"As a successful and growing company, outsourcing our finance function to Whitehill has allowed us to focus on growing the business and meeting the needs of our customers."
(Finance Director, Novum Audio Visual Ltd)
five star review


 
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IR35 and why it might matter to you
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Do I need an accountant or a bookkeeper?
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Ten tips to reduce your tax bill
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Sole trader vs limited company
June 28th
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Record keeping and dividends
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All about the Quickbooks mobile app
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Why management reporting matters
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Travel expenses and what you can claim
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Freelancers

Bookkeeping & Accounting for Freelancers

If you’re thinking about going freelance and setting up your own limited company – or have already done so – the thought of managing the financial side of things is most probably going to give you some headaches!

ipad3.jpgHowever simple your business model, as a limited company there are certain things you have to do by law, and failure to get it right could result in back taxes and potentially fines, we hope this accounting for freelancers guide is helpful.

So, what are the options?  

1. Do it yourself!

You could do your accounts yourself, but unless you have soem experience with bookkeeping and also  understand the intricacies of HMRC and its multitude of forms, you might want to think again. Doing your accounts takes up valuable time you could spend either working, or socialising with friends and family. Also you stand an above average chance of making a mistake and getting your accounts rejected by the HMRC.

2. Use an off-the-shelf or online bookkeeping package

Bookkeeping is simply the process of recording your business transactions, whether you record them in a book, a spreadsheet or an online package the activity is the same; you have to record them. You'll have to keep all your receipts and bills for up to 7 years, and you may struggle to do things like payroll and Real Time Infomration posting to HMRC.

3. Find yourself a good bookkeeper

Find one that that's familiar with providing accountancy services for freelancers and contractors. Even though you might think your requirements are fairly simple, there’s no substitute for working with a professional.

In plain English, a good bookkeeper or accountant should:

  • Help you to structure your company in the most tax efficient way possible.
  • Help you to understand the best way to take money out of your company.
  • Understand what you can claim by way of expenses and the impact on your income and taxes.
  • Help you to understand all of your tax liabilities both personal and corporate. These include:
    • Employers National Insurance contributions
    • Employees National Insurance contributions
    • Personal income tax
    • VAT (Flat Rate Scheme or standard VAT)
    • Corporation tax
  • Prepare and complete your personal self assessment tax return each year.
  • Understand when, how much and where to send payment for all taxes that are due..

We offer all clients:

  • A personal bookkeeper. Accounting and tax can be complicated; that's why we offer a personal bookkeeper who is able to meet up and answer any questions you might have.
  • Qualified accounting and bookkeeping staff. No call centres, no outsourcing, no press one for this or two for that. Telephone, email or meet your own personal bookkeeper face to face.
  • Online access to your accounts 24/7.  We use the latest cloud-based accounting and make your accounts available to you via smartphone app, tablet or desktop computer, 24 hours a day, 7 days a week.  So it's easy to check what's happening, wherever you are.
  • Great reputation for a friendly, helpful service. We're building a great reputation for providing a first class service without the fuss.  

All this for a fixed fee of £120 plus VAT per month. Our all inclusive package includes: 

  • Year-end accounts*
  • Corporation tax
  • Payroll bureau
  • Dividend administration
  • Dealing with HM Revenue and Customs and Companies House
  • Quarterly VAT Calculations 
  • Support with Annual Returns
  • Personal Self Assessment Tax return
  • Access to your own dedicated bookkeeper for all help and advice
  • Free cloud accounting bookkeeping software including support, backup and upgrades

Appoint Whitehill and never worry about your tax or accountancy affairs again!

 

IR35 and why it might matter to you

IR35 was introducedto combat employees who disguised themselves as personal service companies in order to reap the tax benefits of operating as a contractor, as opposed to an employee. IR35 determines if you’re an employee of the client or a limited company contracting your services to that client. Here we offer help in understanding IR35 and also deciding whether it migt affect you.

Do I need an accountant or a bookkeeper?

Find out what the difference between an accountant and a bookkeeper is, and decide what you really need. It could save you a lot of money!

Record keeping and dividends

You have to keep records if you have a limited company. Here's what you need to record, with some examples of the wording to use.

Ten tips to reduce your tax bill

Here's the top ten tips bookkeepers and accountants across the UK are currently passing on to their clients. With suggestions for every type of business from sole trader to medium sized business with dozens of staff, there's something for everyone here.

Sole trader vs limited company

Find out what the benefits and disadvantages of trading as a sole trader vs a limited company are