When you’re working for yourself, you’ll spend a lot of time focusing on the essential running of your business or, as a subcontractor, lining up your next job.
So when you have to start considering your taxes, getting in touch with an accountant can be a much easier option. Not only will it relieve you of hours of paperwork, but it can also be an effective way to save money.
There are many reasons why self-employed people should hire an accountant. Here are some points to consider.
Helping you stay compliant
One of the most crucial elements of running a self-employed business or working as part of a trade is staying compliant with the rules and regulations set out by HMRC.
Whether it’s making sure you meet your self-assessment deadlines, paying your tax bill on time, or understanding your position regarding the IR35 rules, having an expert by your side will mean you don’t fall behind on your obligations.
This will give you confidence in your business’ finances and the security of knowing that you’ve got the best structures in place.
Saving you time
After a long working week, the last thing you’ll want to do is record your expenses or update your budgets when you could be relaxing or spending time with your family.
But being self-employed, you’ll have to constantly keep on top of your self-assessment paperwork or, if registered, your VAT records.
This is another reason why hiring an accountant could be your best option. By handing over the repetitive and time-consuming administrative work, you’ll be able to focus on the more important parts of your daily operations and reclaim some personal time.
Minimising your tax bill
An accountant won’t just help you reclaim time, they can also help you save money.
By having your accountant keep track of your personal tax or business tax planning, they’ll be able to identify ways of minimising your bill through tax reliefs.
Also, by having your tax returns prepared and filed on time, they’ll cut out the risk of you incurring any penalties from submitting your returns past the deadlines.
Having your self-assessment filed early will also allow you to claim a tax refund if you’ve paid too much. This could be a helpful cash injection to help pay your next tax bill.
Suppose you’ve accumulated several expenses over your tax year. In this case, your accountant will organise them and help you reclaim any money you’ve spent on goods or services used wholly or exclusively for your business.
Business management
Running a successful business involves a keen eye for detail and the ability to multitask on a daily basis.
Not only do you need to keep track of your cashflow, but you also need to make sure your payroll, VAT returns, and any workplace pensions you offer are well-managed. Hiring an accountant can ensure all of these processes are maintained and run efficiently.
As an experienced financial professional, your accountant will also be able to spot opportunities for you to reinvest in your business to nurture its development.
Whether it’s helping you find the financing you need to expand your services, or areas where you could be saving money, it’s invaluable to have guidance.
Talk to us
If you think that you may benefit from the support of hiring an accountant, the team at AssureTax will be happy to answer any questions you may have.
Get in touch to talk to us about hiring an accountant.