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With more than 4.1 million self employed workers in the UK, as of early 2022, this is a hugely important business sector. People can be self employed across a broad range of industries and sectors. The nature of their employment, as opposed to their work, brings them together.
There are many positive reasons to work in this manner, and self employed individuals often enjoy a lot of what they do. Of course, not every aspect is enjoyable. Dealing with income tax, business expenses, filing tax returns, and tax planning is a chore.
Self employed accountant services are a great boon for these workers. Accountants for self employed help make life easier and remove a lot of the stress from these professionals.
At Auditox Accountancy, we offer accountancy services for self employed individuals, sole traders, and all manner of workers. No matter the industry you operate in, please get in touch if you need help in managing business expenses and tax plans.
If you are in self employment, there is a strong chance you provide products or services for other businesses. This industry is mainly based on companies outsourcing work to specialists in a chosen field.
So, if you are self employed and benefit from outsourcing, it makes sense you would do the same to support your business.
Rather than wasting time or running the risk of doing things wrong, why wouldn’t you hire a specialist to manage this part of your business? We offer expert advice which is just what many people need. We can prepare annual accounts or offer unlimited advice.
You cannot afford to overlook tax returns. If you are unsure of where to start with tax planning or any financial matter, you put your business at risk by doing it yourself. Hiring self employed accountant services is an intelligent way to support yourself, and at Auditox Accountancy, an accountancy firm you can trust, we are here to help you.
There is no legal requirement for sole traders or self employed individuals to hire an accountant. You can complete your tax returns by yourself. If your business is simple, you might find managing paperwork and invoicing a straightforward task.
However, for many self employed people, this isn’t a task they are comfortable in doing. You might not have the time, skills or confidence to do this work to the standard required. You'll see when people are unsure about tax responsibilities, the self employed turn to specialists.
There are many benefits of hiring an accountant to manage the records of a self employed person.
Most sole traders don’t have the time or energy to stay up to date with tax regulations and filing records. An accountant knows the deadlines and how to file documents accurately and timely. All small businesses benefit from this knowledge, not just people working for themselves.
Even a single person might have a lot of documents and financial statements to manage. Passing this work to a specialist, who helps people like you and small businesses, is often the smart way to run a business.
Even if you feel confident about filing tax returns, finding the time it takes to do this work can be problematic. This is time that people could spend on your business. So, it is best to focus on your core strengths and use an expert to save you this time.
Accurate reports are essential for many reasons. Knowing your financial comings and goings is necessary and can help a business prosper. People are also wary of tax penalties associated with incorrect filings. Hiring an accountant gives you confidence about accurately submitting your records.
To avoid penalties and make informed decisions, you need reports you can trust.
When you plan your taxation and have a strategy in place, you are well placed to move forward with your business. This strategy isn’t just about paying taxes, and it helps you plan for retirement.
You also improve your business by managing expenses, taking care of tax obligations, and creating confidence in yourself.
When you have a tax plan and business strategy, you’ll come across well when you speak with others. If you need to present a financial plan, you will talk confidently. This can help you achieve more, as people will respect and trust you.
Some of the matters an accountant will review for a self employed individual include:
If there are issues or inconsistencies, an accountant is likely to highlight them.
This information can improve the business or minimise problems. These analytical skills can save a sole trader money, more than justifying the cost of hiring an accountant.
There is a good chance an accountant will have many clients. This professional relationship creates an opportunity to network or connect with people who can assist in growing the business.
Many self employed people find it difficult to network effectively. Hiring an accountant could provide an efficient way to meet small business owners, and this could help you find new business.
This is a question you have to answer for yourself. Dealing with HM Revenue can be challenging, dealing with your income sources and outgoings. Even being VAT registered is a worry for some people.
If you have the time to manage your finances and you are confident dealing with tax matters, there is no need for you to hire an accountant for self assessment purposes. If not, and if you need help in dealing with matters like detailing income sources and being VAT registered, help is available.
We know many people are concerned about tax liabilities and would prefer to pay qualified accountants l to provide accountancy services. If this sounds like you, Auditox Accountancy is here to assist you.
There is no set cost for accountancy services, and many factors influence the price of this work. The accountant's experience, the work they do, how often they have to report, and what filing services they offer (if any) all shape the overall cost.
The good news about this is that there is something for every budget. If you don’t have much money to spend on an accountant, there will still be options to suit your needs.
If you have a reasonable budget to cover your accounting needs, many professionals or a small business will be more than willing to take your money.
Even accounting software solutions can help you compile returns and meet your tax liabilities. Accounting software can simplify the entire process, save tax, and even automatically calculate expenses and returns.
No matter your budget, even a small budget, don’t worry about not finding a suitable accountancy solution.
It is best to choose an accountant who offers you a tailored accountancy service. A bespoke service that meets all your needs provides greater value for money than an “off the shelf” service that isn’t right for your business.
If you would like to discuss your tax options, don't hesitate to contact Auditox Accountancy, and we will be more than happy to help you.
Accountants for self employed people are experts in the tax process. If you want to manage your tax planning or returns, we, as expert accountants, will take you through the process from start to end.
Anyone who hasn’t submitted a tax return before will have to register for the process. An accountant can take you through this process, but it is something people can do by themselves.
On the Gov.uk website, you can register for self assessment. Once you do, you will be contacted with a Unique Taxpayer Reference, or UTR. To submit a self assessment online, you need to have a Government Gateway account. When you receive your UTR, you will receive information on how to set this up.
After doing so, you will receive an activation code, which helps you complete the set-up process.
Usually, the self assessment deadlines are set in stone and are the same each year. However, there have been some changes because of Covid-19, with people having more time to submit returns and pay. So, it is best to speak with a professional who will advise you on the relevant deadline to submit and pay tax.
Please take a note of these relevant dates for self assessment tax returns:
A failure to comply with these deadlines results in a penalty fee and interest on late payments.
If you want confirmation on when the relevant tax dates are for your self employed business, contact Auditox Accountancy today. We offer cost effective tax services that save time and give you confidence.
No. Many self employed people employ an accountant to compile their tax return for them, but there is no legal requirement to do so. Please find a solution you are comfortable with, financially and from a work sense.
You don't need an accountant to complete a self-assessment tax return, but it is crucial to understand what you are getting yourself into if you don't.
Completing this form seems a daunting prospect, but it becomes a lot simpler when you prepare yourself. Having the following items or information to hand will make the tax return process easier:
Of course, accounting services will help you prepare and submit these documents.
For many self employed people, the most important thing is how much tax they have to pay? Many people will pay an accountant to provide them with this information. What you pay depends on your earnings and outgoings over the year.
The penalties associated with late or incorrect tax returns means minimising tax liability is a worthwhile activity. Money spent on minimising this liability can save a lot more money.
As a self employed individual, you have allowable business expenses. Your accountant will talk you through all the different expenses and common expenses. We'll help you calculate what you have used for your business.
A quick overview of tax allowable expenses for sole traders and self employed individuals include:
As you'll see, all the common expenses add up, and a business owner needs to stay on top of these matters. Hiring chartered certified accountants is a sensible move, whether you are a sole trader or self employed.
Accountants for self employed people can also advise you on many business aspects. While being self employed or operating as sole traders are suitable for many people, it isn’t the only option to consider. You might benefit from setting up as a sole trader.
At Auditox Accountancy, we provide accountancy services for these business styles. We are more than happy to discuss your options if you need guidance. We can detail the benefits of being a sole trader and having a limited company. If this is an area you would like to discuss, please contact us today.
Key reasons why people set up by themselves include:
These are all valid reasons for people to act in self employment or be a sole trader.
For some people, it might be best to operate as a limited company.
Key reasons to choose this style of business include:
If these sound like compelling reasons for you to switch to running a limited company, call us today.
As you would expect, there is paperwork involved with setting up a limited company.
This sounds like a lot of work, which is why some people prefer being a sole trader.
Yet, the benefits from this business set-up are worth persevering with for many people. At Auditox Accountancy, we are accountants for self employed, but if you want to switch, we can help you too.
As accountants for self employed individuals and sole traders, we are here to help you at every stage of your business. Whether you are starting up and need comprehensive support or have operated for a while but need guidance, we can assist you.
We are highly experienced, deal with self employed people from all backgrounds, and operate in all sectors. The niche you work in doesn’t matter, we are professional accountants for self employed workers, and we deliver a high standard of service.
You know the importance of maintaining financial records for your business. Filing a tax return is essential, but our work assists with day to day matters, not just year-end economic issues.
Whatever self employment tax or financial matter concerns you, we are here to help, so contact us to see who Auditox Accountancy can help you.
