You run the business as the sole owner and have unlimited liability for any debts or legal issues that may arise. It is important to reflect on your personal circumstances and the business risks when considering this option. As you grow it is always possible to change the structure. Mollio will always spend the time to discuss options and changes with you, listening to your requirements and finding the best solution with you. We will offer hands on support at every stage, making sure you are involved and understand every process.
As soon as you earn more than £1,000 from self-employment in the tax year
We provide a broad range of services specifically tailored to aid small businesses with their finances, including
Accurate bookkeeping is the foundation to business success, without it the information is historic and useless. Mollio can act as your book-keeping department fully or we can train you or your staff to use the software more effectively.
making use of OCR recognition software for receipts and automated bank feeds there is no need for paperwork to pile up. We provide a service that will review your need and build a stack of Apps that works for your business, using HubDoc or AutoEntry to facilitate ease of data collection with its simple snap and store system. Snap and store of receipts could result in less tax, as there are less lost receipts.
There is no need to be late in filing Self-Assessment.We file as soon as possible after 5thApril once all information has been obtained. Mollio uses a dedicated client portal for you to upload all documents that are required to complete your tax return.
For clients that have employees or are making that jump it can be a daunting task. Making sure employees are paid accurately and on time is essential to every business whether sole trader or limited company. We take the task in hand and aim to give you peace of mind:
These cannot be done accurately without accurate bookkeeping. We offer this on top of the managed bookkeeping for VAT registered business.
Our website provides many up-to-date blogs with hints and tips, keeping you up to date with any changes and giving you valuable accounting information.
You can expect a service that is tailored to your needs, that can be flexed and moulded as your business changes. We understand that working hours are no longer 9-5, and as such try to be flexible about appointments. We all run busy businesses and want to maintain a decent work life balance. We will offer early evening slots once or twice a week, and we can cope if young children are about during meetings.
Equally if the weathers good you may find Leesha takes time out to fit a cycle ride in and will then work late in the evening. There will always be good coffee and relaxed conversations to be had and we will always be honest and do what is right.
We're up to speed when it comes to the latest and greatest in cloud accounting software.
Working together we'll set up a baseline suite of streamlining systems to support you and your business:
Small businesses in the UK require various accounting services to manage their finances effectively. Some of the fundamental services that small businesses require include bookkeeping, tax planning and preparation, budgeting, cash flow management, and financial analysis.
Bookkeeping is important to keep track of all business transactions, including income and expenses, accounts payable, and accounts receivable. Tax planning and preparation is necessary to ensure compliance with tax regulations and minimize tax liability. Budgeting is essential for forecasting revenue and expenses, while cash flow management assists in monitoring and managing the inflow and outflow of cash.
Lastly, financial analysis is required to identify opportunities or challenges within the business and make informed decisions about its future. Small businesses can benefit from outsourcing their accounting services to professional accounting firms, which can help optimize financial performance and operations
When considering using Mollio for your accountancy needs we arrange a face to face where we discuss your businesses needs and provide a tailor-made proposal for you to consider which includes the services we will provide for your business and the fee structure
We tailor make any payment terms as part of our proposal based on your business and requirements. This can change as your business evolves, changes, and grows.
Mollio works with a variety of businesses in various industries and services. We pride ourselves on getting to know and understand your business and provide the right accounting services to help you grow and be successful.
Business accounting services refer to the professional financial management services provided to businesses. These services may include bookkeeping, tax planning and compliance, financial analysis, payroll management, and other financial reporting services. The aim is to help businesses manage their finances more efficiently, make better financial decisions, and comply with the UK's tax laws and regulations. These services are usually offered by accounting firms and can be customized to fit the specific needs of each individual business
There is no minimum contract period, but we do require 30 days' notice of termination of our services.
If you require to change accountants for any reason, we are happy to provide a 'handover' so that your business is unaffected by the change. There is no reason for the change to be disruptive.
As a sole trader you will need to pay income tax based on your business profits, along with National Insurance contributions (NICs).
This is done through a process called Self-Assessment which involves submitting a form each year to HM Revenue & Customs (HMRC) to calculate what you owe in tax and then paying the required amount.
Tax falls due on 31st January of each year, with a further 50% payment due on 31st July if the tax due exceeds £1000.
