Accountant for Self-Employed

Who is 

The term ‘self-employed’ refers to a form of employment where a person by self runs a business as a sole trader. In this case you are your own boss. As per the prevailing laws, a resident of UK can choose to be employed and self-employed at the same time. For instance, a person may be employed as an executive of a company and work from Monday to Friday under its payroll. At the same time, the same person can operate a shop in a personal capacity during the weekend to earn some extra income. Our specialised accountant for self-employed can help you determine best suitable business structure and budgeting if you like to startup your career as a self-employed.

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How we help 

Accounting for self-employed 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”.

Accounting for self-employed makes you a better business manager

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:

We help you get registered as self-employed with HMRC within 3 months from the date of establishment.

We help you pay Class 2 National Insurance Contributions @ £3.05 per week. This is paid on yearly basis with your tax bill.

We also take care of Class 4 National Insurance Contributions which is computed @ 9% if your income is in between £9,501 to £50,000. Also, income exceeds £50,000 then an additional 2% is charged.

Many a times, clients have requested us to differentiate between their personal income and business income. So, we can help you setup a business account as well.

Needless to say, we help you in filing your taxes correctly on time through self-assessment tax.

If your business income exceeds £85,000 during a financial year, you are required to register under VAT. We guide you for the same.

accountants for self-employed

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Accounting for Self-Employed package starts at £20 per month 

Our 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.

self-employed reminders
Bank reconciliation

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.

Calculate Tax Liability
vat registration and return

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.