If you are a recently qualified professional considering working for yourself, we can help to support you.
Your individual circumstances and occupation will often dictate how you embark on this stage of your career, but we can also advise on the best status for you.
If you decide to become self-employed we will need to register you as self- employed, the link to HMRC site to do that is below but we can work through it with you.
Once you have completed your first reportable tax period, we will prepare a set of accounts for you, including a review of your expenses to ensure all allowable expenses have been claimed. Your accounts are then used as the basis to prepare your tax return and thus your tax bill. You may also need to make a student loan repayment.
As a general rule of thumb your first tax bill will be payable around 18 months after your start trading. Unlike an employed position where tax and national insurance are deducted at source by your employer, you have absolute responsibility to ensure you have put aside enough money to pay your tax bill when it becomes due.
Potentially your tax bill could be quite sizeable and you will also be required to make payments on account for the following tax year, so planning your finances is really, really important.
We can help by staying in touch with one another and estimating what your tax bill is likely to be. That way you can put aside some money each month for when your tax bill becomes due.
As with all our client groups, we will be able to offer a fixed price package and service including unlimited general business advice and unlimited face to face meetings. We want to support you while you’re getting started in order to form a long term relationship. Unlike some accountants access to us is not restricted to just phone or post, you can meet face to face whenever you like and it’s all included in your fixed price.