Self Employed Accountants

Choosing to become self-employed, where individuals are their own bosses and entrepreneurs of their own ventures, comes with so many perks. Not only can you focus on doing something you’re incredibly passionate about, but your work/life balance is dictated by your own schedule, giving you the freedom to work as much or as little as you’d like.

One thing that most self-employed people have in common is incredible organisation – and you need to be organised to ensure everything goes smoothly within your business.

As we enter a new tax year, you might be getting your books in order ready to start a-fresh and keep everything organised, so that when your next self-assessment deadline comes around, you have everything you need.

One thing that Gorilla Accounting can help you with is ensuring you have everything you need ready to pay your tax bill. As the Most Trusted Accountancy Firm on Trustpilot, our team of experts pride themselves on making sure all of our clients (and even some that haven’t signed up with us yet!) submit their tax return way before the deadline.

Using an Accountant when you’re Self-Employed

When being self-employed, the role of an accountant cannot be overstated. As a self-employed worker in the UK, managing finances, understanding tax obligations, and staying compliant with HM Revenue and Customs (HMRC) regulations are pivotal for sustainable growth and success.

Having the right team around you when you’re setting up a business on your own is so important, and having an expert in your corner when it comes to your finances can help you navigate your income tax.

If you’re setting up a company, we can help with company formation, as well as being here to support you no matter how old your limited company may be. We also support sole traders should that be your set up.

Going it alone is not easy, and having as much support around you as possible can really help. In recent news, HMRC has recently made the decision to reverse its plan of closing the self-assessment telephone helpline for half of the year, further proving just how much support HMRC recognises is needed for those that are self-employed.

What did HMRC plan to do?

HMRC announced that the helpline they have for those submitting self-assessments would close between April and September, after the start of the financial year and up until the paper self-assessment deadline in October. Taxpayers would be directed to online services instead.

However, less than a day later, after widespread criticism from tax professionals and MPs, the decision was overturned and it was announced that the line would stay open over the summer between April and September, giving people the option to contact HMRC through the phone line as well as through online services.

HMRC chief executive Jim Harra said: “We’ve listened to the feedback and we’re halting the helpline changes as we recognise more needs to be done to ensure all taxpayers’ needs are met, whilst also encouraging them to transition to online services.”

What criticism did HMRC face?

With more than 12 million people required to complete a self-assessment every year, hundreds of thousands will ring HMRC for assistance to ensure their submission is correct and complete.

MPs have claimed that customer service at HMRC is at an all time low with hundreds of thousands of people needing assistance and being left in queues of 10 minutes or more to speak to an advisor.

The average wait for a call to HMRC was 16 minutes and 24 seconds in the year to April 2023, according to a committee’s report. That compares with 12 minutes and 22 seconds the previous year.

Now, tax affairs are becoming even more complicated, and more people are needing expert assistance to complete their tax return.

Understanding Self-Employment and Tax Obligations

Self-employment offers freedom and flexibility, allowing you to pursue your passions and tailor work to fit your lifestyle.

However, unlike traditional employment where taxes are deducted at source, self-employed individuals are responsible for calculating and paying their own taxes through the self-assessment system.

Navigating the complexities of tax law and compliance requirements can be daunting for many self-employed workers. From understanding allowable expenses to estimating tax liabilities, the process can be overwhelming without expert guidance. This is where the expertise of an accountant comes in incredibly useful.

What can Gorilla Accounting do for me as my self-employed accountant?

All of our accountants are trained professionals equipped with the knowledge and expertise to help self-employed individuals navigate the intricacies of taxation and financial management.

They ensure all your finances are Making Tax Digital-compliant and are trusted advisors, offering you insights into your finances as a business and helping you make decisions around the growth of your company.

If you’re looking for an accountant to help you as a business owner or contractor, we offer a fantastic service:

Fixed Fee Package

At Gorilla, we offer one fixed-fee all-inclusive package for you, whether you operate as a limited company or a sole trader. Regardless of your profession, sector or turnover, your package includes everything you need to work with your accountant.

No Hidden Fees

Our pricing is transparent with no hidden fees or surprises so you always know where you stand month on month. Other accountants may charge you depending on the services you use or the time you spend speaking to your accountant. At Gorilla, we’re here to answer all your questions and queries, you’ll never have to pay any more than your monthly fee.

Effortless Accounting

We’ve tailored our specialist accounting service around feedback from contractors, small business owners and landlords to create an experience that you’ll want to use for years to come. Whether you’re just starting out or you’ve been in the business for a while, we strive to offer a service you tell your friends about.

Save Time

Using an accountant means you have more time to spend focusing on your business, leaving the financial admin to someone who is not only an expert in their field but will keep you organised and in the know when it comes to tax efficiency and any changes. Bookkeeping can be incredibly time-consuming, so as your business grows it can help to appoint an accountant who can help with your tax accounts and business planning, leaving company directors more time to focus on the business.

Peace of Mind

With an accountant handling financial matters, self-employed individuals can enjoy greater peace of mind knowing that their finances are in capable hands. Gone will be the days of worrying about your self-assessment and making sure it’s correct and done on time. Your accountant will make sure that happens.

Full access to FreeAgent accounting software

When you appoint Gorilla Accounting, FreeAgent accounting software is included at no extra cost in all our great value fixed-fee accounting packages. FreeAgent online accounting software is widely recognised and has won multiple awards over many years. It’s specifically designed for small businesses, whether operating through a limited company or as a sole trader, and is trusted by over 100,000 small business owners like you.

Appointing a Self-Employed Accountant

Appointing an accountant for the self-employed is an investment in the success of growing your business. Beyond mere tax compliance, accountants add value by offering strategic insights, tax planning advice, proactive planning, and ongoing support.

In the ever-evolving world of self-employment, the role of an accountant is indispensable. As HMRC reverses its decision to close the self-assessment tax return telephone helpline, it proves the importance of accessible support for self-employed individuals as we enter a new tax year. The personalised expertise of an accountant remains unmatched.

If you’re looking to appoint a new accountant, we are the UK’s Most Trusted Accountancy Firm on Trustpilot, and we’d love to have you on board! You can get a quick quote through our website and we’ll be in touch, or give us a call to get the ball rolling!