The Benefits of Hiring an Accountant as A Freelancer

Every business, no matter how big or small could benefit by hiring an accountant. This fact applies to freelancers too. 

Accountants can help freelancers in a huge range of ways. They can assist with tax returns, and paying National Insurance, and in some instances, they can even help you save money on income tax. 

Here are some of the reasons you should hire an accountant as a freelancer…

Taxes are Complicated

Tax is not an easy feat. It can be extremely overwhelming to figure out how the tax system works, how much you should be paying, and how you pay it. This is even more stressful if you are a one-person band. 

Accountants for freelancers are specialists in tax regulations and the ever-changing rules associated with them. They also have a wealth of knowledge and experience about all things tax related, which can be vital to your profits.

Avoid Unexpected Tax Bills

The complex world of tax poses a very serious threat… unexpected tax bills. 

If you don’t pay enough tax or National Insurance in a certain tax year, you will receive a tax bill to pay this back to HMRC. It is never nice receiving a bill like this, but it is even worse when you are freelancer who is trying to run a profitable business. Freelance accountants can help you avoid this nasty surprise.

Maximise Your Margins

Freelancers have plenty of bills to worry about, office space, internet connection, car mileage, and gadgets. It all adds up. However, as a small business owner, you are able to take advantage of certain business deductions, and accountants for freelancers know exactly how to make the most of these deductions. Hiring accountants as a freelancer can help you save a serious amount of money in taxes. 

Save Time

With the help of a good freelance accountant, you can save a tonne of time. If you try to navigate tax alone, it can take hours on end to prepare a profit and loss statement. However, freelance accountants will know how to do this fairly quickly, and they’ll be doing it on their own time. 

Let’s Chat

If you are a freelancer looking for an accountant, First4Freelancers is the perfect company for you. We provide friendly and professional accounting services to freelancers across London, just get in touch to find out how we can help you.