If I said to you ‘Sole Trader’, what’s the first industry you think of? Most people will think of construction or some kind of similar physical trade. It’s quite easy to forget that consultants, if they’re self-employed, providing key services are also considered as Sole Traders. That means they have the same responsibilities when it comes to their tax returns.
Consultants provide crucial services for many businesses, and freelance consultants are no exception. However they’re still liable to file their tax returns and other documentation that either HMRC or Companies House (if you’re a Limited company) will need. With that in mind:
3 Ways An Online Accountant Can Benefit a Consultant:
- Consultancy Expenses: In certain ways, expenses can be quite a simple thing to figure out. Did you buy the item for business? Tax deductible. Did you use the petrol to get to the job? Tax deductible.But what happens when your expenses aren’t as obvious? For example, you can claim on your gas and electricity bills if you’re working from home, but only in proportion to the amount you used for business purposes. Sounds complicated doesn’t it?
Our online accountants are experts in tax returns and financial advice. They’ll be able to walk you through exactly what you can claim as expenses or, if you have little time on your hands, you can simply send them your accounts and they’ll do it for you!
- Time-Savers: As a consultant, you’re likely to be spending the vast majority of your time with your clients sorting out their problems. If you get a spare minute, the last thing you want to think about is whether your accounts are up-to-date.
Unfortunately, your accounts are crucial to keeping your business afloat, someone needs to look after them. The good news is that someone doesn’t have to be you! An online accountant doesn’t just work with you when your accounts are due, but will work with you for the entire financial year!This way, you can take the time and stress of sorting your accounts away and focus entirely on your business. If at any point you have any questions, you can always call your online accountant and they’ll happily answer any questions you have.
- Online Accountancy Software: One of the biggest benefits to an online accountant is simply that they’re available online. Not just the accountant themselves, but the software used to record your accounts.
With cloud-based accountancy software, you can upload details to your online accountant at any time. If you’re using public transport between jobs, update your accounts! You’re having a quick coffee before you finish work for the day, update your accounts! This can be done absolutely anywhere at any time, therefore making your accounting more efficient and streamlined.As well as this, your online accountant also has access to these accounts. If they notice an error, or even if they haven’t heard from you in a while, they’ll give you a call to solve any problems you might have.
If you’re still not convinced that your consultancy business could use an online accountant, why not give us a call? Our accountants can prove that they’re both a worthwhile investment as well as a valuable business ally.
For more information call 0800 0460 560