Being self-employed and running a business can be stressful. Keeping your books up to date and taxes in order even more so. If you’re self-employed or working as a Freelancer or Contractor, you may be sceptical about spending money on an accountant, but it could free up your time and save you money in the long run.
Here are our top 5 reasons why you and your business could benefit from engaging with a chartered accountant:
1. Accountants can save you time
Your time is precious and the amount of administration required to manage, record and file all your business transactions accurately adds up. Whether you are a sole-trader, a contractor or freelancer, it may make more financial sense to hire an accountant to take care of your tax and financial admininstration needs and free yourself up to focus on your day-to-day business activities.
2. Accountants can keep you up to date with new regulations and tax legislation
Chartered accounts are obligated to keep up to date with all new legislation or tax regulations that will impact on their clients, whether this is the IR35 regulations due to come into force next year, April tax allowance changes or the latest business rates relief. HD Contractor Accountant clients receive regular updates with planning advice and the latest tax news.
3. Accountants ensure that you meet tax deadlines
Tax limits and deadlines and regulations change constantly. Accountants keep your business on track and ensure that you submit on time and accurately. An accountant can also ensure that you are not paying too much money and are claiming back items on expenses that you may have overlooked.
4. Accountants can save you money
Yes, an accountant costs money, but the cost of not submitting taxes on time, or underestimating your tax bill could cost you way more than trying to do it yourself. It costs up to £150 per day for late submission of annual accounts.
Hiring an accountant can help you monitor your cash flow, expenditure and help make savings to ensure that you can expand and grow if that is part of your business plan.
Your growing company may also need more investment or a loan – which will mean having up to date and accurate accounts to help sell your business or convince investors that you are a safe bet.
5. Accounts can help steer your business
Accountants can help manage everything from Payroll to P45s, audit, VAT return and corporation tax. They can ensure your records are up to date with Companies House and that your company remains viable and healthy.
Even if you are starting out, an accountant can help you with your business plan and plan for the future. We recommend engaging with an accountant as early as possible to get your processes right from the beginning.
No matter what stage you are at, HD Contractor Accountants provide friendly, expert advice for a fixed monthly payment – no surprises.
HD Contractor Accountants, part of Horner Downey & Co, are Chartered Accountants. Our sector-specific team have worked with freelancers and contractors for many years. We provide all of our services in-house, including IR35 contract reviews and advice.
If you are new to contracting, administration and tax requirements can be daunting. Our friendly team will give you as much help as you need for a fixed monthly payment. Contact us today.