Momentum360
Accounting Services for Sole Traders
A sole trader is a type of business structure where an individual owns, manages, and is solely responsible for the business. This is one of the simplest and most common forms of business ownership, particularly for small businesses. Examples include freelancers and tradespeople like plumbers or hairdressers.
As a sole trader, you and the business are legally the same entity. This means that you have full control over your business operations and get to keep all your net profit after taxes. However, you are also personally liable for any debts or legal issues the business may incur.
All of our packages are fully flexible and can be tailored to your Business requirements. Whether you need help with just your Bookkeeping or want the full Accounts package, we are here for you. All ongoing support packages come with your personal Account Manager who will be there to answer all your questions, free access to our training courses and an initial 1-hour Q&A session on anything Bookkeeping related. The following is a list of all the services we provide. Simply take your pick of what you require and give us a call for your tailored quote.
Bookkeeping Surgery
- Have you been doing your Bookkeeping yourself, but aren’t sure that you’ve been doing it right?
- With this package we’ll review what you’ve done so far and give you pointers as to where you may have to make improvements.
- You’ll also get a one hour virtual meeting with us where you can ask us any Bookkeeping related questions.
The Neck-Saver
- This package is ideal for you if you are about to file your first tax return but haven’t been keeping on top of your bookkeeping.
- We will provide you with a handy spreadsheet to keep track of your income and expenses.
- If you’d prefer to work with Accounting Software we’ll set Xero up for you (we’ll set up an account and add all your company information).
- Access to our Online Course “Getting Started on Xero”.
- We’ll record your transactions for the past year on your spreadsheet or on Xero. All you’ll have to do is give us your shoebox of receipts [includes up to 200 receipts].
- We’ll provide you with a Profit & Loss Statement so you can either prepare your Self-Assessment Tax return or we’ll put you in touch with our Accountants for a bespoke quote.
Xero Migrator
- This is ideal for you if you are moving from Spreadsheets to Xero and includes:
- Xero set-up (we’ll set up an account for you and add all your company information).
- Access to our Online Course “Getting Started on Xero”.
- We’ll upload your starting balances so you can pick up where you left.
VAT or SA Saviour
- If you are brand new to business but are earning more than £1k/year from your business activities you’ll have to register with HMRC for Self-Assessment (unless you are registering a Ltd Company). This may seem daunting but we can help you get set up.
- Equally if you have earned more than £90k in the previous 12 months you’ll have to register for VAT. We can help you get started.
Weekly Bookkeeping & Reporting
- Our Bookkeeping services include weekly reconciliations. To enable you to make efficient Business decisions, you will want to know how your Business is doing at all times. We therefore provide you with various reports at month end (Profit & Loss Statement, Balance Sheet).
Monthly Bookkeeping & Reporting Plus
- Our Bookkeeping services include weekly reconciliations, including downloading bills from subscription portals and sending you weekly breakdowns of missing bills. To enable you to make efficient Business decisions, you will want to know how your Business is doing at all times. We therefore provide you with various reports at month end (Profit & Loss Statement, Balance Sheet). This includes a monthly one hour Virtual Meeting to discuss your financials.
Monthly Bookkeeping & Reporting + Self Assessment Tax Returns
- If you want your Self Assessment Tax Return to be handled by a professional then this package is for you. It includes all of the services included in the above “Monthly Bookkeeping & Reporting” Package, plus your Self Assessment Tax Return taken care of. This includes one Sole Tradership. Please contact us for a bespoke quote if you have additional income from property, dividends or any other income.
Payroll
- Our payroll services include your monthly payroll including P11D filings. Please contact us for a quote if you have more than 5 employees or wish to make use of our managed payroll service. For a full service, we can also manage your pension and associated correspondence including letters to employees.
VAT Returns
- We submit quarterly VAT returns on your behalf and will let you know how much you owe, so all you have to do is make the bank transfer.
Financial Admin
- Besides dealing with your Bookkeeping requirements, we can also take on the Admin related to it, including invoicing, credit control and supplier/customer correspondence. We’ll take charge of your accounts@ email address so that you can get back to running your business. We can also take care of paying your suppliers and employees (if your bank allows restricted access).
Add-On Services
Our mission is to make your life as easy as possible, so we have created some ad-on packages, which will make your life and business easier.
Social Media Scheduling
- Is posting on Social Media doing your head in? All you have to do is create your strategy and we’ll take care of the day-to-day content creation and posting.
Telephone Answering / Customer Service
- Whether you need someone to take a message when you are busy or a team of customer support representatives to deal with your customer enquiries, we’ve got you covered.