeeping software, HMRC registrations, data migration — all handled by us.
Ongoing, stress-free support
Your dedicated accountant is always on hand. We file before deadlines and keep you ahead of any changes.
Why Sole Traders choose TAG Accountancy
Qualified & AAT Licensed
A licensed member of the AAT (Association of Accounting Technicians) — real, experienced help, not an online-only app.
Fixed Monthly Fees
Know exactly what you pay. No surprise bills, no hourly rates.
Always Reachable
A real person answers. No call centres, no waiting weeks for a reply.
Proactive Tax Advice
We don't just file returns — we flag opportunities to save tax throughout the year.
Cloud-First
Xero, QuickBooks, FreeAgent, Dext and Capium — your books stay up to date and accessible all year round.
Local to Norfolk
Based in Norwich. We understand the local business community and are easy to visit.
What being a sole trader actually means for your tax
As a sole trader there is no legal separation between you and the business. The profit the business makes is your income, and you pay Income Tax and Class 4 National Insurance on it through Self Assessment. That simplicity is the main attraction — no Companies House filings, no statutory accounts, no public record of what you earn — but it also means the business's debts are your debts, and a bad year lands on you personally.
The number that matters is profit, not turnover. You are taxed on what is left after allowable costs, which is why keeping proper records is worth real money rather than being a chore. Every legitimate expense you fail to record is money you pay tax on unnecessarily. The most commonly missed ones we see are business mileage, use of home as office, phone and broadband apportionment, professional subscriptions, and equipment bought before the business formally started trading.
The trap for growing sole traders is payments on account. Once your tax bill passes £1,000, HMRC asks for next year's tax in two instalments — half in the January you pay your balancing payment, half the following July. In a first strongly profitable year that can mean paying roughly one and a half times the tax you expected in a single month. It is not an extra charge, it is timing, but it has caused more panic among our clients than any other rule.
The other threshold to watch is VAT at £90,000 of taxable turnover on a rolling twelve-month basis. If you sell mainly to the public, crossing it effectively means adding 20% to your prices or absorbing it from your margin. That is a decision worth planning several months ahead, not discovering after the fact.
This is general information, not advice — your circumstances matter. Talk it through with us in a free initial consultation.
Frequently asked questions
Common questions from Sole Traders.
Yes, and it is a fairly common starting point. We agree a fixed fee for bringing the records up to date, work back through the bank statements, and rebuild the ledger to a point where it is accurate.
Bring whatever you have, including the carrier bag. It is genuinely easier for us to sort out than for you to attempt first.
An online return for the tax year ending 5 April must be filed by 31 January the following year, and any tax owed is due the same day. Paper returns are due earlier, by 31 October. If you also make payments on account, the second one falls due on 31 July.
We aim to have returns finished well before Christmas so you know your January figure in good time.
You generally need to file if you were self-employed with turnover over £1,000, received rental income, are a company director taking dividends, made a capital gain above the annual exempt amount, or earned over £50,000 while you or your partner claimed Child Benefit.
If you have had a notice to file from HMRC you must submit a return even if you owe nothing, until HMRC withdraws the notice. If you are not sure, ask us — it takes five minutes to check.
There is an automatic £100 penalty the day after the deadline, even if you owe no tax. After three months it becomes £10 a day up to £900, and further penalties apply at six and twelve months. Interest runs on unpaid tax from the due date.
If you are already late, file as soon as possible — the penalties stack up rather than replacing each other.
Anything incurred wholly and exclusively for the business. For most sole traders that covers stock and materials, tools and equipment, business insurance, accountancy fees, business travel and mileage, phone and internet on the business proportion, and a reasonable amount for working from home.
What you cannot claim is ordinary commuting, client entertaining, or the personal share of anything you use for both business and private purposes. We go through this with you rather than guessing.
No. Unlike a limited company you do not file accounts at Companies House and there is no public record of your figures. Your only legal obligation is to report the right numbers on your Self Assessment return and keep records to support them for at least five years after the filing deadline.
That said, most sole traders benefit from proper accounts anyway — for mortgage applications, for planning, and because it is much harder to spot a problem in a list of bank transactions.
Ready to get started?
Free initial consultation. No jargon, no obligation.
Let's talk about
your business.
Whether you want to switch accountant, need help with a specific return, or just want to know how much you could be saving — get in touch. The first call is always free.
Call Us
01603 559824
Email Us
office@tag-accountancy.co.uk
Postal Address
5 Marlingford Road, Bawburgh
Norwich, NR9 3LU
Meetings by appointment · Mon–Fri 9am–5:30pm
Fully Confidential
Your financial data is always secure.
Named Contact
The same accountant, every time.
Zero Obligation
No pressure, no commitment.
Fixed Fees
No surprise invoices, ever.
Message Received!
A member of the TAG team will be in touch shortly.