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Get bespoke UK tax advice, financial planning and accounting for freelancers with MJ Kane & Co.
When you set out on being a freelancer, it’s usually because you want to work for your own business and enjoy the flexibility and freedom that comes with running your own operation. Unfortunately, there are a few downsides to working for yourself, and handling your own finances and taxes is one of those negatives.
Whether you’re working as a sole trader or whether you have your own limited company, it’s important to run your operation in the most tax efficient way. Handling your taxes can be tough and can take you aware from other key business tasks that are vital for profitability and success.
When it comes to your finances, there’s a lot to learn. To make it easier, we would create a digital account for you to log your monthly income and expenses. Allowing easier calculations and submission to HMRC at the end of the tax year. You’ll then be required to pay the tax you owe and start the process again next year. You may also want to open your own business bank account to keep your business payments separate from your personal. We always recommend doing this and can advise of the best account to use based on your situation.
Tracking your finances, and making sure your profitable, is one of the biggest struggles for freelancers, especially collecting piles of paper receipts and invoices that need to be processed online. If you buy and sell stock or order tools for your work weekly, you’re in for an even more confusing time, as you’ll have significantly more expenses than a freelancer who offers a digital service. Our in-house accountants will be on hand to advise you on the best way to handle these.
While accountants for freelancers aren’t essential, hiring one of MJ Kane’s specialist accountants is strongly recommended if you want to keep your accounts in order. That will only become more important when the new Making Tax Digital rules become compulsory. We can help keep you right and up to date.