FAQs – Figtree Finance | Bedford Accountants

Question 1

Do I need an accountant as a sole trader?

Accepted Answer

While it's not a legal requirement, having an accountant as a sole trader can save you time, money and stress. We ensure your Self Assessment is filed correctly, you claim all allowable expenses, and you're prepared for Making Tax Digital — often saving more than our fee in tax savings alone.

Question 2

How much does a bookkeeper cost in Bedford?

Accepted Answer

Our bookkeeping services start from £50/month for sole traders. The exact cost depends on the volume of transactions and the services you need. We offer fixed monthly fees so there are no surprises — get in touch for a free, tailored quote.

Question 3

Are you based in Bedford?

Accepted Answer

Yes! We are a family-run firm based in Bedford, Bedfordshire. We work with clients across Bedford, Milton Keynes, Northampton and the surrounding areas.

Question 4

How do I get started?

Accepted Answer

Simply get in touch via our contact form or give us a call. We'll have a free, no-obligation chat to understand your needs and recommend the right service for you. We can usually get you set up within a few days.

Question 5

What is Making Tax Digital (MTD)?

Accepted Answer

Making Tax Digital is HMRC's initiative to move the UK tax system online. It requires businesses and sole traders to keep digital records and submit tax information using MTD-compatible software. MTD for VAT is already mandatory, and MTD for Income Tax Self Assessment (ITSA) is being rolled out from April 2026.

Question 6

Does MTD affect me as a sole trader?

Accepted Answer

If your self-employment or property income exceeds £50,000, MTD for Income Tax applies from April 2026. The threshold drops to £30,000 from April 2027. We help sole traders get MTD-ready well in advance so there are no last-minute panics.

Question 7

How do I prepare for Making Tax Digital?

Accepted Answer

Start by switching to MTD-compatible software (we recommend and set up tools like Sage or Xero). You'll need to keep digital records and submit quarterly updates to HMRC instead of one annual return. We handle all of this for you — visit our MTD Hub for more guidance.

Question 8

What software do you use for MTD?

Accepted Answer

We work with all major MTD-compatible platforms including Sage, QuickBooks, Xero and FreeAgent. We'll recommend the best fit for your business and handle the setup and training.

Question 9

When is the Self Assessment deadline?

Accepted Answer

The online Self Assessment deadline is 31 January each year for the previous tax year (ending 5 April). Paper returns must be filed by 31 October. We recommend starting the process well before the deadline to avoid penalties.

Question 10

What expenses can I claim as a sole trader?

Accepted Answer

You can claim a wide range of allowable business expenses including office costs, travel, equipment, marketing, professional fees (like ours!), and more. We review your expenses thoroughly to ensure you're not paying more tax than necessary.

Question 11

I've never filed a Self Assessment before — can you help?

Accepted Answer

Absolutely. We handle first-time Self Assessment registrations with HMRC and guide you through the entire process. We'll make sure everything is correct and filed on time.

Question 12

Do you handle payroll for small businesses?

Accepted Answer

Yes. We manage payroll for businesses of all sizes, from sole traders taking a salary to companies with multiple employees. This includes calculating PAYE, National Insurance, pension contributions and filing Real Time Information (RTI) submissions to HMRC.

Question 13

When do I need to register for VAT?

Accepted Answer

You must register for VAT when your taxable turnover exceeds £90,000 in any 12-month period. You can also register voluntarily below this threshold, which can be beneficial in some cases. We advise on the best approach for your business.

Question 14

What is the CIS scheme and do I need it?

Accepted Answer

The Construction Industry Scheme (CIS) applies to contractors and subcontractors in the construction industry. If you work in construction, you likely need to register. We specialise in CIS accounting and handle monthly returns, deductions and verification.

Frequently asked questions

General

Making Tax Digital (MTD)

Self Assessment

Payroll & VAT

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