Individuals & Sole Traders
Many people start out in business as a Sole Trader; that is, an individual who owns and runs a business.
As a Sole Trader you will be fully responsible for any debts, finance agreements or contracts the business has, which why it is so important to get good accountancy advice and support at the outset.
From a legal standpoint, there is no difference between the business and the individual.
At Royston Parkin, we can provide a comprehensive range of services ; from help with registering the business to ongoing support with accounting and taxation requirements.
As with our larger clients, we set up a regular review process to ensure your business is operating in the most tax-efficient way; to help us assess progress and explore together opportunities to grow and enhance profit.
You’ll no doubt have a keen eye on budgets, so Royston Parkin will set out a competitive monthly fee which gives you year-round support and expertise, leaving you free to focus on your business.
Accountancy for individuals
Help with your personal finances.
Royston Parkin is experienced - and expert - at dealing with personal and family finances.
It is always a good idea to seek professional advice when making key financial decisions, and for example, if you need to complete a tax return, have a pension or receive income from renting properties, to ensure that you are HMRC compliant.
You may also have been thinking about questions such as:
- Am I required to complete a tax return?
- Is there a more tax efficient way I can pay myself?
- What tax am I liable for?
As a general guide, you are required to submit a tax return if, but not limited to:
- Your income is over £100,000
- You are a company director
- You receive income from property rental
- Your income from dividends from shares is £10,000 or more before tax
You can check out the full details on the HMRC website
As an individual tax payer, whether you are retired or still working, understanding some of these questions and requirements can seem daunting. But you’re not alone - Royston Parkin has experienced and qualified accountants who can support you with a range of services - from completing your personal tax return to remuneration tax planning.
We’ll gain a thorough understanding of your needs and circumstances, guide you through the process, assist in collating any required information and submit your tax return.
Pro-active, enthusiastic and effective, Royston Parkin will stay in touch throughout the year touch, reminding you of key dates and deadlines. Our advice can always be sought by telephone and email too.
Contact us to setup an initial meeting.
Royston Parkin will recommend a package of support to meet your specific circumstances and requirements, but here’s an example of what it is likely to include:
- A dedicated contact at Royston Parkin - someone who will get to know you and your business
- Completion and submission of your Self Assessment returns
- Regular review meetings, usually quarterly, to explore tax efficiency, opportunities for profit enhancement - and to brainstorm a few ideas!
- A full set of yearly accounts
- Access to cloud accounting software
- Regular news and business legislation updates via our Royston Parkin e-newsletter