How easy is it to do self assessment for a sole trader?

[BetterOffNow]

My partner is a sole trader and is close to the £50k turnover threshhold where he'd have to do quarterly self assessment returns.

His accountant (who currently does his yearly returns) can do this for him, but obviously at an increased cost over what he's paying now.

I have good IT and bookkeeping skills (but no accounting qualifications). I've said I'll look into doing this for him, but would be grateful for some feedback from you lovely people on how easy self assessment is and what software you'd recommend? His business is fairly straightforward (customers pay on invoice and suppliers are paid from his bank account) so I believe it should be doable - am I right?

Thanks in advance!

I mean, I'm 'only' a childminder and I manage to do my own.

Im a sole trader and my husband has been doing my accounts and self assessment for me for several years. He says it is very simple and it only takes him a few hours to do. He is always just used Excel rather than accounting software

I was a sole trader (recently retired) with no accounts experience and I managed fine. If you go on the Gov.UK self-assessment website, you basically fill in the form. Work your way through it.
I didn't use any software - just wrote all my transactions in a notebook.

I found it straightforward. As others have said, I just filled in the relevant forms on the HMRC website, and used a spreadsheet for the calculations. Provided his paperwork is organised and available, you should be fine.

@Growlybear83everyone has to start using accounting software (this year or next) because of the new making tax digital

I’m a sole trader, it’s never crossed my mind to use an accountant. Nor do I have book keeping skills. About the same turnover. Takes a few hours a year, I’ll probs do it in June.

This. Everyone saying how they always did it “just using excel” need to get up to speed.

Is thar not just for people who earn over a certain amount at the moment? Im semi retired so am not earning much now.

What about the other 3 quarters you need to report for?

Another self employed small business owner here. Been doing my own for 10 years it is really simple once you've done it once. I'm hoping the new system will be even easier.

I use quickbooks, simple to use and submit

I’m just under £50k so I don’t need to worry about it yet.

A good account will always save you more money then they cost

I’ve just checked the HMRC website and based on my current income, I won’t need to make any changes and can continue to submit my self assessment return in the same way as I do now.

HMRC website has loads of helpful videos. Have a look at those. I don’t have to do the quarterly ones but if it’s the same as yearly just more frequently then it’s fine. If you have book keeping skills then it won’t be too much of a challenge

It’s £50k plus turnover. Under that and you’re fine this year. But it’s getting reduced to £30k turnover nest year, then £20k

Surely this isn’t true for turnover under £50k? There’s literally nothing to it.

I’ve checked the website and it won’t apply to me.

A tax return submitted by a chartered accountant is less likely to be inspected, therefore saving you that inconvenience and time. And you would be surprised at the amount of things you might not think about claiming as an expenses that an accountant would know

The gov website does free webinars of what you can claim.

Well all I can say is I hate paperwork and I don't want to be going through everything with a fine tooth comb and learning accountancy for the sake of 250 quid a QTR if earning more then 150k, life is too short

Sure, and I wouldn’t either if I was earning £150k. I was just responding to the op whose partner has been under £50k to say that it’s not that difficult at the lower end.

Really really easy. I like xero but quickbooks also good

hmm my post has been flagged

Really easy anyway I favor the software beginning with X but the one beginning with Q is also good

Also might be worth looking at if incorporating as a ltd company will be beneficial financially, obviously there are already non financial benefits