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Self Employed Individuals
IEM Accounting offers expert accounting services tailored to sole traders and self-employed professionals.
Whether you’re a freelancer, contractor, or small business owner, we manage your tax and financial obligations efficiently, giving you more time to focus on growing your business with confidence.
Who Qualifies as a Sole Trader or Self-Employed?
A sole trader is someone who runs their own business as an individual and is personally responsible for its finances.
If you:
✔ Provide goods or services to customers for profit.
✔ Hire employees or subcontractors.
✔ Invoice clients for your work.
✔ Buy business-related equipment or services.
✔ Keep profits after tax deductions.
Then you are considered self-employed and must register with HMRC to pay the correct taxes.
Sole Trader Tax Responsibilities in the UK
As a self-employed individual, you must report your earnings to HMRC and pay:
- Income Tax – Based on your taxable profits.
- National Insurance Contributions (NICs) – Class 2 & Class 4, depending on profit levels.
- VAT (if applicable) – If your annual turnover exceeds £90,000, you must register for VAT.
- Missing deadlines or filing incorrect tax returns can result in penalties. Our Birmingham-based accountants ensure your returns are accurate and submitted on time.
Why Choose IEM Accounting for Self-Employed
At IEM Accounting, we provide specialist self-employed accounting services in Birmingham, ensuring compliance with HMRC regulations. Our services include:
- Self-Assessment Tax Returns – We prepare and file your tax returns accurately.
- Bookkeeping Services – Keep your financial records up to date effortlessly.
- VAT Registration & Returns – Ensure VAT compliance if your turnover exceeds £90,000.
- Tax Planning & Advice – Reduce your tax liability legally.
- Payroll & PAYE Services – If you employ staff, we handle payroll processing.
- HMRC Compliance Support – Avoid penalties and investigations with accurate filings.
We help sole traders and self-employed professionals stay on top of their taxes, reduce liabilities, and manage finances efficiently.