Step by Step Process Sole Traders

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1 Registrations Getting authorised Welcome correspondence What s next after Registration Automated reminders Step by Step Process Sole Traders So what s next now that you have registered as a client with us?

2 Registrations If you have a new business it is likely that you will need to register for certain services such as Payroll, VAT and Self-Assessment. We take care of the applications on your behalf. However you will need to send us any information you directly receive regarding these registrations, whether it be your UTR number (Unique Tax Reference Number) or your VAT registration certificate. Once we receive these registration numbers we will be able to begin getting authorised as your agent/accountant (step 2). If you are already trading then you will have these numbers already and should be able to find them on the front of correspondence from HMRC. Depending on what your business is registered for, we will need the following information from you: Registrations UTR reference number for your tax return (self-assessment) VAT Registration number VAT number for VAT returns Employer s reference number for payroll (if you hire staff) Accounts office reference number- for payroll We will write to your previous accountant (if you had one) who should be able to provide us with these details if you cannot locate them.

3 Getting authorised As your accountants we will be able to correspond with HMRC on your behalf, along with making all of your submissions. However in order to do this we must be authorised by you. The easiest way for this to be done is to ask HMRC to send authorisation codes through the post to you, which you in turn forward to us. You may receive quite a few codes, depending on how many services you have with us. Codes may include: Getting authorised Self-assessment code: prefix SA VAT code: prefix VT Payroll code: PE Please forward these authorisation codes to us as soon as you receive them as they have an expiration date (usually 28 days). NB: You will receive automated s from us with any information you have not yet sent to us.

4 Welcome correspondence Welcome correspondence Once we have processed your registration form we will send out a welcome and letter to you to confirm your registration. The welcome correspondence will include: Information about your assigned accountant so that you can contact them if you have any questions or would like to talk anything over. A spreadsheet attachment for you to use if you are doing the bookkeeping yourself (please ignore if we are completing your bookkeeping). A link to our cloud accounting software (Pandle) will also be provided if you prefer to use this. A business guide. This will outline the basics of the tax system which should help you understand what we do in more detail. Shortly after the welcome you will receive a direct debit schedule for your payments from Eazy Collect (our direct debit agency). Your bank statements will show Eazy Collect as a reference on the payments. You will also receive a separate with your invoice for the current financial year. Please note, this invoice is not requesting instant payment as your direct debits will pay towards it. Additionally we also send out a tax efficiency questionnaire for you to complete. This will ask you various questions which will help us make recommendations on how to structure your business to ensure you are as tax efficient as possible!

5 What s next after registration? What s next after registration? If you are completing your own bookkeeping then you will simply need to record your business transactions on your spreadsheet or software package (or whichever method you decide on). If you are new to bookkeeping we highly recommend that you send in your bookkeeping after the first month to your accountant. Your accountant can review what you have done and suggest corrections/changes if necessary. This way you will be off to the best possible start. If we complete your bookkeeping then simply keep any documentation relating to your business transactions and you will hear from us when we require them. Documents will include bank statements, invoices and receipts.

6 Automated reminders Whenever a period end passes we will you (automatically) to ask you for your records. Regular reminders are sent out until we receive your records. This means that you can relax, safe in the knowledge that you will not be missing any deadlines Automated reminders Once we receive your records, we will complete the relevant piece of work, get your approval and make the necessary submissions on your behalf. The registration and authorisation process can sometimes be frustrating for clients, especially if many reference numbers and codes are being sent out. This is the system HMRC have adopted and is outside of our control. However, we do try to make it as quick and easy as possible. Once this process is complete it should be plain sailing going forward!