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