Sole Traders and CIS (The Construction Industry Scheme)
Setting up as a sole trader, which includes CIS contractors, is relatively easy but if you take advantage of our free no obligation meeting we can take you through the things you need to understand and give you our booklet that sets it out for you.
So you can get on with what you do best, we can help make your life easier by doing the following:
We can help you register your new business with HMRC. They will send you a reference number and ask you to fill in a tax return for each tax year to 5th April. We can help you work out how much tax money to save.
You will need to keep some records, bookkeeping, listing out your income and expenses. There are 4 levels of bookkeeping you may choose:
- Not keeping your stuff (don’t do this)
- Keeping your receipts and sales info so we can process it later
- Keeping a spreadsheet or a book so you are up to date
- Having online accounting software, e.g. Xero, to make your bookkeeping useful and efficient
We can help you choose what is best for you.
Watch the VAT limit, you may need to register for VAT. We can advise you.
If you have staff you will need to set up a PAYE scheme. We can do that for you.
There are also financial things we do not supply but can discuss your needs e.g. opening a bank account, getting insurance, protecting your family and working out how to make you wealthy.
We understand and can help you with The Construction Industry Scheme.