Whether you’re a plumber, electrician, decorator, builder, or other, being a self-employed tradesperson is an incredibly rewarding way to work. It’s also incredibly challenging! From delivering expert work to clients, quoting jobs, and managing bookings to sourcing materials, maintaining tools and equipment, and chasing invoices, the list of daily tasks can be pretty long. As far as working patterns go, no two weeks are ever the same and long days, weekend work and emergency callouts are always to be expected. It’s easy to see how account filing can often get pushed to one side while you focus on other priorities.
We’re here to tell you that accountants such as us can save you a whole heap of stress and potential penalties when it comes to your annual account filing. If you work in trades – be that offering mobile services, subcontracting on a site, or running your own business – you’re guaranteed to always have something demanding your attention. Want to know how we can help? Keep reading…
Filing company accounts: why use an accountant?
With everything on your plate, the last thing you need is the added pressure of managing your financial records and submitting your accounts each year. Let’s be real, sorting out paperwork probably isn’t the reason you trained in your trade. That’s where an accountant can make a huge difference.
A qualified accountant takes the pressure off by managing your accounts with accuracy and efficiency. They ensure your financial records are up to date, your business is compliant with Companies House and HMRC, and everything is submitted on time. Rather than spending evenings on spreadsheets or stressing over mistakes, you can focus on getting the job done right and growing your business. Plus, they’ll handle the ever-changing tax rules, so you don’t have to worry about keeping up with complex legislation.
Filing company accounts
As a self-employed tradesperson or limited company director, you’re legally required to file your company accounts and a confirmation statement with Companies House each year. These documents give a clear view of your business’ finances and help keep everything above board.
Key tasks involved include:
- Keeping accurate records of your income and expenses
- Preparing annual accounts in the correct format (this will usually consist of a profit and loss account, a balance sheet, notes, a director’s report)
- Filing your accounts and confirmation statement by the set deadlines
- Ensuring full compliance with company law and HMRC requirements
Important deadlines to remember:
9 months after your financial year-end: deadline to file your annual accounts with Companies House.
12 months after your financial year-end: deadline to file your Company Tax Return with HMRC.
Annual Confirmation Statement: must be filed once every 12 months.
Missing these deadlines can lead to late filing penalties and damage your business credibility, so staying organised is essential.
Business expenses: what can you include?
Let’s use an example to break things down. Say you’re a self-employed plumber working across domestic jobs and small commercial sites. You pay for your own tools, branded workwear, insurance, materials, fuel, and advertising. You might also be covering the cost of van maintenance or renting workshop space. These are all legitimate business expenses that reduce your taxable profit. The good news? You can normally claim back a good portion of these expenses.
Professionals working in trades often miss out on claiming for everything they’re entitled to. Why? Being unsure what qualifies as a business expense means they’re worried about making a mistake on their paperwork and claiming for something they aren’t eligible to claim for. While this is a legitimate concern, it does mean you could be missing out on an opportunity to legally lower your tax liability. An accountant who understands the trades can help make sure:
- Van hire or workshop rent is properly logged as a business cost
- Tools, materials, and protective gear are categorised correctly
- Industry training, certifications, and trade events are claimed appropriately
- Fuel and mileage between job sites are recorded and filed properly
Accountants ensure a kind of accuracy that can make a real difference to how much tax you pay.
How can Baa help with filing company accounts?
With over 15 years’ experience working with self-employed professionals, we know the challenges you face and how to make life easier. We offer reliable, fully compliant account filing services that take the stress of deadlines off your shoulders.
At Baa, we also understand that not everyone wants or needs an ongoing accounting package. That’s why we offer simple, fixed-fee account filing services – perfect if you just need a bit of help once a year.
Our 3-step process is quick and painless:
- Simply fill in our form, and we’ll be in touch within minutes to ask a few questions and gather the relevant information.
- Once we’ve got everything we need, we’ll get to work filing your accounts quickly and efficiently.
- Simply review and approve our work, and we handle the rest by sending it to HMRC and Companies House on your behalf. Job done!
Whether you’re filing on time, late, or just want to stay organised for the year ahead, we’ll get straight to work as soon as we’ve got all your details. No hidden costs, no stress, no tax jargon – just a quick, simple service that gives you more time to focus on your business.
In fact, we also have an express 48-hour service for when you’re up against the clock and need a speedier turnaround to avoid penalties! Check out our late filing service here.
Final thoughts
Working in the trades takes great skill, commitment, and long hours. When your focus is on clients, jobs, and keeping everything running smoothly, it’s easy to let financial admin slide, especially when it comes to filing your accounts.
That’s why an accountant isn’t a luxury, it’s a must for many professionals. From keeping your books organised and making sure you’re compliant, to helping you reduce your tax bill the right way, an accountant helps you stay in control. They understand your trade, know what HMRC expects, and help you plan for future growth.
If you’re someone who enjoys working with numbers, is organised, and prepared to dedicate some time to sorting out annual accounts, you might find you don’t need an accountant. For a lot of professionals, the hassle simply isn’t worth it. If that’s the case, it may be time to invest in some professional help.
Remember, those filing deadlines sneak up fast! Ready to get your accounts sorted and off your plate? You know where we are – get in touch.
