Managing your accounts and tax responsibilities when you're self-employed can be time-consuming. At RM & Co Accountancy, we provide straightforward accounting and tax support for sole traders, freelancers and self-employed professionals, helping you stay organised, meet HMRC requirements and understand your finances. From preparing annual accounts and Self Assessment tax returns to offering practical advice, we're here to take the stress out of managing your finances so you can focus on running your business.

Sole Traders

There are many advantages to setting your business up as a sole trader, including maintaining total control, keeping the profits and your accounts remaining private. However, you are personally liable for business debts and it can be hard to raise finance. When you work with RM & Co we can help and advise you on all your financial needs so you can make informed decisions, avoid common pitfalls of being a sole trader and give your business the best chance of success possible.

Partnerships

When starting a partnership, ensure you choose your partners carefully, as you share control, responsibility, finances and liability. By working with RM & Co, we can help you navigate the financial waters, advising on your business plan, tax compliance, bookkeeping, contracts and agreements between partners and more. Armed with the right knowledge, you can make the best decisions to lead your business to success.

Start-ups

With so much to consider, starting your own business can seem like a daunting task. We can help you every step of the way, advising on these factors and more.

• Business plan
• Cash flow position and expected profitability
• Tax planning, saving options and VAT
• Financing
• Commercial risks

Making Tax Digital (MTD) for Income Tax

Making Tax Digital (MTD) is changing the way self-employed individuals and landlords manage and report their income to HM Revenue & Customs (HMRC). The new requirements mean that those affected will need to maintain digital records and submit regular updates using compatible accounting software.

At RM & Co Accountancy, we help self-employed clients understand their Making Tax Digital obligations and prepare for the changes with confidence.

Whether you're already using accounting software or need help moving from traditional record-keeping methods, we can provide practical guidance and ongoing support to make the transition as straightforward as possible.

How We Can Help

• MTD registration and preparation.
• Guidance on choosing suitable accounting software.
• Setting up and maintaining digital financial records.
• Support with quarterly updates to HMRC.
• Year-end tax reporting and Self Assessment requirements.
• Ongoing bookkeeping and tax compliance advice.

Making Tax Digital doesn't need to be complicated. Our team can help you understand what's required, meet important deadlines and stay on top of your tax responsibilities.

Contact RM & Co Accountancy today to find out how we can help you prepare for Making Tax Digital.