A lot of freelancers who are just starting out tend to put off getting their own accountant due to the expense of it, believing it’s something they can’t afford. But, when they do this, they tend to create their businesses in a poor way and pay excessive tax and are fined a lot in the event of late or non-payment to HM Revenue and Customs.
Alongside being a trusted business advisor and someone to offer guidance on tax matters A good accountant will offer a variety of additional benefits, including:
Time-saving: Many freelancers bill per hour or bill clients according to the hours they’ve worked on a particular project. So every hour you are sifting through the tax return and paperwork is time you’re not making.
You’d prefer to use your time where your strengths are, and not spend your precious time figuring out your accounting. Transferring the details of your financials to an experienced accountant will free up time that could better spend on building your business.
Being sure that things are done right Accounting professionals are skilled in completing tax forms. They should make sure that everything is filed correctly with HMRC. The errors you make will not only take time, but can be financially costly in the form of penalties and fines.
You can save cash on the tax bill: Properly the tax return isn’t only about making sure you fill in the correct boxes. A professional accountant knows how you can legally lower the tax burden, which could soon be a lot and be enough to pay for your personal accountant.
Tax laws and allowances are constantly changing therefore unless you plan to be spending weeks a year trying to keep up-to-date, it is logical to employ an accountant.
As a freelancer you’ll also gain individual financial advice as you personal budget is closely tied to your income from your business.
Advice for business owners: Expert accountants have worked with all sorts of businesses and are in a position to offer general advice and aid in the growth of your business in addition to handling the specifics of your finances.
If you’re starting from scratch or even if you’ve been in business for many years it’s always beneficial having a group of people to talk to about ideas and your accountant can provide an honest and insightful tips, that go beyond the financial advice that you receive from them. If you encounter problems that they are unable to assist with, they’re certain to have a vast contact list of professionals who can assist you.
How do you find a reliable accountant
We’ve discussed the advantages of hiring an accountant, the next step is to select the best accountant to your company’s needs.
It is always beneficial to try to find an accountant that is aware of your personal needs and particular situations, so you should find out the accountants you’re contemplating has any knowledge of your particular field, and most importantly whether they have experience working with freelancers and small-sized businesses.
It is also important to know what exactly you’re receiving in return For instance, whether or not you’ll receive regular phone or email support or be charged extra every when you call with a concern.
It is important to know regarding the fees you’ll be charged.
The choice of an accountant in Manchester is a crucial choice as they’ll be able to access your most complete financial information and will play a significant role in the growth of your business , therefore it is essential to pick the right accountant right from the beginning.
MH Services | Accountant
Imperial Court, 2 Exchange Quay, Manchester M5 3EB
0161 457 2175