What is a Freelancer?
A freelancer usually does contract or gig work, working for many clients at once. It can often be a lucrative way of working if you have the right skills. Whether you work through an agency or standalone, you will likely be classes as self-employed.
You are required by law to declare your earnings to HMRC each year in what is known as a self-assessment. You have to pay income tax and National Insurance on all profits made during the tax year (6th April to 5th April the following year).
Your profits are made up of your income minus your expenses.
Being a sole trader is more straightforward to do than setting up your own limited company, but you as an individual are personally liable for everything in your business.
What we can do for you
Starting a business can be complicated and time-consuming enough, without having to think about your self assessment deadline, allowable expenses and National Insurance contributions. So that’s why we’re here to help you every step of the way.
Book a free, no obligation consultation with us and see how we can help.
For starters, we can register you with HMRC in order to get you set up for self-assessment, give you advice on how to keep your records in order and inform you of your tax obligations. It is better to find out early, rather than make an expensive mistake further down the road.
Whether you require a full accounting software package, or just need basic spreadsheets to monitor your transactions, we will provide the right balance for your company at a competitive price.
Each business or individual we work with is assessed for their needs and a personalised package is created to meet their requirements. Using cloud based systems allows information to be updated instantly from either party, giving you a better understanding of your companies financials. We can work with your existing systems or transfer you over to new software.
Accounting made simple
Self Assessment for freelancers
Starting from only £100, we can handle your annual sole trader self assessment. We’ll make sure that it is easy and straightforward for you. At Jacksons Accountants, we will explain why we’re doing what we’re doing and advise you on what you can do to make extra tax savings, where possible.
Freelancing on the side?
Many freelancers are doing something they love alongside their normal 9-5 job. Whether you’re part-time, full-time, working 3 jobs or none at all, there are many pitfalls regarding the amount of tax you are paying versus the amount you should be paying. That’s where we come in.
Room to grow
If you have ambition to turn your business from a hobby into something greater, a key obstacle is often funding. With loans and grants harder to come by than ever, we can help you to develop a business plan and a cashflow forecast which will give you the best chance of going it alone.
Jacksons Accountants Limited
Oak House, Samuel Brunts Way,
Mansfield, Nottinghamshire, NG18 2AH
Mon – Fri: 9am – 6.30pm
Sat – Sun: Closed