Accountant for Self-Employed

Who is 

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 

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”.

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:

  • 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

While it is not mandatory to hire an accountant for self employed, keeping an accurate record of all your income and expenses and preparation of the Self-assessment tax returns is time-consuming and laborious. So, it will be best if you think about hiring an accountant. 

Yes, you have to do VAT registration if you have reached a certain earning threshold or are meeting some conditions, such as you or your business is based out of the UK; or you supply your goods/services to the UK.

Some of the expenses you can claim as self-employed are office costs, uniform costs, advertising costs, insurance charges, cost of raw materials, etc. 

These allowable expenses are called simplified expenses. These can vary as per the hours you work from your home. You should be working at least 25 hours/per month to claim these expenses.  

accountants for self-employed

We do the digits you live your Lifestyle

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.