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Whether you are a start-up, small business, contractor or simply a self-employed freelancer who needs specialist self-employed accountant services, Tax Bite can help with your self-assessment tax return. We know only too well how complicated it can be to handle everything related to the financial side of being self-employed.
That is why we offer such a comprehensive and detailed service focused on self-employed accountants and tax. Fully qualified and certified support, advice and help are available from our experienced team.
Regardless of whether you are new to self-employment or have been operating in that capacity for years, you may wonder if you need an accountant. Most people associate accountants with larger businesses that have more employees.
The truth is, though, whether you should have an accountant is up to you. When you are self-employed, you need to think about everything when running your business – having the business finances records to worry about could add unnecessary pressure.
That’s even without mentioning the dreaded word, tax.
If you want the help of self-employed accounts for various services, speak to the team here at Tax Bite for more information on what we can do for you. You can contact us following directions at the bottom of the page or by using our contact us page.
We understand that there are many tax services out there when it comes to chartered accountants for self-employed people. There are many important decisions you need to make when you run your own business or are self-employed and one of them is choosing the best accountancy firm. Why do we feel Tax Bite just might be the best for you?
At Tax Bite, we don’t like the term accounts managers. That conjures up images of someone who doesn’t know your business personally. That just knows the numbers. When you choose us for your self-employed accountants, you will get highly personalised and tailormade service, one that fits in with your needs and business.
It also means you will get your accountant who will be dedicated to dealing with your business. That way you will not have to try to get to know several different people. When you have that rapport built up and have trust that our chartered accountant knows your business as well as you do, you will not need to second guess their advice, when it is offered.
It may be that you have already started using bookkeeping software for your records, or there is one in particular you feel would be a good match for you and your business. Rather than making you switch to the one you are not familiar with, we can provide you with help and access to all of the best bookkeeping and accounting software packages on the market.
If you are new to the self-employed sector, the mere thought of managing your accounts could stress you out and worry you. When you choose Tax Bite, you do not need to worry about anything, as we will take care of everything for you. We will provide expert advice throughout our time working with you, morning, noon or night.
Even if you are selling a lot of products or services and making a good salary, you could still be losing lots if you are not operating efficiently as a sole trader. The accountant for the self-employed that was assigned to you will regularly conduct thorough tax-efficiency reviews.
If any issues arise, he or she will provide you with options as to what you should do moving forward.
There are a lot of chartered accountant firms out there that are just looking to make as much money out of you as possible. They are looking for those that are gullible and perhaps newly self-employed.
At Tax Bite, that’s not how we operate, and it is something we are very strongly against. Instead, here you will be able to have your annual reports completed and your self-assessment tax return submitted to HMRC without any request for payment from us.
A huge problem many people face when trying to stay compliant and up to date with different business accountancy and tax rules and regulations, is forgetting to do and pay tax and other things by their deadlines. To help you avoid that from happening, we can provide reminders that are automated to let you know when tax returns and accounts should be submitted, so that you are fully prepared
It is not just ensuring that you are saving as much money in tax rebates through our tax-efficiency reports that we can help. We can also help avoid and reduce any unnecessary tax liabilities. Our financial reports for your business can be customised to feature information like the customers who have not yet paid and how much they owe you, and tax allowable expenses comparisons that fall within your budget.
The amount of tax you need to pay will depend on your business profits. Your main goal is to make as much of a profit as possible while having enough money to invest back into the business to help it grow. At Tax Bite, our team of expert accountants for self-employment are qualified to do just that and ensure that you stay far away from tax liabilities.
Above all else, one of the main reasons why you should outsource your financial record keeping and accountancy to experts like our team here at Tax Bite Accountants is to benefit from all the time you will save yourself. The temptation when you are self-employed is to try and do income tax returns yourself, with the misguided belief that you will save some money.
However, even if you do save some money, it will cost your business in other ways because whether it’s you or another individual in your small business who covers the accounts, bookkeeping services and tax requirements, it’s time away from tasks they would be better doing. Tasks that could improve and grow the business.
That is why you should hire a professional, to free up your time from doing specialist jobs that you are not suited to, so you can focus on the thing you do best – working directly on your business.
You have to register with the HMRC as self-employed to pay taxes, if:
You are the sole owner of the business and do not occupy the role of the officer, the role you would have within a limited company.
You have full control over the business.
You are not restricted in any way from withdrawing funds from a bank account, which also sets you apart from limited company directors where any withdrawal they made would be considered a loan, bonus, salary or dividend.
At Tax Bite, we can help give you direction about all the different expenses you can claim back on your tax return, which could save some money. Some of the most common expenses include:
Finance and interest charges
Public transport business travel expenses
Own vehicle business travel expenses
Cost of sales
Training and courses
Using the home as an office
Staff costs and wages
Repairs and any renewals to equipment and property
Professional body subscriptions
The fees different accountants charge can vary greatly, based on their business model. Other factors that are taken into consideration when charging you for self-assessment services through an accountancy firm are the size of your business, the scale of its activities and its service requirements.
Generally speaking, most accountants tend to charge a one-off fee for annual self-assessment returns, which can be anything from £150 to £250 and even more, depending on the size and extent of the financial transaction involved.
A general rule of thumb is that the higher the income your business generates or that gets from self-employment, the more sources of income you have, and the higher your accounting fees will be.
You also need to remember that while the £150 to £250 will normally cover just the most basic of self-assessment services, if you need more comprehensive help and guidance, you will be expected to pay much higher fees.
You don’t need an accountant being self employed. However if you want to free up more time and save more money hiring an accountant will certainly help as there are various ways to save money on tax and certain tax reliefs available that you might not know about. It’s always a good idea to hire an accountants they will also make certain your tax file is compliant meaning you won’t get in trouble.
It can be richly rewarding and freeing to go it alone and become self-employed. However, the entire process of managing and reporting your tax can be anything but freeing. That is why it is best to hire an accounting firm like Tax Bite to deal with your tax returns.
Let us take all the sweat, tears, worry and effort for you. What could be easier than an expert telling you how much tax you owe while you concentrate on your job as a business owner? If you would like to find out more about our accountants for self-assessment services or have any additional questions or queries not covered here, please get in contact with us.
Our team at TaxBite help various sectors in accounting, such as: