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Self Employed Accounting Services

Your very own expert Self Employed Accountant

Whether you are an electrician, gas engineer, plumber, builder, freelancer, contractor, beautician, hairdresser, taxi driver, catering company, Healthcare worker or a rocket scientist, we have the right self employed accountant and self employed accounting package for you from as little as from as little as £10 per month.

Although being a self-employed is one of the simplest ways to get started in business, there are many processes that need to be followed.

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Your own dedicated online self employed accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline

Unlimited help and advice
Leading cloud accounting software

Accountant for the Self Employed
All returns and filing included

Real-Time Bookkeeping
Reminders – never miss a deadline

We provide the expert accountancy services for Self Employed individuals throughout the UK

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Why use Accounting Wise for your Self Employed Accounting?

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Your Own Dedicated Self Employed Accountant

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When you join us, you will receive your very own dedicated accountants. Our fully qualified and friendly team will be on hand to help you throughout the year for all your Self Employed Accounting needs.

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Leading Accounting Software

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You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.

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Tailored Self Employed Accounting Services

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Tax & Self Employed Accounting packages tailored to suit your business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making yourself a success.

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Unlimited
Expert Advice

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Your dedicated Self Employed Business Accountant will always be on hand to answer any questions about your small business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.

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Regular Deadline
Reminders

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We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your small business again.

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We currently support over 2,000 individuals and businesses in the UK

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Get started with the right accounting solution for your business

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Included in the Self Employed Accounting Package

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  • Unlimited help and advice

  • Reminders for all of your important deadlines

  • Access to business guides and resources

Get started with the right self employed accounting solution

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Our Accredited Accountants

You can feel safe in the knowledge that we are experts in our field.

Our accredited accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.

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What is a Self Employed?

A self-employed business, in the context of UK individuals, refers to someone who operates their own business and is responsible for its success or failure. These individuals work independently, rather than being employed by a company, and manage their own income and expenses.

They have the freedom to choose their work, set their rates, and manage their business operations, but they are also responsible for ensuring they comply with legal and tax obligations. Unlike employees, self-employed individuals do not receive benefits such as paid holidays or sick leave, and they must manage their own financial planning, such as pensions and savings.

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Pro‘s and Con’s of being Self Employed

The main advantages of setting up as a sole trader are:

  • Total control – You have total control over the business. Decisions can be made quickly and easily, from accountancy and financial decisions to general business decisions.
  • Easy to change to another trading identity. It is relatively easy to change your trading identity from that of a sole trader to a limited company.
  • Keep the profit – As the owner of the business, all the profit belongs to you.
  • Business affairs are private – When you run an unincorporated business your accounts are not made available to the public therefore competitors cannot see what you are earning hence they will know less about how your business works and how it succeeds.

The reasons why sole traders are often successful are:

  • They can offer a more personal approach – A smaller business can have closer contact with their customers and develop a close rapport in order to give a high level of service and customer care.
  • They can be sensitive to the needs of their customers – Being closer to the customer allows you to react more quickly to their needs than a larger business.
  • Can cater for the needs of local people – Small local businesses will be closer to the community and can develop good business relationships with their understanding of the area and local knowledge.

The main disadvantages of being a sole trader are:

  • You are personally liable and accountable for all your businesses debts – Should your business fail you could end up losing your personal assets such as your home, car, etc.
  • Can be difficult to raise finance – When you run a small unincorporated business, banks will not lend you large sums and you may find raising finance for the business is very difficult.
  • Can be difficult to enjoy economies of scale – Smaller business often find that they cannot buy supplies in bulk and do not enjoy the same discounts as larger businesses.

Get started with the right self employed accounting solution

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Essential FAQs for Self Employment Accounting Services

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A self-employed individual is someone who owns and operates their business. They are personally responsible for all business debts and liabilities.

Yes, you must register as a sole trader with HMRC for Self Assessment to report your income and pay taxes on your business profits.

Self Employed people pay income tax on their business profits and are also required to pay Class 2 and Class 4 National Insurance Contributions (NICs).

It’s not mandatory, but an accountant can help with bookkeeping, filing tax returns, and ensuring compliance with tax laws, saving you time and potentially reducing your tax bill.

You need to keep records of all sales, expenses, and receipts, as well as detailed records of your income for tax purposes. These records must be retained for at least five years after the Self Assessment deadline.

Self Employed individuals must submit an annual Self Assessment tax return online to HMRC by 31 January each year, detailing their income, expenses, and profit.

Self Employed individuals can earn up to the Personal Allowance (£12,570 for the 2023/24 tax year) before paying income tax, though National Insurance Contributions may still apply.

Yes, you can claim allowable business expenses, such as office supplies, travel, equipment, and utilities, as long as they are wholly and exclusively for business use. These can reduce your taxable profit.

You must register for VAT if your turnover exceeds the current VAT threshold. You can also register voluntarily if it suits your business.

The key difference is in liability and tax. Being self-employed you are personally liable for business debts, and profits are taxed as personal income. A limited company is a separate entity, limiting your personal liability, and profits are taxed under corporation tax.

If you make a loss while self-employed, you can often reduce your tax bill by offsetting the loss against other income from the same year, future profits, or in some cases, the previous year’s income. Consulting an accountant can help you choose the best option for your situation.

Yes, you can employ staff while being self-employed. However, you’ll need to register as an employer with HMRC, operate PAYE for income tax and National Insurance contributions, and ensure you comply with employment laws, including providing a workplace pension if applicable.

No, you’re not legally required to have a separate business bank account if you’re self-employed; you can use your personal account. However, having a dedicated business account is often recommended as it helps keep your finances organised, makes tax reporting easier, and can present a more professional image to clients.

Yes, many self-employed individuals run their businesses from home. You can claim a proportion of your home expenses, such as utilities and rent, as business expenses if used for business purposes.

If you’re self-employed and work from home, you typically don’t need to pay business rates unless you’re using a substantial part of your home exclusively for business, such as a workshop or studio, or if customers visit regularly. If you rent or own dedicated business premises, however, you will likely need to pay business rates on that space. It’s best to check with your local council to confirm your specific requirements.

Yes, you can convert from being self-employed to a limited company. This involves setting up a company with Companies House, choosing a company name, and registering as a director. Once established, your business will be a separate legal entity, meaning different tax and accounting rules will apply, including corporation tax and filing annual accounts.

Switching to our Self Employment Accountancy services is simple

1 Choose Your Package

Pick the Self Employed Accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.

2 Sign up with Us

Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone

3 You’re ready to go

That is it, we will begin to set your limited company services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC

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Online Company Formation Services

Free company formation with our Pre-Built or Bespoke Accounting packages!

All official documents provided

Online Hub to manage your company

London Registered office Address

Your own incorporated limited company

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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.

Content is for general information only. Always take advice.