Services for Sole Traders
Making Tax Digital (MTD) for Income Tax is the UK government’s initiative to move the tax system online. It means many small business owners will need to keep digital records and submit updates to HMRC every quarter, alongside their annual tax return.
MTD isn’t mandatory for everyone just yet. However, if your turnover (the money coming into your business, not your profit) exceeded £50,000 in the 2024/25 tax year, you’ll need to sign up and submit your first quarterly return by the 7th August 2026. If your turnover was over £30,000 in the tax year 2025/26, you’ll have to comply in 2027.
The good news is that it doesn’t have to be complicated. You can keep using a spreadsheet for your Bookkeeping and use Bridging Software to submit your returns or you can sign up to Accounting Software. If you are unfamiliar with using Accounting software and have no prior Bookkeeping knowledge, then we’d always recommend using spreadsheets.
Bookkeeping Packages For Making Tax Digital for Income Tax
These packages are for service based Sole Traders who are mandated into Making Tax Digital for Income Tax. We understand that this is a challenging time for many small Sole Trader businesses, so our mission is to make this process as easy as possible for you. Therefore our MTD for IT packages include everything you need to stay compliant each quarter from professional bookkeeping services to an MTD compliant software subscription. The cost of this service depends on a number of factors including the number of income streams, how many bank accounts you use for your business and how many receipts need to be uploaded each month. Therefore the below are only guide prices. Please contact us for a tailored quote.
Turnover below £100k
- Ideal for Service based Sole Traders who aren’t VAT registered.
- Includes one income stream.
- What we need from you on a monthly basis:
- Copies of all of your purchase receipts saved into a shared folder or forwarded by email at least once a month (or more often if you want to be extra efficient).
- Explanations of unusual business expenses
- What we’ll do for you:
- Make sure all of your transactions are recorded accurately using software (up to 50 receipts per month on average)
- Check your expenses against your bank statements to make sure nothing gets missed (includes 1 GBP business bank account) – Additional accounts are charged at £35/month + VAT.
- Provide you with our preferred MTD Compliant Software subscription throughout the duration of our contract (unless you want to use a software of your own choosing).
- Quarterly MTD for IT submissions
- Annual Self Assessment tax returns are available at additional cost. Please contact us for a quote.
Turnover of £100k - £200k
- Ideal for Service based Sole Traders who aren’t VAT registered.
- Includes one income stream.
- What we need from you on a monthly basis:
- Copies of all of your purchase receipts saved into a shared folder or forwarded by email at least once a month (or more often if you want to be extra efficient).
- Explanations of unusual business expenses
- What we’ll do for you:
- Make sure all of your transactions are recorded accurately using software (up to 100 receipts per month on average)
- Check your expenses against your bank statements to make sure nothing gets missed (includes 1 GBP business bank account) – Additional accounts are charged at £35/month + VAT.
- Provide you with our preferred MTD Compliant Software subscription throughout the duration of our contract (unless you want to use a software of your own choosing).
- Quarterly MTD for IT submissions
- Annual Self Assessment tax returns are available at additional cost. Please contact us for a quote.
Turnover of £200k - £300k
- Ideal for Service based Sole Traders who aren’t VAT registered.
- Includes one income stream.
- What we need from you on a monthly basis:
- Copies of all of your purchase receipts saved into a shared folder or forwarded by email at least once a month (or more often if you want to be extra efficient).
- Explanations of unusual business expenses
- What we’ll do for you:
- Make sure all of your transactions are recorded accurately using software (up to 150 receipts per month on average)
- Check your expenses against your bank statements to make sure nothing gets missed (includes 1 GBP business bank account) – Additional accounts are charged at £35/month + VAT.
- Provide you with our preferred MTD Compliant Software subscription throughout the duration of our contract (unless you want to use a software of your own choosing).
- Quarterly MTD for IT submissions
- Annual Self Assessment tax returns are available at additional cost. Please contact us for a quote.
One Off MTD Surgery
- Have you been doing your Bookkeeping yourself, but aren’t sure whether 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.
Monthly Reviews and Quarterly Updates
- This package is for you if you want to do your own Bookkeeping, but want ongoing support with your quarterly submissions. Each month we’ll check your Bookkeeping and will give you pointers as to where you may need to make corrections. We’ll also review your books each quarter before submitting your quarterly update.
- The minimum commitment for this package is 12 months and each quarter is covered by 3 monthly payments.
One off Review and Quarterly Update
- If you want to keep doing your own bookkeeping, but need help with your quarterly submission then this package is for you. We’ll review what you’ve done at the end of the quarter and will give you pointers as to where you may need to make corrections.
- We’ll also submit your quarterly return for you.
Add-on Services
The following are services that can be booked if we are already doing your Bookkeeping on a monthly basis. Unfortunately we do not offer these as one-off services.
Quarterly 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. This package does not include the software subscription mentioned above.
Payroll
- Our trusted partners offer payroll services including your monthly payroll including P11D filings for up to 5 employees. Please contact us for a quote if you have more than 5 employees or wish to make use of their managed payroll service.
Annual Self Assessment Tax Returns
- Our tax partners have you covered when it comes to your Self Assessment Tax Return.
Xero Migrator
- This is ideal for you if you are just getting started on Xero and includes:
- Xero set-up (we’ll set up an account for you and add all your company information).
- A one hour virtual meeting with us where we walk you through the essentials of Xero and you can ask us any Xero related questions.
Self Assessment or VAT 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 are an established business earning close to £90k per year, you’ll have to register with HMRC for VAT and submit regular VAT returns. We’ll get you started by determining whether this is you and will help you register.
Whether you are dead set on doing your Bookkeeping yourself or want to make sure you know the basics before you outsource to a professional, our Training Courses will be exactly what you need. Please visit our Courses Page for more information.