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Get Aid For Your Taxes and Financials with Our Accountants for Self-Employed

Transitioning from average employment to freelancing as a writer, graphic designer, or computer programmer has some hurdles, not the least of which is learning how to manage one’s finances.

As self-employed professionals, you are responsible for determining your quarterly tax payments and tax year obligations instead of having them withheld from your salary like a regular employee.

Additionally, a sole proprietor or a self-employed individual must keep precise and accurate books to manage their small business effectively and to avoid fraud and other challenges as they expand.

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Young focused asian accountant analyzing accounting chart while reviewing finanacial documentation.

Since this is the case, a fundamental understanding of the relevant accounting standards is essential. Have someone help you with your taxes and finances before things get out of hand.

72% of self-employed professionals handle their books. And well, how’s that turning up for them?

Statistics show that more than half of business owners identify accountancy as the most challenging and draining part of running a business. 

Long story short, you need an accountant. 

Well, when it comes to accounting, Pearl Lemon Accountants is here to help.

Please schedule a call with us so we can answer your questions.

Should You Get An Accountant Despite Being Self-Employed?

When you’re your own boss, you’re also in charge of meeting all tax, licensing, and reporting obligations mandated by local, state, and federal governments.

Examples of this are invoicing customers, keeping detailed records of financial dealings, completing tax forms, and keeping current licences.

If you hire a contractor accountant to handle any or all of these tasks, you may have more time to devote to growing your business rather than wasting it on administrative tasks.

We’ve put up a long list of benefits so you can see why:

Expertise

Keeping up with the ever-changing business and financial regulations necessary to keep your organisation afloat is a time-consuming and perhaps exhausting endeavour.

Hiring an accountant is a great way to get professional financial advice for tax preparation and managing your own business.

An accountant may be a valuable resource for advice on many fronts connected to the security and growth of your company’s finances.

Maintaining a solid foundation for your business requires that you stay on top of things like financial obligations, insurance, documentation, and tax filings.

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Flat lay of business plan and accountancy concept. Top view

Time

Time spent on administrative tasks takes away time from growing the business.

Hiring an accountant frees you to focus on revenue-generating activities rather than administrative paperwork.

Employ the services of an accountant to manage your invoices, record your financial transactions, handle your articles of incorporation and licensing applications, and calculate and file your taxes.

Find a qualified accountant who caters to single proprietors and small enterprises by offering various services.

Accuracy

Having an accurate picture of your self-employment income, tax liability, and general financial health is crucial.

An experienced accountant’s high level of knowledge and skill in accounting translates to fewer errors in the financial records they create.

Professional accountants can compile detailed financial records and reports for you. With the right data at hand, you can make educated business decisions that might have a positive impact on your bottom line.

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Accountant using a calculator to calculate the numbers. Accounting , Accountancy from financial

Planning

You may reduce costs and tax liabilities and ensure investment security when an established tax strategy for self-employment, retirement preparation, and financial decisions is laid down for you by a seasoned accountant. 

Employing a qualified accountant may help you lay the groundwork for successful long-term company planning.

Review

Reviewing your cash flow, rental agreements, and other financial paperwork with the help of an accountant is a wise move. The accountant may detect discrepancies or flaws that, if left unfixed, might lead to future difficulties or revenue losses.

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Referrals

Small and medium-business accountants deal with diverse clientele. Having numerous customers serve as a handy informal network of connections.

An accountant may be able to help you boost revenue and access to capital by recommending a related client to you.

Do You Need An Accountant?

If you want to save time and get the tools you need to succeed, hiring the correct accountant is a decision you can make on your own terms.

However, tax obligations are very complex. Therefore, many people who run their businesses through limited companies prefer to have an outside accountant handle the books for them.

Pearl Lemon Accountants offers assistance in establishing a company and registering it with HM Revenue & Customs.

Furthermore, we can assist businesses considering registering for Value Added Tax (VAT). Allowances, reliefs, and deductions may also be something they may offer guidance on.

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Pearl Lemon Accountants Tax Services

Our qualified accountants do more than just bookkeeping and accountancy. On top of those, we can also handle your taxes; more specifically, we can do the following:

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Tax Planning

We make sure you get the most out of any tax credits, deductions, business expenses, and exemptions you are eligible for. Our experienced tax experts will ensure that your company’s tax return and tax bill are filed on time and follow HMRC rules.

International Tax Planning

We can help you pay as little tax as possible in the UK and abroad, regardless of your international tax situation.

Setting up your personal and self-employed business life in a foreign country will affect how much tax you have to pay in that country. We will make a unique plan to help you pay less in taxes worldwide.

Our chartered accountant and tax experts can help you or your business avoid paying too much tax in the UK or elsewhere.

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Man and woman are working in office

Payroll Services

With payroll services from Pearl Lemon Accountants, you can put your employees to work on more profitable tasks and stop worrying about management accounts, payroll, pensions, and compliance.

It’s good to know that your company’s payroll follows the ever-changing laws and rules.

We know a lot about the different parts of outsourcing payroll. We’re not a computerised solution or accounting software made by a computer, so your paycheck gets the care that’s made for you.

Personal Tax Planning

Our tax experts will advise you on how to handle your taxes so that you don’t break the law. We can help you with your personal tax return and inheritance tax (if any). We have a custom way for people in the UK to file their taxes.

This tax return service tries to get you more money while lowering your tax costs.

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HRMC Tax Investigation

If you aren’t sure if you can handle a tax investigation or audit on your own, you should get help as soon as possible.

We can help if you’re having trouble with VAT, PAYE, your self-assessment tax return, income tax, corporation tax payments, or anything related to HM Revenue & Customs.

We will take any and all appropriate steps to ensure you don’t have to deal with the HMRC tax inquiry.

Fortunately, we’ve got alot more in store for you because these are just a glimpse of how many different services we offer.

Want to ask about something that’s not on this page? If so, please call us.

No Need To Be Alone In Finances

Choosing the right accountant for your self-employed business can be the difference between success and failure.

In addition to ensuring that the books are kept, accountants for the self-employed also ensure that you have all the tools and resources you need to succeed in today’s competitive world. In choosing the right chartered public accountant, you must consider where you need them the most.

Self-employment is often financially challenging for many people, especially regarding taxes.

Whether looking for advice on your finances or helping you find ways to save on taxes, Pearl Lemon Accountants can help.

So what are you waiting for? Let’s start fixing your books today!

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FAQs

An accountant can help you identify and categorise all the deductions available to minimise your taxable income. Some of the most typical expenses you can claim are as follows.

  • National Insurance for companies
  • Vehicle use for professional purposes
  • Making use of public transportation for work-related trips
  • Costs associated with obtaining funding, including interest
  • Bills for legal representation
  • Costs associated with maintaining financial records
  • Advertising
  • Gross Profit Less Sales Expense
  • Equipment
  • Lessons and Seminars
  • Working from home
  • Salary and employee expense
  • Protective clothing
  • Employment Costs
  • Rent
  • Maintenance and replacement of fixtures and machinery
  • Instruments and gadgets
  • Memberships in Accredited Organisations

To pay taxes, self-employed professionals in the UK must register with HM Revenue and Customs (HMRC). Unlike a limited liability corporation, you need only to file one annual tax return to satisfy disclosure obligations. Also:

  • As opposed to a limited corporation, in which you would serve as an officer, you are the business.
  • You are in complete control of your business.

Unlike a limited company director, you are free to take any combination of dividends, salaries, bonuses, and loans out of your bank account at any time.

As expert accountants, Pearl Lemon knows that a company will not get the full benefits of our services if they choose from predetermined packages that cannot be personalised to their needs.

That’s why we make sure every solution is customised for your business. We don’t make everyone use the same deals and services because we value and promote diversity and individuality in the workplace.

What you pay for our services will vary based on which ones you require and in what order.

Be sure to get in touch with us by phone at your earliest convenience if you are interested in learning more.

When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients. It's a win-win situation for everyone. Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.

So let our experts work for you, and you won't regret it even a bit.

Book a call today to get started.