Original article published in The Bay Magazine Swansea (March 2019)
Link: https://www.theswanseabay.co.uk/2019/03/01/14551/
Are you Considering Self Employment?
Since 2001, the number of self-employed workers in the UK has been on the up, and they now account for more than 15% of the population. Since 2001, the number of self-employed individuals between the age of 16 and 24 has nearly doubled
If you are considering joining the trend by becoming self-employed, then we have listed below some things to take into consideration before taking the leap.
Will I be able to find work when becoming self-employed?
Am I self-motivated enough?
Do I have a profitable business model?
Will being self- employed fit into my lifestyle?
What structure should I operate through, Sole Trader or Limited Company?
What do I need to report to HMRC
When to consider hiring an accountant?
Accountants can be hired at various stages during your business life cycle. At Allchurch & Co we are always happy to meet and hear your business ideas and plans, throughout all stages. Even if you are just considering starting a business or going self employed, then we offer a FREE initial meeting as we believe it is always best to start off your business being well informed with regards to your finance and tax obligations.
How to choose the right accountant
Below are some tips to look for when choosing an accountant
Choose a chartered or certified accountant For peace of mind, choose an accountant that’s regulated by a professional body
Look for an accountant with relevant expertise It is useful if your accountant has worked with businesses of a similar size, industry sector and are familiar with the software package you use or wish to use
Find out what software the accountant uses Some accountants have their preferred accounting software and may be adverse to change. Especially with Making Tax Digital on the horizon, it is important that your accountant is on board with the changes due to come in, and can offer a suitable software, or work with your chosen software.
Understand and Negotiate Fees There is no universal method that accountants charge by. Understand from the offset how your accountant will charge you. Will it be a fixed fee spread over the year, or will they bill annually on an hourly rate?
Making tax digital reminder
Is your business ready for Making Tax Digital for VAT? Get in touch today to find out what you need to do by the 1st April deadline to comply with new VAT filing regime.