Congrats on the new client, always good to hear the new clients are being achieved
For the paperwork, obviously all of it is basically going to be the same, purchase/sales invoices, bank payments/receipts, bank rec's to carry out. You may find theat you receive more personal expenditure items going through than with a ltd company as sole traders often feel (like some small ltd companies) that all of the money is theirs so they can spend it on what they like, and these personal expenditure items will be dealt with as drawings rather than directors loan account. There may also be a higher element of cash transactions will need to be kept a close eye on, ie where is the cash coming from and what is he spending it on.
Does he do any subcontract work, if so there will be CIS to deal with, unless he has his CIS card.
Hope fully your client will have a separate business bank account rather than putting it all through a personal one as many sole traders do (eventhough we always encourage them to have separate accounts)
Remember for the tax year end there is only the self assessment to prepare and file.
I am sure that I have probably missed something, so I am sure that one or many of the other members here will add to the thread
Good idea to get a bit of history, especially at the moment. A lot of plumbers have recently joined the tax system from the black economy so you may want to know what he has done since his last employment, education etc., so that you know what you're dealing with.
as a linked note to the plumbers coming in from the black economy. Apparently the next batch that HMRC are going after with a big stick are home tutors so might be time to gear up for a deluge of those as well. (make hay while the sun shines and all that!).
All the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
