STYLES & ASSOCIATES
ACCOUNTANCY SERVICES
Serving businesses in Alton, and throughout Hampshire
Self-employment is an attractive route for many entrepreneurs allowing the freedom and autonomy to use your skills without a restrictive management hierarchy. Whilst it is not a legal obligation for the self employed to use an accountant, it is a legal obligation to keep accurate sales and expense records and to submit annual self-assessments.
Accountant For Self Employed
Do you need an accountant?
If you are self employed as a sole trader, freelancer or contractor then this is probably a question you have asked yourself. Concerns about how much an accountant will cost and if can you manage the accounts yourself are common amongst the self employed. You are entrepreneurs, you can do anything right? Yes, you can, but the real question is, would an accountant be more efficient than you at managing your accounts – and the answer is a resounding YES!
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According to HMRC you must keep records of your business income and expenses for your tax return if you’re self-employed as a:
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Sole trader
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Partner in a business partnership
You’ll also need to keep records of your personal income.
Will an accountant save you money?
You have honed your skills for your specific trade and are an expert in your field. So is an accountant. Experts can work more efficiently and have a greater depth of knowledge and experience. Accountants will have specialist expertise in tax returns, managing expenses, available allowances, reliefs, and deductions for the self employed.
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Whether you are a start up business, sole trader or freelancer you will no doubt look at ways to save money. However, cost cutting exercises can sometimes end up costing more money. Having an accountant will help ensure you are meeting all of your obligations, and save you time, not to mention ensuring you avoid penalty fines if you submit a tax return late.
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How much will an accountant cost?
Accountancy fees can vary depending on the complexity of your accounts. At Styles & Associates, we offer a fixed fee package for the self employed. With a fixed fee service you know exactly what you are paying each month which means you can manage your finances effectively – essential for the self employed with an unpredictable income.
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As your business grows, our services can grow with you, we provide bookkeeping, payroll, self-assessment and VAT returns. You can scale our services up (or down) as and when you need to.
There are no hidden costs, no extra fees for meetings or calls, just a straightforward fixed monthly fee.
Accountant for the self employed.
If you are considering becoming self employed Styles & Associates can help you to set up and register with HMRC to pay taxes. You must register as self-employed by 5th October of the
business’s second tax year of when you have started self-employment. You may receive a penalty of £100 if you have failed to register and can increase after three months. Later down the line you may also need to consider registering for VAT. Our knowledgeable team can help make this transition an easy process.
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At Styles & Associates many of our clients are self employed, ranging from cafes owners, hair salons, designers, and contractors, to refrigeration specialists and builders. By using an accountant they all have peace of mind that their accounting records are reported accurately, and they pay the correct amount of tax – not over or under. If you are ready to grow your business and want to remove the burden of understanding your tax obligations get in touch with our experienced team to discuss how we can help. Call: 01420 541 554
It feels like the team at Styles and Associates are an extension of my business. Not only is book keeping and accounting performed timely and accurately giving me management information I can rely on but I feel I always have someone to discuss ideas or problems with.
Gerry Budd