When you work for yourself, it is easy to put your accounts off until the end of the year. Then come the questions: Are all your sales recorded? Which payments were business expenses? Do your figures agree with your bank statements?
Organised accounts help you understand how your business performed and give you reliable figures to pass to the professional handling your personal tax return. At Real Key Accountancy, sole trader accounts preparation starts from £499, subject to the condition and complexity of your records and office approval.
In this guide:
- What are sole trader accounts?
- Which records do you need?
- What does accounts preparation include?
- Why does the price vary?
- Common questions
What are sole trader accounts?
Sole trader accounts bring together your business income and expenses for a period so you can understand your trading result. Depending on your business and the agreed work, the figures may also need to reflect items such as money owed by customers, unpaid bills, stock or equipment.
They are different from a personal tax return. Real Key Accountancy prepares non-statutory sole trader accounts within its approved service scope. If you need personal tax-return preparation or submission, you should arrange that with an appropriately authorised adviser.
For an overview of the support available, visit the Real Key Accountancy services page.
Which records do you need to prepare sole trader accounts?
Start with a complete picture of the money coming in and going out. A useful checklist is:
- Sales invoices, receipts and records of cash or card sales.
- Business bank and payment-platform statements.
- Purchase invoices and receipts for business costs.
- Details of equipment bought for the business.
- Information about unpaid customer invoices and supplier bills, where relevant.
- Stock figures, where your business holds stock.
- Details of personal money introduced into, or taken from, the business.
HMRC says self-employed people must keep records of their sales, income and business expenses. Its guidance also lists additional information needed when using traditional accounting. Read GOV.UK’s guide to records to keep.
If your receipts are scattered across emails, banking apps and paper folders, begin by collecting them in one place. Real Key Accountancy’s bookkeeping support can help you build a more consistent routine for the next year.
What does sole trader accounts preparation include?
Real Key Accountancy first establishes what records you have and what work is needed. The agreed service may involve organising the supplied financial information, checking income and expense records, reconciling accounts and preparing non-statutory year-end figures for your sole trader business.
The exact work is set out before you proceed. Rebuilding a year of missing bookkeeping is different from preparing accounts using complete, up-to-date records. Ongoing bookkeeping, VAT and other services are quoted separately where required. You can compare the Real Key Accountancy bookkeeping packages if you would like regular help throughout the year.
How much does sole trader accounts preparation cost?
Sole trader accounts preparation at Real Key Accountancy starts from £499. Your final quote depends on factors such as the volume of transactions, the number of accounts or payment platforms, whether your records are complete, and whether additional bookkeeping is needed first. Pricing is subject to office approval.
Before accepting a quote, check which records you must provide, what work is included and whether any record clean-up will cost extra.
Common questions about sole trader accounts
Do I need to keep receipts after my accounts are prepared?
Yes. Preparing accounts does not remove your record-keeping responsibilities. HMRC says self-employed people must generally keep their records for at least five years after the 31 January submission deadline for the relevant tax year. See HMRC’s record-retention guidance.
Can I use bank statements instead of bookkeeping records?
Bank statements are useful, but a payment alone may not explain what it was for or whether it was personal or business-related. Invoices, receipts and clear transaction descriptions make your records easier to review.
What if I used my personal account for business payments?
You can still gather the relevant transactions, but separating business and personal payments takes extra care. Going forward, a dedicated business account can make your records easier to organise.
Will Making Tax Digital affect my record keeping?
It may. Making Tax Digital for Income Tax applies to some sole traders based on their qualifying income. Those within scope must use compatible software to keep digital records and send updates. Check the current rules in HMRC’s Making Tax Digital guidance. Real Key Accountancy can help you organise your bookkeeping and digital records; the scope of any reporting work should be agreed separately.
Get your records ready for year end
If your sole trader accounts are due, tell Real Key Accountancy what work you do, when your year ends and how you currently keep your records. The team can review what is needed and provide a clear quote for work within its service scope.
Sole trader accounts preparation starts from £499, subject to your records, the agreed scope and office approval. Explore Real Key Accountancy’s sole trader accounts support or visit Real Key Accountancy and speak to the team now.