As a sole trader, you are required to inform and register to HMRC and submit your Self-Assessment Tax Return every year detailing your income and expenses. You will also need to pay HMRC Class 2 national insurance contributions (NICs) and Class 4 national insurance contributions NICs. The self-assessment regime is full of penalties, and it is important that your returns are correctly completed, they are filed on time and all backup records are kept for a required period. This can be incredibly stressful and daunting to the business owners. Fortunately, at SEARS Accountant we have expert accountants who can help you manage your business tax affairs in the most efficient manner, considering and advising a more tax effective way to conduct your business as well as dealing with all correspondence from HMRC, taking the worry away from you.