Annual and Rental Accounts

Sole Trader account:

Sole trader accounts are the most common accounts for the self-employed. These are one-man-band businesses which need to do accounts once a year with the majority going for a year end of 5th April. At KP Simpson we can assist you in completing the accounts in a timely and professional manner for all different business sectors with a personal one to one meeting to make sure all aspects and expenses have been taken in to account to mitigate as much tax as possible. Staying on the right side of the tax man is always a good idea, so we can ensure that there are no grey areas and advise you what is taxable and what isn’t.

Rental account:

Rental accounts are needed to be done if you rent one or more properties and as such, the owner must be entered in to self-assessment. The accounts need to be prepared in line with the tax year end, 5th April.

KP Simpson can help take all the stress away, as being a landlord is stressful enough, we can also advise on the many misconceptions about what you can claim against the property and what you can’t.

New tax rules that became effective from 6th April 2017 restricting the amount of interest that can be claimed for higher rate earners is only another reason to seek professional advice from KP Simpson in-house accounting team.

Partnership account:

Partnership accounts are very similar to sole traders however they have more than one proprietor and as such need to produce partnership accounts and distribute profits to the owners based on the profit share decided on when setting up. Once this is done, the individual will need to report this on their self-assessment tax return.

KP Simpson can help with all the aspects relating to the partnership from deciding which profit share will be the most tax efficient to completing and filing the return.