Many contractors try to keep their own accounts to save themselves a bit of money. But when you factor in the amount of time spent on the task, penalties for incorrect or late submissions, and the cost of inefficiencies, paying an expert usually makes better sense for your business.
We understand that running a business requires you to wear a lot of hats and keeping up with tax legislation and submission deadlines just add further pressure especially with all IR35 turmoil occurring at the moment, which One Click Group can help with.
If you are finding yourself struggling to stay on top of your accounts, you should consider these five benefits of outsourcing your business accounting to a specialist contractor accountant, like our team here at One Click Group.
Unlimited advice and support
Running your own business can be both complicated and time-consuming, and that’s without having to learn the intricacies of accounting and tax too. By using a specialist contractor account like one of our team here at One Click Group, you have the answers to all your accounting and tax questions at the end of a phone, so no more time wasted relying on Google to answer your questions.
The legislation is constantly changing, and it’s easy to inadvertently make a mistake in your accounts. This isn’t great, as errors in your accounts and late submissions can both result in hefty fines, making mistakes costly.
As a contractor, you’ll also want to ensure your contracts are outside of IR35 wherever possible, to save on tax payments. Our specialist contractor accountants offer advice to help you make sure that you remain IR35 compliant and submit accurate accounts on time, to avoid costly penalties from HMRC.
As a contractor or freelancer, you’re probably used to feeling time-starved. Outsourcing your accounts removes some of the admin work associated with being self-employed, allowing for more time for you to spend growing your business.
Peace of Mind
If you’re not an accounting expert, you may find that there’s a constant nagging worry about whether you’re doing it exactly right, or if you’re doing it in the most efficient way. By outsourcing the job to an expert, you can rest assured that your accounts are being handled in the most efficient way and that there are no expected penalties coming your way.
Pay Less Tax
With the help of an expert accountant, you will receive advice on the most tax-efficient way to run your business and submit your accounts to save money. At One Click Group, our specialist contractor accountants can advise you on IR35, dividends, and the flat rate VAT scheme to ensure you’re not paying more tax than is necessary.
Our affordable, accounting service will cost just £80 per month + VAT, a small price to pay when you consider the savings you could make on tax and penalties.
For more information, or to discuss your individual requirements with us, get in touch with our team by giving us a call on 0345 557 1287.