Do people who are self-employed need an accountant?
Getting to call all the shots is one of the best things about running a business, but the added responsibilities that come along with that often take away from the perks of being your own boss.
If you work as a self-employed sole trader, it can be difficult to find the time to get everything done and stay compliant – particularly with endless amounts of paperwork to file and tax return deadlines to meet.
Bringing in an accountant to help you out may be the solution you need to make running your business more manageable. Here’s what an accountant could do for your self-employed business.
Why you need an accountant as a self-employed business owner
Save time
Recording and monitoring your daily business transactions is important for understanding your finances and meeting your obligations, but it can be time-consuming.
Comprehensive accounting and bookkeeping services can take much of that burden off your plate. An accountant can keep track of everything for you and use that information to calculate and file your returns for you, giving you more time to focus on your other responsibilities.
Depending on your accountant, they may also provide other time-saving services such as processing invoices and setting you up with cloud accounting software.
Stay compliant
Struggle to get your self-assessment returns filed in time? An accountant can help ensure you never miss the deadline or face late payment penalties again.
Precision and punctuality are at the heart of effective accountancy, so you can rely on your accountant to file your returns accurately and in plenty of time each year.
They’ll also keep you up to date with any upcoming changes to legislation, such as Making Tax Digital for income tax self-assessment (MTD for ITSA) making sure you are compliant when the rules come into effect.
Plan more easily
In addition to bookkeeping and personal tax services, accountants also often offer tax and business planning services.
Accountants know the tax system inside and out, and will be able to help you take advantage of reliefs and allowances to cut down your personal tax liabilities as much as possible. With a professional on the case, you won’t need to worry about paying more tax than you need to.
They’ll also be able to help you draw up a business plan you can stick to. Having a solid strategy in place will help you meet your short and long-term goals, and allow you to make informed business decisions.
Gain financial insights
Your accountant will be able to give you valuable insights into your self-employed business’s financial wellbeing. As experts, they may be able to spot problems in your business you previously didn’t notice, as well as offer solutions to fix them.
If your accountant sets you up with cloud accounting software, you’ll also be able to produce automatic reports and forecasts from real-time data. With all your information in one place, insight into your finances will be much quicker and easier to access.
Access support and advice
The best thing about working with a professional is the support it gives you access to. If you run into any issues in your business, or simply want to ask a few questions, your accountant will be on hand to offer advice whenever you need.
To us, accountancy isn’t just about the numbers – it’s also about forming long-lasting relationships with our clients. Having that personal connection is what really makes a partnership work.
We’ll work closely with you and get to know you and your business to ensure you get the best service possible.
Get in touch with our team today to find out how we can help you make your self-employed business thrive.
