Tax on Self Employment
Free Lancers | Sole Traders
We are proud to be one of the leading tax accounting firms in the United Kingdom, serving self-employed taxpayers nationwide. Please send us an email for a quick quote.
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Approximately 5 million self-employed people are earning a living all over the UK. In other words, about 17% of the whole British working human population. It certainly is a giant count and one set to keep increasing. According to SmalBusiness.co.uk, over 2.5 million British people wish to start their own personal small business. Precisely that’s the reasons people choose to go self-employed. By becoming self-employed, you can discover a level of work satisfaction you never thought possible. Many people thrive with their newfound independence and are massively successful. This can be a stressful concept for those without experience. Going self-employed means you are left to fend for yourself financially. Or are you? Being a freelancer doesn’t mean you have to cope with the burdens of tax, bookkeeping and other accountancy tasks alone. Accountants for freelancers are available to support your goals and lift some of that weight from your shoulders.
Who We Are ?
We Are Professional Accountants, Tax Advisors and Business Consultants
Our team consists of highly qualified accountants, Ex HMRC Tax Inspectors and industry known business consultants
Choose the best Tax Accountants
If you are self-employed or have a small business, let our team of best tax accountants take care of your accounting and tax compliance
We Are Here To Help You With Any Questions You May Have
Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.
Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries.
Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction.
Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.
HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.
No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.
There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts.
Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.
What our clients say
HMRC is very adept when it comes to investigating tax fraud. When the tax office suspects that a serious fraud has been committed, they issue