Accounts for sole traders and partnerships, without the guesswork.
Year-end figures prepared from your records and translated into the numbers HMRC needs for Self Assessment or the partnership return.
What this service covers.
Sole traders and partnerships do not file statutory accounts at Companies House, but they still need reliable figures for tax. Poor records are the usual cause of late or amended returns.
We prepare the accounts, agree the profit figure and set out the allocation between partners so each return is consistent.
The work we handle for you.
Every engagement is quoted on a fixed scope, so you know exactly what is covered before we begin.
- Year-end profit and loss and balance sheet
- Capital allowances and expense review
- Partnership profit-sharing allocation
- Figures formatted for Self Assessment or partnership return
- Record-keeping guidance for the next year
Often arranged alongside this.
Sole trader & partnership accounts questions
Do sole traders need formal accounts?
Not statutory accounts, but accurate year-end figures are needed for the tax return.
How is partnership profit split?
According to the partnership agreement, or equally if there is no agreement. The allocation should be documented.
Can you work from spreadsheets?
Yes. We can work from spreadsheets, bank exports or existing accounting software.