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IWA Services Limited
Institute of Certified Practising Accountants
Administration -:- Book-Keeping -:- Taxation -:- Annual Accounts -:- Compliance
IWA Services Ltd
162 Dock Street
Tel: 01253 976168
If you are in business as a self-employed person (commonly referred to as a ‘sole trader’), you will need formal annual accounts for a variety of reasons, not the least being to support your entries and computations in your annual Tax Return. You may also need them to support an application for a loan or mortgage, perhaps for a credit check by a supplier, or for a benefit’s claim.
You would be surprised at what HM Revenue & Customs include in the heading of ‘Self Employment’ - even an agent for a catalogue or home sales company paid commission on their sales is technically ‘self employed’; retired persons paid for undertaking odd jobs or gardening; even regular babysitting can be deemed to be ‘self employment’! If you do something for which you receive reward (and that doesn’t have to be money) you can be deemed to be ‘self employed’.
Of course, if you are in business in an unincorporated partnership with other persons you will need accounts for the partnership - and from these will be extracted the information for your individual Tax Return.
Sub-contractors in the Construction Industry, whilst obviously ‘self employed’ have some ‘complications ‘ when it comes to accounts, as they have to conform to the CIS rules.
Our services will produce the necessary ‘formal’ accounts either from your own records, or from our book keeping, together with any necessary tax computations.