self-employed accountant Archives

News,May 2018

Self Assessment For Landlords: What Landlords Need to Know

Chris20/10/2025Landlord , self-employed accountant

When you have rental income in the UK, completing a self-assessment is one of the major steps in remaining compliant with HMRC regulations. When you rent one apartment or multiple properties, it is always beneficial to understand how self-assessment works for landlords. This guide explains everything landlords need to know about property self-assessment tax. Talk to our best accountants and bookkeepers in the UK at CruseBurke. You will get instant help about Self Assessment For Landlords. What Is Self Assessment for Landlords? HMRC has a system that is known as self-assessment that collects the income tax from individuals and businesses whose tax is not automatically deducted. To the landlords, it implies that all rental income and allowable expenses should be declared every year. You must file a Self Assessment tax return only if your gross rental income is over £10,000 or your rental profit is over £2,500. If your gross income is between £1,000 and £2,500, you need to contact HMRC to see how to declare it. This applies whether you are: Leasing residential premises. Renting of commercial property. Managing a furnished holiday let (FHL). Subletting a house as a tenant (in certain instances) MTD for Self Assessment: What Landlords Need to Know? MTD self-assessment is going to be a massive revolution in the near future. With MTD for self-assessment, landlords will have to keep digital records and send income updates every three months using software that works with the HMRC systems. Making Tax Digital (MTD) will require landlords with total income from property and self-employment above certain thresholds (£50,000 from April 2026, £30,000 from April 2027, £20,000 from April 2028) to keep digital records and provide quarterly updates using compatible software. What’s Changing? Instead of sending in one tax return each year, you’ll send digital updates every three months. You’ll need to use software that works with MTD (like QuickBooks, Xero, or FreeAgent). At the end of the year, you’ll send a final statement instead of the usual self-assessment return. Why Should You Care? MTD is meant to cut down mistakes, make it easier to keep track of your income records, and give you a better idea of where you stand with your taxes all year long. If you’re a landlord, now’s a good time to start using digital accounting tools to get ready for this change. Who Needs to Complete a Property Self Assessment? Whether you need to file a full Self Assessment tax return depends on how much you earn: Property Allowance (£1,000): If your total gross income from property is £1,000 or less in a tax year, you do not need to contact HMRC or declare the income. Income between £1,000 and £2,500: If your gross property income is over £1,000 but not more than £2,500, you should contact HMRC. They will tell you if you need to do a Self Assessment tax return or if they can collect the tax through your tax code. Income over £2,500: If your gross property income exceeds £2,500, you must register for Self Assessment and file a tax return. How to Register for Self-Assessment as a Landlord If you have not previously submitted a self-assessment, you must register with HMRC by 5 October following the end of the tax year in which you received your first rental income. Steps to Register: Open a Government Gateway account on the HMRC site. Apply to register as an individual taxpayer (except a company). You will be sent a Unique Taxpayer Reference (UTR) number. Use your UTR to submit your initial self-assessment property income return. Once registered, you are expected to send your tax return by: 31 October (where filing a paper return), or 31 January (if filing online). How to Complete a Landlord Self Assessment Return? Report Your Real Estate Revenue All rent received during the tax year (6 April to 5 April) must be reported. Include service charges, tenant payments for repairs, or forfeited holding deposits. A refundable security deposit is not income unless you retain it; then only the retained amount is income. Deduct Allowable Expenses Claim operating and maintenance costs, including: Letting agent fees Repairs and maintenance (not improvements) Property insurance Council tax and utilities you pay Replacement of Domestic Items Relief for replacing household goods, furniture, and appliances. Accountant fees are only allowable for preparing rental accounts, not for property purchase/sale. Report Mortgage Interest Individual landlords receive a 20% basic rate tax credit on mortgage interest and other finance costs, not a deduction from rental income. Add Other Income If you have other income sources, you must add them to your return for a combined tax calculation. Submit and Pay Submit your return online and pay any tax owed by 31 January. Be aware of Payments on Account if your tax bill is over £1,000, requiring two advance payments for the following year. Deadlines for Landlord Self Assessment Heads up! HMRC has clear deadlines for self-assessment returns and payments: What To Do When To Do It Register for self-assessment October 5 (after the tax year ends) Submit your paper tax return October 31 Submit your online tax return January 31 Pay your tax January 31 (after the tax year ends) 2nd payment on account (if needed) July 31 Late submissions cost you fines and interest. Get your return in early to avoid them. Common Mistakes Landlords Make in Self-Assessment Landlords often make mistakes in their property tax returns. Here’s what to watch out for: Hiding income: Every bit counts, even small rental payments. Claiming wrong expenses: Keep personal stuff and upgrades separate. Old mortgage tricks: Some still use outdated deduction methods. Joint ownership mix-ups: Only declare your share of the pie. Filing late: A late filing will cost you £100 initially. Ignoring digital tax rules: MTD self-assessment should be adopted. Allowable and Non-Allowable Expenses for Landlords Allowable Expenses Non-Allowable Expenses Property repairs (e.g., fixing leaks, like-for-like window replacement, patching walls) Property improvements or renovations that add value (e.g., extensions, loft conversions) Letting agent fees, advertising for new tenants, and management fees Personal expenses, such as travel unrelated …

Is a Tattoo Artist Self-Employed in the UK?

George21/03/2024Personal Tax , self-employed accountant

Wondering is a tattoo artist self-employed? The topic of whether a tattoo artist can be self-employed is an intriguing one. As it delves into the world of entrepreneurship within the creative field of tattooing. Tattoo artists have the potential to become self-employed, offering their skills and services independently from a studio or tattoo parlour. This form of employment allows artists to enjoy greater creative freedom. Establish their unique brand, and have better control over their careers. However, becoming a self-employed tattoo artist requires a specific set of skills, knowledge, and business acumen. This is to ensure success in this competitive industry. This discussion aims to explore the qualifications required, and the steps to establish a successful self-employed career in the UK. Reach out to our smart and clever-minded guys to get an understanding of the tax set of rules in the UK queries answered quickly. We will help to understand your queries instantly. What are the Role and Responsibilities of a Tattoo Artist? The role and responsibilities of a tattoo artist in the UK encompass a range of creative, technical, and professional skills. Tattoo artists are responsible for creating unique and intricate designs, ensuring the safety and satisfaction of their clients, and complying with local regulations and health standards. First and foremost, tattoo artists in the UK must possess a strong sense of creativity and artistic vision. They design custom tattoos for clients. Taking into account individual preferences, desired styles, and placement on the body. This requires excellent drawing skills, an understanding of various tattoo styles, and the ability to adapt and modify designs as needed. In addition to creative skills, tattoo artists must have a thorough understanding of the technical aspects of their craft. This includes knowledge of tattoo machines, inks, needles, and other materials, as well as proper sanitation and sterilisation techniques. They must be able to operate tattoo machines safely and efficiently, ensuring a high-quality finish and minimising any discomfort for the client. Tattoo artists in the UK are also responsible for maintaining a safe and hygienic working environment. This includes adhering to local regulations and health standards, using proper disposable materials, and regularly cleaning and sterilising equipment. They must also ensure that clients understand the potential risks and aftercare requirements associated with getting a tattoo. What are the Qualifying Criteria to Become One? To become a tattoo artist in the UK, individuals must meet a set of qualifying criteria that demonstrate their artistic skills, and knowledge of tattooing techniques. Have an understanding of health and safety regulations. These criteria ensure that tattoo artists are capable of providing high-quality work. While maintaining a safe and hygienic environment for clients. Artistic Skills Tattoo artists in the UK must possess a strong foundation in art and design. This includes knowledge of colour theory, composition, and various tattoo styles. Prospective tattoo artists often begin by completing an art or design-related qualification. Such as a bachelor’s degree, diploma, or art school program. Technical Proficiency Tattoo artists must be proficient in the technical aspects of tattooing. This requires hands-on experience and training, which can be acquired through apprenticeships, workshops, or courses. This is offered by reputable tattoo schools. Health and Safety knowledge Tattoo artists must be familiar with health and safety regulations specific to the UK tattoo industry. This includes understanding the risks associated with tattooing, proper sterilisation techniques, and cross-contamination prevention. Many tattoo artists obtain certification in first aid and CPR to ensure they can respond effectively to emergencies. Business Acumen To succeed as a tattoo artist, individuals must possess basic business skills, such as marketing, client communication, and time management. This enables them to effectively promote their services, build a loyal clientele, and manage their time and resources efficiently. Portfolio Prospective tattoo artists must compile a strong portfolio showcasing their artistic skills and range of tattoo styles. This serves as evidence of their experience and capabilities and is often a key factor in securing employment or establishing a successful freelance practice. Licensing and Registration In the UK, tattoo artists must obtain a license or register with their local authority to operate legally. This typically involves completing an application process. Providing documentation of their qualifications, and adhering to specific regulations. By meeting these qualifying criteria, individuals can establish themselves as skilled and knowledgeable tattoo artists capable of providing high-quality work while ensuring a safe and hygienic environment for their clients. Is a Tattoo Artist Self-Employed? Tattoo artists in the UK have the option to pursue a career as self-employed professionals. Offering their services to clients through their studios or by working as freelancers. This career path provides flexibility and creative freedom. It also requires a significant amount of dedication, organisation, and business acumen. Establishing a Studio Some self-employed tattoo artists open their studios. Which allows them to set their hours, manage their clientele, and control the creative environment. To establish a successful studio, artists must invest in high-quality equipment, furnishings, and supplies, as well as market their services effectively to attract clients. Freelance Work Alternatively, tattoo artists can choose to work as freelancers, offering their services in various studios or at tattoo conventions. Freelancing allows artists to collaborate with other professionals, explore different styles, and build a diverse client base. However, freelancers must be prepared to juggle multiple projects and maintain a consistent flow of work to sustain their income. Financial Management As self-employed professionals, tattoo artists are responsible for managing their finances. Including tracking income, expenses, and taxes. This may involve setting aside funds for tax payments, investing in retirement savings, and budgeting for equipment upgrades and other business expenses. Marketing and Networking To succeed as a self-employed tattoo artist, individuals must actively promote their services and establish a strong professional network. This can involve creating an online presence through social media. Participating in tattoo conventions, and collaborating with other artists or businesses. Time Management Balancing client appointments, administrative tasks, and personal time can …

How Much is Maternity Allowance for Self Employed?

George04/04/2023self-employed accountant

This turns out to be quite a simple process to navigate the ins and outs of maternity leave when you are working with the company as an employee. However, in the case of being in the role of a self-employed individual, it is challenging to find out facts and rules about the maternity allowance for self-employed individuals. The good news is that there are quite good and possible options open for self-employed mothers who are seeking maternity leave. The best is to apply for the maternity allowance while you are offering your services through freelancing. You will find multiple ways to get paid and stay protected during your maternity leave or after it ends. Further in the discussion of this guide, we will share the details of everything basic that you need to learn as a beginner in freelancing and want to avail of the maternity allowance or the leave period. This could possibly include what is maternity pay, what is the eligibility criteria are to apply, how is maternity allowance is beneficial, and how you apply for the maternity allowance. Reach out to one of our professionals to get to know about your tax liabilities in the Uk for your earnings. Get in touch and you will be provided instant professional help! What Refers to Statutory Maternity Pay? By the word statutory we assume something that is related to the law requirements. So the term statutory maternity pay refers to the pay that the employees are required to give to the employees of the company during the period of maternity leave. The condition to pay the statutory maternity pay is that the employee is contracted and eligible to get this payment from the company or the employer. However, before you plan to apply for this, you must learn the eligibility criteria to have a successful experience in this regard. What is the Eligibility Criteria for Statutory Maternity Pay if I’m Self-Employed? Unfortunately, if you are self-employed, you are not allowed to get any benefits from the statutory maternity pay. This is because you will have to be in the abstract with a company being their employee to get the benefits like maternity leave with pay through the PAYE system. Also, ensure that you must have worked for 26 weeks to get the maternity leave and avail it with pay. Can Maternity Allowance be an Alternative Option? You do not need to worry about the fact that you are not eligible to get maternity pay because you are not associated with a company as a full-time employee. The good news for the self-employed individual is that you can avail the benefit of the maternity allowance. Even if you are not self-employed, you can check on the eligibility criteria and apply for the maternity allowance or your unique case and get the most out of the benefits of allowances offered by the government. How to Check My Eligibility for Maternity Allowance if I’m Self-Employed? When you are working as a self-employed individual in the UK the chances are that you are possibly eligible to get a maternity allowance. There can be two main types of maternity allowance in the UK. These are known to be the full-rate maternity allowance and the reduced-rate maternity allowance. The criteria that you need to meet to be eligible include the following points: You must be working in the role of a self-employed individual in the UK for a duration of a minimum of 26 weeks. The minimum earning limit for a week must be £30 or more than this figure. This should possibly be for 13 weeks. If the weeks are not consecutive, this will not matter in the process of maternity allowance applying. How can I apply for a Maternity Allowance? It is easy to apply for the maternity allowance. All you will have to do is get in touch with HMRC. After this, you will be required to get the form MA1 from the website of the HMRC, get it download and print it, do the needful requirements, and post it. This document will have to accompany the document that gives the due date of the baby. In the case of being a self-employed person who is registered and has paid enough as national insurance contributions, you will be considered to be eligible for the full rate maternity allowance. This will not require you to give proof of your income later in the procedure. How Much is the Maternity Allowance for Self-Employed? If you’re self-employed and eligible for maternity allowance, the amount you can receive depends on your National Insurance contributions and income level. For the 2024–25 tax year, here are the latest rates: Full Rate: You can receive £187.18 per week for up to 39 weeks if you: Have been self-employed for at least 26 weeks in the 66 weeks before your baby is due. Earned at least £30 per week for any 13 of those weeks. Have paid enough Class 2 National Insurance contributions. Reduced Rate: If you haven’t paid enough Class 2 National Insurance, you may still be eligible for £27 per week for up to 39 weeks. You can choose to receive your payments every 2 or 4 weeks, depending on your preference, which you can indicate on your application form. How Frequently Can I Get Maternity Allowance Payments? Well, you have a choice to make in this regard. Whether you can opt to get the maternity allowance within four weeks or you can get it within the duration of a fortnight. You can choose just according to your suitability. You can simply mention this in your document and fill it in accordingly. Am I Allowed to Freelance While on Maternity Leave? Several cases are on maternity leave from the employer or the company they are associated with. However, they seek ways to get additional income during the free time of their maternity leave. This could be one of the options from freelancing or any other income source. …

Are Footballers PAYE?

George14/09/2022self-employed accountant , Tax Issues

For football lovers, sports is all about their favourite game. Fans possibly talk about the footballers all day, however, those who are associated with the tax experts want to know all about the complicated tax details that are paid by the footballers. This might include ‘are footballers self-employed’, whether they are PAYE, do they pay tax, and how would HMRC know the exact amount of earnings of a footballer. If you are one such individual who is associated with the tax interest by any means, you are on the right page as we have brought you the details about what is PAYE, whether footballers are self-employed or not, and how HMRC gets an idea of the footballer’s earnings, and how much tax the footballers pay. Before delving further into the discussion you must begin with a basic understanding of PAYE. We recommend finding professional help to further learn about ‘are footballers self-employed’. Talk to our guys and get your queries answered quickly. What is PAYE? PAYE is the abbreviation of pay as you earn as most of you may know already. As the name says it is a kind of system that deals with tax submissions and implications. Two of the main taxes in the UK that are dealt with through PAYE include national insurance contributions and income tax. If you are wondering whether they are compulsory or optional, the answer is yes they are compulsory and there is no escape. However, there can be a discussion over the topic of how your employment status can make a difference in the process of tax implications and payments. If you are an employee of a company and get a pay slip every month, you are PAYE and you will be given tax through the system, as taxes will be deducted from your salary. You own a specific tax code in this scenario as well. This depends on the amount of income you are making that will decide how much tax you are going to pay as a PAYE employee. Are Footballers Self-Employed? When it comes to the discussion of footballers’ employment status. There are chances of them being PAYE if they are part of a club that has employed them. There are written contracts in such conditions between the club and the footballers just like the system runs in any other regular job for an employee. Moreover, when you are paid through PAYE, the amount of national insurance contribution and income tax is already deducted from your monthly salary and the details are mentioned on your monthly pay slip. There is no escape so it is better to understand that there will be no room for any kind of foul play. How Would HMRC Know about the Earnings of a Self-Employed Footballer? Whether you are a footballer who is PAYE or self-employed, there is no chance that HMRC is not aware of the details of what you are earning through this. This knowledge is mandatory to be part of HMRC’s information about each one of you because this helps to send you the accurate tax bills to the employees as well as self-employed individuals. In most cases, the footballers tend to be the high earners. The amount of their earnings within a year is way more than £125,140. This makes them fall into the high tax bracket. Falling into the high tax bracket means that you are liable to pay 45% as income tax on the number of your earnings. You need to know the following threshold while you are considering your tax payments: If you are earning the amount of £12,570 within a year, the tax rate will be 0% for you. If you’re earning between the limit of £12,571 – £50,270, you will be charged with the basic tax rate which is 20%. If you’re earning between the limit of £50,271 – £125,140, you will be charged with the higher tax rate which is 40%. If your yearly income goes above a certain limit which is £125,140 +, you will be charged with the additional tax rate which is 45%. Do Footballers Pay Tax? As we have discussed that the footballers who are playing in contract with a football club are known to be employed. This means that the tax is paid directly to HMRC through the tax deductions from the salary just like any regular employee who is getting a salary on monthly basis. The tax bills are deducted automatically from your monthly salary even before you receive them. These rules are already told to all kinds of employees so the deductions are not misunderstood. Moreover, it is imperative to understand that you are PAYE only for the earnings that you are making through the club that you are associated with as a footballer. The Bottom Line Now that you have gathered a fair amount of information about ‘are footballers self-employed’, we can bring the discussion towards wrapping up. We can say that whether a footballer is PAYE or self-employed, there are tax implications just like any other individual with the employment status of an employee or self-employed. There is no chance that HMRC will give footballers any tax exemptions. Footballers normally fall in the higher tax bracket due to increased earnings and tax affairs are a high deal for them to handle. We hope these few minutes of reading have helped you to develop a better understanding of the employment status of footballers and the tax implications on them. Our team of professional members loves to hear out your business problems and find out the possible and suitable solutions quickly. Call us on 02086868876 or email us today. Disclaimer: The general information provided in this blog about ‘are footballers self-employed’ includes its text and graphics. It does not intend to disregard any of the professional advice.

What is Accountant’s Certificate of Confirmation?

George04/11/2021Accountants , Accounting , self-employed accountant

An accountant’s certificate of confirmation is a letter issued by a certified accountant/accounting firm. This certificate acts as proof that the accounts of a person or business are handled by a professional accountant and are in order. It is used for various purposes it might be needed whilst opening a bank account, for getting a company loan and might be required by the home office for individuals applying under a 5-year route settlement in the UK to ascertain that taxes are paid and other funds are maintained in proper order. If you fail to submit this certificate, you might be unable to open a bank account, get a loan or your home office application might be rejected. Let’s delve deep into the details to avoid the pitfalls! Talk to one of our chartered accountants about the online accountancy services we provide. If you are looking for this certificate, feel free to contact us! Understanding Accountant’s Certificate of Confirmation It is a confirmation letter by an accounting firm or an accountant showing that the individual’s accounts are handled by a professional and are in order. To provide this certificate, the accountant or accounting firm should be a member of any one of the following: Member of a recognised UK supervisory body AAPA (The Association of Authorised Public Accountants) AAT (The Association of Accounting Technicians) CIMA (The Chartered Institute of Management Accountants) AIA (The Association of International Accountants) CIPFA (The Chartered Institute of Public Finance & Accountancy) Member of the Institute of Financial Accountants Additionally, if your home office application shows that you’re earning income as a sole trader/self-employed or a partner, you might not need this certificate if: The franchise agreement is signed by both parties Your business is bound to produce annual audited accounts VAT registration certificates and VAT returns are provided by you The type of business you are carrying has the consent of the local authority Importance of Accountant’s Certificate of Confirmation There are multiple reasons why you need this certificate. However, along with this document, there are some other documents too that you can get for your business in the UK serving the same purpose as this certificate. You need this certificate to: Get an account statement confirmed or for raising any business funds in the UK Get accurate information on your accounts to process any kind of application for your bank and other financial bodies Tackle issues related to different immigration/business visa types Ensure that you are not wasting money on a loan or credit card that has not been paid off completely in the past Claim a Basic Payment Plan (BPS) or obtain the rights, of an active farmer, you need this certificate At CruseBurke, we have a team of skilled accountants who provide solutions to all your business problems! Reach out to us today! How Much Would It Cost to Get an Accountant’s Certificate of Confirmation? It typically costs around £150-£1,500. This amount varies as per the qualification and expertise of your accountant or accounting firm. This document is mandatory in many instances, especially in immigration and if you lack it, your application might be rejected. Quick Sum Up To sum up the discussion, we hope that you have a better understanding of the accountant’s certificate of confirmation. In conclusion, we can say that this certificate holds significant importance when it comes to applying for a 5-year route settlement in the UK as per the immigration rules. It is also necessary to process different dealing with banks and financial bodies. In addition, you need this certificate for many other purposes. We are a team of professionals offering accounting, tax, payroll and other financial services to freelancers, landlords and SME’s at a competitive price. Reach us now to save your time and grow your business like never before! Disclaimer: This article intends to provide general information on the accountant’s certificate of confirmation.

Can a Sole Trader have Employees?

George19/05/2021Limited Company , self-employed accountant

Wondering can a sole trader have employees! Of course, if a person wants to expand his business, he/she can hire more people for his business growth. In this short blog, we’ll explore how hiring new employees in sole proprietorship can affect its status and whether your business would be entitled as a limited company after hiring the staff. Let’s explore! Do you need to form a limited company to hire employees? Luckily, No! You don’t need to change your business structure for employing new people. If you’re not willing to change your business from a sole proprietorship to a limited company, you don’t need to. We’re aware of the fact that sole traders run the business on their own, but it doesn’t mean that you need to work alone. Sole Proprietorship means that you are running your business with your name. You can hire people on a freelance or part-time basis and permanent basis according to your need. However, you need to set up everything correctly. We’re providing complete accounting and taxation package only at £25 a month and you can make your own custom package here. Get an instant quote right now! Things to do after employing new people: If you’re managing your accounting affairs yourself as a sole trader, it’d be a bit of a hassle for you to consider another person in your tax affairs. Though it might be a bit difficult to do it. However, if you want to save your time and money, feel free to contact us! After hiring new people into your business, you need to be concerned about the payroll, employer’s NIC and the benefits of employees like sick or maternity pay. The first things you need to do is to register as an employer to HMRC. You also need to start working on PAYE. By doing this you can deduct the National Insurance and Income tax from the pay of the employees who’re eligible. You need to pay these liabilities on behalf of your employees. You should make sure to do all the things mentioned to avoid extra charges or penalties from the tax authorities. Quick Sum Up: Hopefully, you have got your answer to can a sole trader have employees. If your business is expanding rapidly, it’d be best to upgrade it to a limited company. This is because of the limited liability. You can save a large amount of your money in case of any mishappening and fraudulence by operating a limited company. Although, a limited company needs more recordkeeping and accounting, yet, it’s hard to be dissolved than a sole proprietorship. As it is crucial to protect your business for the long term. Want low-cost accounting services, contact our professional accountants anytime! Get an instant quote right now! Disclaimer: This blog provides general information about the topic.

How to Register as Self-Employed in the UK?

George03/04/2021self-employed accountant , Tax Issues , Uncategorised

So you have decided to start your own business. That’s great. Now, you would earn some extra cash aside from your regular job. But now a few extra responsibilities are here on your head than before. Therefore, to get rid of legal issues, you should register yourself as self-employed to HMRC. In this blog, we’d provide a step-by-step guide on how to register as self-employed in the UK. Don’t worry the process is quite simple and easy. Are you worried about the taxes as self-employed, check out, how we can help! Step by Step Guide – Register as Self employed with HMRC: Let’s see how to register as a self-employed with HMRC: Using the Employment Status indicator check your eligibility for self-employed Register to HMRC online account with your e-mail address You’d provided with details by post including 10-digit Unique Taxpayer Reference (UTR) Complete your registration with Government Gateway details and add your business information including name, contact, etc After successfully registering as self-employed, you’d have to abide by the obligations and responsibilities as per the law. It includes completing your annual Self-Assessment tax returns. Why Should I Register? You should register as self-employed because HMRC needs to collect self-assessment tax and National insurance from your earnings as self-employed. But how can you know that you’re self employed and you need to register for it? You can check your employment status through the Employment Status indicator to know which category you fall. Typically, you’re classified as self employed if: You operate a business for yourself You are having two customers at a time You decide when and how to work You can hire other people You can provide the tools needed for work You take responsibility to do a work within the time You charge a fixed price for projects Sell services and goods to earn profit Still unable to find out your employment status, reach out to us! When should I Register? You should register as soon as possible before 5 October of the tax year, when you became self-employed. You’d be charged a penalty if you register after the deadline. Responsibilities after Registration: You’d keep a record of your business incomings and outgoings. Secondly, you’d file your Self Assessment tax return online before 31st January. Thirdly, you should pay HMRC from 31 January and 31 July. You may delay the payment as long as HMRC agrees. Moreover, you have to pay income tax along with class 2 and class 4 National Insurance contributions. If your annual income is above £85,000, then you need to register for VAT. Quick Sum Up: Now that you know how to register as self-employed in the UK, it is important to follow the guidelines provided by HMRC. You are not required to pay any fees while registering for it. These steps are quite simple, but some cases might be special that can’t be handled easily by a non-expert. So, it is better to take the help of an accountant. CruseBurke is providing free consultation services for you. Contact us anytime! Disclaimer: This blog is written for informational purposes.

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

George26/01/2021Accountants , 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!

We Do Bookkeeping for Personal Trainers in Croydon

George23/06/2020Personal Tax , self-employed accountant

Learning about keeping fit and healthy is knowledge best gained when you start with yourself. The perseverance one shows to keep off fatty foods and go for training every day takes some endurance and a very disciplined lifestyle, but it all pays off when you see yourself in the mirror getting the body you always dreamed of. If you want to share the knowledge that you have gained over the years of keeping fit, then you can be a personal trainer and make a good living out of it as a freelance personal trainer. A personal trainer is very flexible and professional. You organise your clients’ workout regimes and sessions on how you like and attend sessions to give your clients the advice they need on diet or training, and the best part about it is that they look up to you as their guide to a fit lifestyle. This and many other benefits make the freelance personal trainer profession a very attractive one, but there is one downside to it, and that is accounting. Talk to our best accountants and bookkeepers in the UK at CruseBurke. You will get instant help with your accounting queries in Croydon. Advice on Bookkeeping for Personal Trainers If you are a full-time employee, then you don’t have to worry about doing your books or paying taxes because your employer will automatically take care of it for you. However, as a freelancer, you need to keep track of all your financial records and file a Self-Assessment at the end of each business year. Keeping a close eye on your work keeping up with clients and increasing your client base needs full-time dedication to your freelance personal training profession, and taking out to do accounting for your business can be time-consuming. That is where CruseBurke comes in, as our expert accountants can do bookkeeping for personal trainers in Croydon, not only that, we will provide you with valuable advice on accountancy and tax throughout the year, especially when you will be learning the ropes of the accounting part of your business. We will ensure with our advice that your business is run successfully and smoothly. Like many other accountants, we will not abandon you after getting paid for your year-end accounts. How CruseBurke is different from other Accountancy Firms CruseBurke has done business with many freelancers, and our accountants know precisely what kind of issues a freelancer faces. With short deadlines, you hardly have time to keep your financial records, and we understand that. We will do bookkeeping for personal trainers in Croydon with our specialized and affordable service that is designed specifically for freelancers. With all the above, we will advise on your take-home pay as well as other expenses and tax allowances. We will guide you through every step and also guide you on which VAT scheme to register for. The most important thing for us is to guide you on how to run your business in a tax-efficient way while keeping our services as simple as we can for you. You will never receive an unexpected bill from us, and if you face any confusion regarding anything related to accounting, you can call us anytime without the fear of getting charged extra. Disclaimer: The information provided in this blog is about the bookkeeping for personal trainers, including the text and graphics, in general. It does not intend to disregard any of the professional advice.