Local accountants. Real support.
Sole Trader Accounts and Tax Support in Coventry
Clear, practical accountancy support for people who work for themselves. Fair Books helps sole traders organise their records, prepare accounts and understand the figures needed for Self Assessment.
Who we help
Accountancy for Modern Sole Traders
Sole traders work in every part of the local economy. We support established businesses and people who are building a new source of income alongside employment.
Your occupation may be different. What matters is having reliable records and accountancy support that fits the way you work.
Practical support
How Fair Books Can Help Sole Traders
We explain what is needed in plain English and help you stay organised throughout the tax year.
Sole trader accounts
Prepare a clear summary of your business income, expenses and profit using the records you provide.
Self Assessment support
Use your business figures to support preparation of your Self Assessment tax return and explain the important dates.
Bookkeeping support
Help keep income and expense records organised so accounts and tax work are easier to manage.
Allowable expenses
Discuss business costs and the records needed so relevant expenses can be considered correctly.
HMRC correspondence
Practical help understanding information requests, deadlines and relevant HMRC letters.
Ongoing guidance
Straightforward answers as your income, records and business needs change.
Stay organised
Records for Your Sole Trader Accounts
HMRC requires sole traders to keep records of business income and expenses for Self Assessment. Depending on your work, useful records can include the items shown here.
Not every item applies to every business. We can explain what is relevant to your circumstances. Read the official GOV.UK record keeping guidance.
- Sales and other business income
- Invoices and payment records
- Business expense receipts
- Bank and card information
- Mileage and travel records
- Equipment and asset purchases
- Relevant home working costs
- Other supporting documents
Current tax changes
Making Tax Digital for Income Tax
Making Tax Digital for Income Tax began on 6 April 2026 for qualifying sole traders and landlords. HMRC says it applies where total qualifying income from self employment and property was more than £50,000, subject to the detailed rules and any exemptions.
HMRC uses income from the 2024 to 2025 tax year to identify people who need to use the service from April 2026. Check your position using the latest GOV.UK Making Tax Digital guidance.
What affected sole traders need
- Compatible accounting software
- Digital income and expense records
- Quarterly updates to HMRC
- A tax return submitted using compatible software
Local knowledge
A Coventry Accountant for Sole Traders Across the Midlands
Fair Books Accountancy Ltd is a Coventry based accountancy practice supporting sole traders with accounts, bookkeeping and tax matters. We work with people in Coventry, Nuneaton, Bedworth, Hinckley, Warwick and Warwickshire, as well as businesses across the wider Midlands.
Whether you work from home, visit customers, sell online or provide a specialist service, we offer clear support shaped around your business. You can also explore our bookkeeping services and Self Assessment support.
Common questions
Sole Trader Accountancy Questions
Do sole traders need annual accounts?
Sole traders do not file company accounts at Companies House. You do need reliable business records and figures for your Self Assessment tax return. Preparing accounts can give you a useful picture of income, expenses and profit.
When must I register as a sole trader?
GOV.UK says you must register for Self Assessment as a sole trader if you earn more than £1,000 in a tax year from self employment. Your circumstances can affect what you need to do, so check the current GOV.UK sole trader guidance.
Can I be employed and also be a sole trader?
Yes. GOV.UK confirms that you can be employed and self employed at the same time. Income from your sole trader work may still need to be reported through Self Assessment.
What expenses can a sole trader claim?
Relevant business costs may be allowable, but the rules depend on the type of expense and how it was used. Keep clear receipts and records, then discuss your circumstances before making a claim.
Does Making Tax Digital apply to every sole trader?
No. It applies according to qualifying income and the current HMRC rules. The first mandatory group began using it from 6 April 2026. Check current GOV.UK guidance or speak with us about your position.
Let us make it clearer
Need help with your sole trader accounts?
Tell us what you do, how you keep your records and what support you need. Fair Books will explain the next steps clearly.