Sole Traders

A sole trader is the simplest and most common form of business structure in the UK. As a sole trader, you run your business as an individual, keeping all profits after tax while being personally responsible for any debts your business incurs. This business structure is ideal for freelancers, contractors, and small business owners who want to maintain full control and flexibility in their operations.

Simple Setup: Registering as a sole trader with HMRC is quick and straightforward.
Full Control: You are the sole decision-maker for your business.
Tax Responsibilities: Sole traders pay Income Tax and National Insurance Contributions (NICs) on profits through Self-Assessment.
Personal Liability: Your personal and business assets are not separate, meaning you are personally liable for any business debts.

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Pension Auto Enrolment FAQs

Streamline your financial operations with our comprehensive outsourced accounting services. From meticulous record-keeping to insightful reporting, we provide the tools and expertise you need to make informed business decisions. Let us handle the numbers so you can focus on growing your business.

QB Innovate helps businesses save money by providing expert financial services at a fraction of the cost of hiring in-house staff. We also ensure you maximize tax deductions, identify cost-saving opportunities, and make strategic financial decisions that can improve your bottom line.

QB Innovate offers customized pricing based on your specific needs and service requirements. Pricing starts at $750/mo. We provide month-to-month engagements with fixed pricing for predictability. The cost is typically a fraction of hiring in-house financial staff while providing access to a full team of experts.

Yes, our services are tailored to meet the specific needs of your business.

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What Are
R&D Tax Credits?

Research and Development (R&D) Tax Credits are a tax relief initiative introduced by the UK government to promote innovation across industries. They enable businesses to reclaim a percentage of their R&D expenses, either as a reduction in Corporation Tax or as a direct cash repayment.

Key Benefits:

Encourages Innovation: Mitigate the costs associated with developing new products, services, or processes.
Industry-Wide Applicability: Whether you’re in technology, manufacturing, agriculture, or healthcare, R&D Tax Credits are accessible to diverse sectors.

Our Services for Sole Traders

Bookkeeping

Keeping track of your income and expenses can be overwhelming. We provide accurate and up-to-date bookkeeping to ensure your records are always in order.

Self-Assessment Tax Returns

Avoid late penalties and ensure your tax return is filed correctly and on time. We take care of everything, from calculating your tax liability to submitting your return to HMRC.

VAT Registration and Returns

If your turnover exceeds the VAT threshold, we’ll assist with VAT registration and ensure your returns are submitted accurately.

Financial Advice and Planning

We’ll help you optimize your finances, identify tax-saving opportunities, and plan for future growth.

Compliance and Record Keeping

Stay compliant with HMRC requirements by maintaining proper records and meeting deadlines. We’ll guide you every step of the way.

year-end-accounts

Self Employed

Payroll Services

Management Accounts

Bookkeeping Services

Personal Tax

Corporation Tax

R&D Tax Credit

Clients on Accounting Services

"You can think of it like an iceberg - all the detailed work taking place underneath. However, our stakeholders want key data points in a clear format. QB Innovate takes care of under-the-surface details and gives me what I need to bring to the board."

Colleen McLaughlin

Director, Business Operations, Lumava

Clients on Accounting Services

Colleen McLaughlin

Director, Business Operations, Lumava

Clients on Accounting Services

Colleen McLaughlin

Director, Business Operations, Lumava

Clients on Accounting Services

Colleen McLaughlin

Director, Business Operations, Lumava

R&D Tax Credit Services

Eligibility Review A detailed assessment of your business activities to identify qualifying R&D projects.
Cost Analysis Ensuring all qualifying expenses, including employee wages, materials, and software, are included in your claim.
Claim Submission Preparation of technical documentation and financial calculations for seamless HMRC submission.
HMRC Enquiry Support Should HMRC raise any questions, we provide full support to defend your claim effectively.

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Sole Traders

Pension Auto Enrolment FAQs

01.Is it mandatory for me to participate in the workplace pension?

02.Is it possible for me to choose not to participate in my workplace pension?

03.What if I already operate a pension scheme?

04. Is auto-enrolment relevant to me as a self-employed individual?

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