Being self employed is something that appeals to many people. There are a lot of advantages to it and it is nice to be your own boss – but as well as the freedom there are also lots of responsibilities and in particular financial things to deal with that most people won’t have given much thought to before going self-employed. However, these are important so it is something that you should get right from the start if you want to make sure that you have your money in order and avoid any fines!
When you first become self-employed you should find an accountant, preferably one that specialises in business accounts like Stroud Accountants Randall and Payne. They will be able to help you with your business finances – here are a few things that you may want to use them for…
Pensions Advice – When you work for someone else you will have a pension that automatically gets paid into, but this is something that you will need to sort for yourself when you are self employed. An accountant will be able to help and advise you on pensions that could be best for you and how to set one up.
Taxes – We all have to pay taxes, but when you are self employed you won’t have an employer dealing with it for you. This is an important part of the role of an accountant within a small business, as they can help with things like tax return forms as well as advice on how to save money and what allowances you may be eligible for.