Maximising Allowable Expenses
Many sole traders overpay tax simply because they do not claim everything they are entitled to. We guide you through the complex rules of ‘wholly and exclusively’ business expenses. From use-of-home allowances to vehicle costs and capital equipment, we ensure every valid deduction is utilised to minimise your tax bill and maximise your take-home earnings.
National Insurance and Tax Planning
Understanding the interaction between Income Tax, Class 2, and Class 4 National Insurance is vital for financial planning. We provide clear calculations of your liabilities so you can budget effectively. We also advise on payments on account, the system where you pay tax in advance, helping you manage your cash flow so you aren’t caught out by a large, unexpected bill.
Business Growth and Support
Being a sole trader can be a lonely path, but you don’t have to walk it alone. We act as a trusted business advisor, helping you with pricing strategies, cost control, and business development. We help you separate your business performance from your personal spending, giving you a clearer picture of whether your business is truly profitable and viable in the long term.
Transitioning to a Limited Company
As your profits grow, remaining a sole trader may no longer be the most tax-efficient option. We continually monitor your financial position and advise you on the optimal time to incorporate. When that time comes, we manage the entire transition process, handling the formation, asset transfer, and new registrations, ensuring a seamless evolution for your growing business.
