Sole Traders & Partnerships

We offer full-service bookkeeping solutions to small businesses, including accounts payable and receivable management, bank reconciliations, and financial reporting. Let us help keep your finances organised and your business running smoothly.

Effelbie Limited will process and submit your return to HMRC on your behalf. From April 2026, making tax digital (MTD) will be introduced to self-employed individuals and landlords with turnover and/or rental receipts over £50,000, reducing to £30,000 in April 2027, and to £20,000 in April 2028. Once introduced, business records will be required to be kept digitally, quarterly updates of income and expenses will need to be submitted to HMRC, along with a final declaration at the end of the year. We can help you prepare for the new legislation by transitioning you to a digital software where we can monitor and complete your returns on your behalf.

Keeping an eye on where the business is situated in relation to the VAT threshold draws you away from what's really important in your business. We monitor  turnover and apply tests to determine whether your business needs to register for VAT. Additionally, we offer VAT registration and VAT return services to small businesses. 

With the introduction of Making Tax Digital for Income Tax, sole traders and landlords will be required by HMRC to report their income digitally through a HMRC approved software. The hardest step for some will be the transition from paper to digital. Here at Effelbie Limited, we are trained to ensure that your transition runs smoothly and is completed in a timely manor. We can get your business set up with an accountancy package that meets your needs. 

Effelbie Limited are partnered with Xero and our directors are Xero advisor certified.

Cash is key in any business. It is essential for an owner to know how liquid their business is at all times, to ensure that they can maintain business activities. We offer cashflow monitoring and assessment, allowing small businesses to determine pinch points in their cash balance and to establish ways to push through.

The introduction of the Construction Industry Scheme (CIS) has added to the reporting workload for contractors. It is essential that contractors are fully aware of the impact of this scheme to ensure that they are compliant with the legislation. CIS reporting can be included as part of the package we provide for your business. We can review your contracts with subcontractors and report to HMRC on your behalf, ensuring that any tax payable is deducted correctly.