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accountants for self employed personnel

The Benefits Of Hiring An Accountant When You’re Self-Employed

26/01/2021Accountants , Accounting Issues , self-employed accountant

Considering that you are self-employed, there are many reasons as to why you would be questioning the need for an accountant for self-employed. You might believe that having an accountant would only mean that you are only increasing your annual costs; however, the benefits could only speak for themselves!

Having an accountant would mean that all of your financial, legal, and governmental requirements and paperwork would be dealt with promptly and in accordance with regulations. Now imagine avoiding all of those responsibilities—wouldn’t that be a dream come true? 

To cement that point even further, here are a few more reasons why you should hire tax consultants in London.

 

They Are Experts At What They Do

Just like any occupation, accountants have all the necessary experience and skills to thoroughly deal with whatever paperwork that you throw at them. Self-employed accountants also aid you in making decisions that would greatly affect your business—and there should be no doubt in believing in what they say since they are sure to have more business experience than you do! 

Having someone to deal with and organize your requirements will also help you with preventing loss of revenue, making your work an all-around better experience to deal with.

 

Their Services Will Save You Time

Aside from letting them do all the hard work that comes with various documents, the primary reason for hiring tax accountants in Croydon would be to assist you in managing your time. 

Having someone reliable handling your invoices and other processes will be a great way for you to focus more on working on your operations and garnering revenue. There are a lot of accountants that you can find and hire for your business; however, you must find one that offers a wide variety of services—services that are imperative for any successful business.

 

They Can Provide Accurate Planning

Working with an accountant would mean that you will be able to monitor an accurate view of your earnings and your tax obligations. 

You must be able to plan out your tax strategy since you are self-employed, and having an accountant would mean that you have someone to confide in when it comes to long-term plans. As the client, you even have the authority to ask your accountant to create a financial plan for your endgame—including your retirement and various financial optimization methods.

 

They Help Small Businesses Flourish

Taking care of the paperwork isn’t the only responsibility that your accountant has. They also help you in avoiding making decisions that could lead to financial complications, giving you an outsider’s perspective of your business to help you improve on what needs improving.

 

Conclusion

There truly aren’t a lot of reasons that should make you shy away from hiring an accountant other than having an extra cost to pay; however, you should mind that having an accountant for self-employed would only mean that your business is sure to be successful! The benefits that come from an accountant’s expertise is exactly why it is so worth spending that initial cost since you are then able to make so much more money in the long run.

Before you hire an accountant, make sure that they specialize in the type of business you have. Cruse Burke has tax consultants and accountants for SMEs, the self-employed, limited companies, and contractors. We are fully equipped to deal with the particular needs of small business accounting. Schedule a consultation with us today!

   

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National Insurance
Paying Tax & National Insurance – Our Guide for Self-Employed Professionals

06/04/2020Tax Issues , Tax Saving Tips

As a self-employed professional, one of the most important tasks and responsibilities that you’ll have to fulfill is paying for your own tax and National Insurance on your income. Aside from making sure that clients roll in constantly and all your assets and liabilities are managed properly, handling your tax and National Insurance is essential because: It entails handling certain legalities that you must comply with as a professional The HMRC is now stricter when it comes to handling self-employed professionals Not tending to your tax and National Insurance-related responsibilities properly can result in several fines and penalties that can easily affect your practice No matter how tedious it may seem, it’s always a good idea to stay on top of all your records so that you know exactly how much you need to repay the government. Beyond the simple yet tiresome nature of paying and filing your own financial obligations, there are a few other hurdles that may come about from complex arrangements. For instance, if you’re employed in one job and self-employed in another job at the same time, then dealing with your tax and National Insurance will be complicated. If you have a similar situation where your financial obligation settlement procedures are complicated, here’s a quick guide on how you can fulfill your requirements accordingly and accurately:   HMRC’s Solution Thanks to a rise in similar cases, the HMRC has created a tool called the Employment Status Indicator that helps any self-employed professional know exactly what status they should file and pay under. The Employment Status Indicator is a multiple-choice questionnaire that helps determine your employment status based on the answers that you provide. It is important to note, however, that the questionnaire is merely an indicator of what status you can file under and not a definitive answer itself.   On Registering Yourself as a Self-Employed Professional For newly self-employed professionals, the most important step when handling your taxes and National Insurance obligations is to notify the HMRC of your new status right away. Generally, new self-employed workers can register with their new status up to October 5 after the end of the tax year when you became self-employed. It is essential to follow the deadlines because doing otherwise will incur a late fee and an additional set of penalties. So, schedule, plan, and pay accordingly!   “What if I Apply and Receive a Loan from My other Employer?” In a self-employed-and-employed set-up, one of the most important factors to consider is that receiving a loan from one’s employer can be deemed by the HMRC as tax avoidance. As a result of rising remuneration schemes, the HMRC is now cracking down on potential cases through the use of loan charges, which makes it more essential to declare if you’ve received a loan from your employer!   Do You Still have to Pay for National Insurance as a Self-Employed Worker? Yes, you’re still urged to pay Class 2 NICs even if you’re your own boss. Should your profits be at least £6,365 in total for the 2019/20 tax year, then you’ll have to pay an additional fee for Tax Insurance with late fees being pegged at £3 a week (or £156 a year).   Conclusion As a self-employed worker, it is essential to stay on top of your tax and National Insurance obligations by taking the necessary steps for proper preparation and apt payments. By following this quick guide, you can keep your self-employed practice away from penalties without going to extraordinary lengths! Are you a self-employed professional or small business owner looking for Affordable Chartered accountants in Croydon? Get in touch with us today to see how we can help!

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