Accountant for Self-Employed
According to HMRC,if you had started working for yourself, you would be classified as a sole trader who sell some goods or services, and this implies that you are a self-employed individual. It does not matter whether till now you have informed HMRC or not as you are certainly obliged to pay taxes. In short, you are your own boss who needs professional help to meet all tax obligations and who can be better than an accountant for self-employed individuals.
Interestingly in the UK, you can be an employee from Monday to Friday and a self-employed individual during the weekends to make some extra money, but isn’t this arrangement extremely hectic? Our accounting services for self-employed help you to submit your tax returns before the deadlines, minimize your tax liabilities, and much more!
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How we help Self-Employed
Our Accounting Services take care of the income tax calculation on the basis of income and expenses incurred from self-employment trading or business. Our professionals at CoreAdviz Accountants can assist you with the right guidance to save taxes and compute the correct tax liability. A self-employed is required to pay his taxes through the Self-Assessment form and taxes are required to be paid on account twice a year – January and July. Any additional balance needs to be paid as “balancing payment”.
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Accounting for self-employed
Hiring a professional accountant for self employed creates an avenue to channelize book keeping actions into a transparent and seamless system. Some of the most rewarding opportunities are:
- Setting up a separate business account
- Preparing a Self-Assessment Tax return
- Assistance in VAT registration
- Registration as self-employed
- Preparation of VAT returns
- Minimizing tax liabilities
- Bookkeeping
We also Help......
Sole Trader
Individual or self employed, we help to keep top of your finance, providing advice and assistance with the essentials of running your business, including taxes, invoices, and all the bits in between.
Learn moreFreelancer
A tailored service for freelancers, providing online access to bookkeeping and accountants anytime. Use mobile app to record your expenses and send invoices to your clients.
Learn moreProfessionals
Whether you are Doctor, Lecturer or IT Consultants; we help to keep top of your finance, providing accounting advice and assistance with the essentials of running your business and tax .
Learn moreOur Guidance on the “To do list”
As a professional accounting agency for self-employed, we guide you from the beginning to ensure that all your compliance are met on time. The list includes the following:
Reminder Note
Alerting the client that they need to register themselves as self-employed within 3 months from the start date with HM Revenue & Customs and Reminding client to file their self-assessment forms every year within the due date.
Business Bank account
Create a separate bank account for the business to ensure transparency in operations. This keeps book-keeping easier from administration point of view and your bank reconciliation can be automated.
Compute Tax Liability
Computing the self-assessment tax liability for the client after adjustments for allowances and deductions have been made. We provide complete calculation and working file if requested.
VAT Return
Helping clients in periodical VAT return. Registering for VAT is mandatory, if the income exceeds the threshold of £85,000 a year. Also, we advise various VAT scheme based on business such as flat rate, annual accounting scheme.
Ready to Optimize Your Business Finances?
Get in touch with our team today to discuss how CoreAdviz can help your business thrive financially.