Learn about the services accountants can offer the self employed.
Self employment differs from being employed not only in the obvious management and responsibility – but also in tax compliance. Trading as a sole trader/contractor there are many tax obligations an individual needs to meet. From record keeping, to preparing accounts to show profits or losses and accurately claiming expenses and capital allowances. If the individual is employing people, they can also run a payroll under the PAYE scheme so further obligations lay there.
VAT registration can also apply either voluntarily or once turnover exceeds a certain threshold and would require periodic VAT returns to be calculated and filed.
National insurance contributions for self employed people are different to employed people (CLASS 2 and 4) and are charged at different rates.
Paying tax as a self employed person takes careful planning and setting aside of money. The important dates are October 31st (for paper filers) or January 31st (for online filing). Submissions made to notify HMRC are via the Self Assessment Tax Return.
Services accountants can offer a self employed individual include:
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