WHY over pay the tax man for taxes?
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.
Outsource to us, avoid paying fines and improve your profitability. Statistics from Companies House show that one in ten of the accounts filed every year are rejected due to mistakes. Mistakes can result in hefty fines, as well as you paying too much tax. Using our services can increase your profitability by up to 60 per cent, because we are always accurate and on time.
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. A 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.
Using our bookkeeping service is simple, saving you time and money. More free time means you can concentrate on your core business. It also means you avoid fines and eliminate the need to buy bookkeeping software. This translates into more take home pay than if you do it yourself. 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
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 you accounts in a matter of days
OUR BOOKKEEPING SERVICES IS IDEAL FOR:
WHAT WE CAN OFFER YOU?
Monthly Management Accounts
We will prepare a monthly Profit & Loss Account, Balance sheet and detailed Ledger Listings
We take all of your source documents and record your bookkeeping transactions ready to produce your monthly management and year end accounts
We will prepare your VAT returns and send you the figures, ready for you to submit to HMRC
We will calculate your payroll, email you your staff’s payslips and let you know what to pay your staff and HMRC. At year end we’ll prepare and submit your P35s and P11ds.
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