Tips on how to pay less tax – if you are self-employed

Tips on how to pay less tax – if you are self-employed

Nick Robinson

Nick Robinson

Oct 08, 2013 | Accounting, Bookkeeping, Business Tax, Taxation

No-one wants to pay more tax than they have to, which is one of the most important tasks for accountants helping small businesses in the UK – which is why we help the self-employed pay less tax.

Last week I discussed ‘Tips on how to pay less tax – if you are employed’ on this blog and we’ve had a good reaction to this.

This week I am going to focus on how you can pay less tax when you are self-employed.

Before doing so, however, I should point out that all self-employed people are responsible for keeping accurate business records for the relevant time period so you can fill in the annual self-assessment tax return accurately.

You may also need to register for VAT should your earnings be above a certain level. It’s also important that you have let HMRC know that you are self-employed because not doing so may incur a penalty. (You can register easily enough by calling 0845 9154 515 by filling in the form CWF1).

Pay less tax as a self-employed person

Once you have registered with HMRC will be what’s known as a self-assessment taxpayer and have to file a tax return giving details of your income in the relevant financial period though you should be aware that all relevant and legitimate business expenses should be deducted first.

In the coming weeks, I shall be detailing exactly what our legitimate business expenses for the self-employed and small business.

However, the most important thing to remember is that many of the tips given last week on how to pay less tax are just as valid for paying less tax as a self-employed person.

Even if you do follow the tips given, it still advisable to find a small business accountant whether you are a small business in London, Birmingham or even Newcastle, because they will probably see ways of saving you money by using their experience effectively.

Most self-employed people want to pay less tax and by having a good, cheap accountant also offers cheap bookkeeping services, there will endeavour to save you more then they will cost for their accounting services.

Find cheap accounting services in London

There are a growing number of excellent online accounting software programs, including WAVE which is free and we pride ourselves on being WAVE accountants, so there really isn’t a need for keeping invoices and receipts in plastic bags for and accountant to sort out at the year-end.

You will need to keep good records to help your business run efficiently and you should have a basic record-keeping system in place and that includes keeping hold of your bank statements.

If you need cheap bookkeeping services or cheap accounting services whether you are in London or anywhere in the UK, then consider using Yorkshire accountancy because we are specialists in start-up and small businesses.

We have generations of experience and can help you pay less tax while complying with all of the latest legal and HMRC rules and regulations.

Contact Yorkshire Accountancy now and you won’t be disappointed!

 

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