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DNS-Accountants

Accountants for
Self Employed

Are you a self-employed freelancer, contractor, small business, or start-up looking for specialist self-employed accountants? DNS Accountants can help you with unlimited advice and support to grow your business.

If you are self-employed you would need to complete a self assessment tax return. DNS Accountants can help you to file your returns online or fill in a paper form.

Do You Need an Accountant if You are Self Employed?

Do You Need an Accountant if You are Self Employed?

Do you need an accountant? The choice is completely yours, choosing the right accountant may be just what you need to do to save time and arm you with the tools needed to become successful. The tax responsibilities however aren’t quite as simple. As a result, although it’s not mandatory, many people working through their own limited company prefer to outsource this aspect of their business to a trusted accountant.

If you are starting with a new business, DNS Accountants can help you to set up and register with HMRC. Some companies may also need to consider registering for VAT – DNS Accountants can help with all of this to make it an easy process. They may also be able to give advice about allowances, reliefs, and deductions that are available to a particular situation.

DNS-Accountants

Why do self-employed turn to
accountants for help?

Financial
responsibilities

Creating a process to track financial transactions can be accomplished using a notebook or accounting software. The way people pay taxes in the UK is about to change with the initiative Making Tax Digital. For all businesses, the aim is to make payment of tax easy and simple.

Minimising tax
liability

Reports may cover the status of potential customers and customers who have not yet paid, expense comparisons with the budget, and the same period last year. How much tax you pay depends on the profit your business makes. You want to make a profit but you also want to hold the profit you make to grow your business. Accountants helps in minimising tax liability for self-employed.

Saving
your time

An accountant can save your time regarding your tasks related to your financial transaction and filing your tax returns to meet all the other obligations. As the business grows, you will find a professional relationship with an accountant the most trusted one.

Why Choose DNS Accountants?

  • Preparation of financial statements
  • Preparation of self-assessment tax return
  • Reminder services for all deadlines and payments
  • Advice on setup
  • Quarterly review of your bookkeeping
  • Tax planning advice to help maximise tax efficiency
  • Preparation & submission of quarterly VAT returns
  • Assistance with HMRC records checks
  • Dedicated Accountants for self-employed business
  • Dedicated accountant with direct-dial

DNS Accountants guarantees you 100% satisfaction with whichever service you take from us.

Specialist Self-Employed Accountants

DNS Accountants provide self-employed accountant services to people all over the world. We help the clients through the entire process; from registering to advising on tax allowable expenses and preparing & submitting their tax returns. DNS Accountants makes it a simple and easy process for you.

We further advise you on expenses for your tax return and minimise your tax liability.

Also See: Quarterly review of your bookkeeping

DNS-Accountants
FAQs

Frequently Asked Questions

An accountant’s fees vary, depending on the size of the business and the scale of your activities and service requirements. An accountant will charge a one-time fee for an annual self-assessment return, which will typically range from £150 to £250 and over, depending on the scope of your financial transaction. In general, the higher your income and the sources of income you have, the higher is the accountant fees. Fees up to £250 would generally cover basic self assessment services, while more complex tax returns would involve higher fees.

People who are self-employed have to register with HM Revenue and Customs (HMRC) to pay taxes. The requirements to disclose are less than compared to a limited company as you are only required to complete a self assessment tax return in a year. Also:

  • You are the business and not an officer, which you would be under a limited company.
  • You are in control of the entire business

There are no restrictions on withdrawing funds from your bank account compared to a limited company director in that case you would be withdrawing funds as a dividend, salary, bonuses, or a loan account.

DNS Accountants helps in the registration process for self-employed business Contractors/Freelancers and people who own a Sole Trader Business are classified as Self-Employed. 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.

Anyone who is looking to become self-employed must register to be charged income tax and national insurance contributions with HMRC. One can register by post, online, or phone. However, the most convenient way to sign up is by online application.

The information you will need to provide while registering as Self-employed are:

  • National Insurance Number
  • Name
  • Business telephone number
  • The nature of your business
  • Date of Birth
  • Telephone Number
  • Unique Tax Reference
  • Start date
  • Business address
  • Address
  • The business’ UTR
  • Email Address
  • Full name and date of birth of any business partners

DNS qualified accountants can guide you through all the different expenses that you can include on the tax return so that you can save tax. We’ve listed below some of the most common expenses:

  • Business insurance
  • Business travel in own vehicle
  • Business travel on public transport
  • Interest and finance charges
  • Legal fees
  • Accountancy fees
  • Advertising
  • Cost of sales
  • Equipment
  • Training and courses
  • Use of home as office
  • Wages and staff costs
  • Protective clothing
  • Recruitment fees
  • Rent
  • Repairs and renewals of property and equipment
  • Small tools
  • Subscriptions to professional bodies

Self Assessment Tax returns are required to be submitted to HMRC by self-employed or Sole Traders. This requires you to fill out a Tax Return form either paper-based or online. DNS Accountants for self-employed will help you to inform HRMC of your Sales and expenses with a simple format if you are under the threshold of 85000 in a short return.

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DNS-Accountants

Get in Touch

Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.

Head Office:

DNS Accountants
DNS House, 382 Kenton Road,
Harrow, Middlesex, HA3 8DP

Contact Number:

0333 060 2437

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