Bookkeeping Services
Bookkeeping for contractors and the self-employed
Despite appearances, freelancers and contractors stand to benefit significantly by employing our professional bookkeeping services. Our freelance clients have told us that they typically carry out a large number of expenses and transactions which need to be recorded. Keeping accurate business records, or bookkeeping is required by UK law. Neglected bookkeeping means that when the time comes to file accounts, mistakes are much more likely.
Accurate, up-to-date records make it much easier to file on time and to claim the expenses you’re entitled to. Mistakes can mean paying too much tax, or penalties and interest if too little is paid.
Here Are Some Of The Services We Offer To Contractors, Self-Employed & Freelancers:
End of Year Accounts
Bookkeeping
Liaise with HMRC on Your Behalf
Tax Registration with HMRC
Self Assessment
Outsource to us and save time
The HMRC website contains more than 100 pages of guidance notes for expenses alone. Most contractors and freelancers do not have the time or the will to learn it all, let alone apply it. This is where our expert services come in. Contact us today to discover just how much time we could free up by taking on your bookkeeping.
A Tailored approach
The nature of freelancing means that no two freelancers are the same. At IB&Co Accountants, we take the time to fully understand how you work. What this means is that we can tailor an approach to your bookkeeping which is appropriate for what you do and is much less hassle than doing the books yourself.
Our bookkeeping service saves you time. More free time means you can concentrate on your core business. We keep your records in Making Tax Digital compatible software. As QuickBooks and Xero ProAdvisors, we can often arrange subscriptions at partner rates and set them up for you. Get in touch now for more information.
How it works
Bookkeeping refers to how you record a business transaction. Whether you use a notebook, a spreadsheet, or full-blown software to record your expenses and income.
The bookkeeping and accounting a freelancer or contractor has to do boils down to three things:
- Accurate recording of invoices and payments
- Accurate recording of expenses
Bookkeeping benefits
Having an accurate record of your financial transactions is good for your freelancing business. With good bookkeeping, you can:
- Monitor the financial health of your business
- Create and stick to a monthly budget, so that you avoid cash flow problems
- Identify ways to cut down on costs and keep more of what you earn
- Prepare your taxes more easily, if you do them yourself
- Make your accountant’s job easier and possibly reduce the amount you pay for tax preparation
- Be ready for a tax audit, confident that you have all the documents to back up your tax forms
4 Steps to getting effective bookkeeping services
At IB&Co Accountants we keep it simple when it comes to doing bookkeeping for our contractors and freelancers.
We have a simple 4 step process that our customers follow in order to get accurate accounts
Attach all your transactions, receipts and paperwork
Send to us by post
Relax – as we start the work of processing your bookkeeping
Receive your accounts in a matter of days
Our bookkeeping service is ideal for:
- Freelancers
- Contractors
What can we offer you?
Monthly Management Accounts
We will prepare a monthly Profit & Loss Account, Balance sheet and detailed Ledger Listings
Bookkeeping
We take all of your source documents and record your bookkeeping transactions ready to produce your monthly management and year end accounts
VAT Returns*
We’ll prepare your VAT Returns from your digital records and file them through Making Tax Digital compatible software, or send them to you to approve and submit.
Monthly Payroll*
We will calculate your payroll, email you your staff’s payslips and let you know what to pay your staff and HMRC. We’ll send your payroll reports to HMRC each payday under Real Time Information, and prepare any P11D forms for benefits at the year end.
Statutory Year End Accounts (if applicable)
We’ll prepare your year end accounts ready for submission to HMRC and Companies House
Corporation Tax Return or Partnership Tax Return (if applicable)
We’ll calculate your tax, complete your CT600 corporation tax return or SA800 partnership tax return and file it at HMRC for you
Self Assessment Tax Return
We’ll calculate your personal tax, complete your SA100 self assessment tax return and file it with the HMRC for you
Request a Call Back or Book a Discovery Call
We take the time to get to know you and your business during the Discovery Call, enabling us to customise a service specifically for you. To get started, simply click the button and complete the form on the booking page. We will then contact you to discuss how we can further assist you and your business.
