Self employed accountants complete and file your tax return online.

Who is a Self Employed Accountant?

If you start working for yourself, you’re classed as a sole trader or self-employed individual.  The only drawback is that you’re personally liable for any debts that your business comes across. That’s a risky option for businesses that requires a lot of investment. You can be both employed and self-employed at the same time. Let’s say you work for an employer during the day and run your own business in the evenings or over the weekend. You’ll have to deal with taxes either way. Let self employed accountants help you figure out your taxes and tax returns.

Self-Employed Tax Return 

If you’re self-employed, you need to complete a self-assessment tax return. Self employed accountants complete and file your return online or fill in a paper form. You need to pay Income tax for a tax year in two installments i.e. January and July plus a final ‘balancing payment’. As a self-employed, you need to register within 3 months with HM Revenue & Customs. If you need any help with self-employed registration, Please let us have information on this link.

If you’re working under the construction industry scheme (C.I.S), we’ll help you file your personal tax return. At the end of the tax year ( usually 5th April ), HM Revenue & Customs will send you a notice to file the tax return. If we’re acting as an accountant for you, we’ll send you a reminder to file your personal tax return. You have to declare the income from all the resources in your tax returns. These include:

  • The full amounts on your invoices as income.
  • Any deductions contractors have made in the CIS deductions’ field.

We’ll guide you about the expenses that can be claimed to minimize tax liability. We’ll work out your tax and National Insurance bill and take off any deductions/expenses made by you.

Self employed tax return
Accountants for self employed

What’s the Process?

If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, our self employed accountants will help you get a refund from HM Revenue & Customs.

  • Register as a self-employed with HM Revenue & Customs within 3 months of your setting up
  • Pay Class 2 National Insurance contributions (£2.95/week for 2018/2019). This is collected on a yearly basis with your tax bill. HMRC may abolish this from 6th April 2019 onwards.
  • Set up a separate business account If possible – Ask us if you need to open a business bank account.
  • File Self-Assessment tax return every year, The tax year in the UK runs from 6th April to 5th April every year.
  • Pay tax on yourself employment profits according to the tax band you fall in.
  • Pay Class 4 National insurance contribution on profits above £8,424 (2018/2019)
  • Register your Business for VAT in turnover is above the VAT threshold ( Currently £85K a year – 2018/2019)
  • If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
  • Keep records of all Sale invoices
  • Keep records of all Purchase invoices/ Expenses – if you are our client, you can request us a list of possible allowable expenses. This will give you an idea of what you can and can’t claim for.
  • Keep records of all business bank statement
  • Keep records of business credit card statements if any
  • Keep records of VAT – if registered
  • Keep a record of all the employees & casual labour
  • Keep records of any other information which you believe is relevant.
  • Record-Keeping recommended By HM Revenue & Customs – Click here to read more.

Startup Accountants in London try to make things transparent for our clients by providing maximum information. If you are looking for self employed accountant in London, please feel free to contact us on 0800 6441 258 or email us on [email protected]

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Unit 112 65-69 Lots Road, London, England, SW10 0RN Registered in England & Wales with Company Number – 07057125

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