Self Employed

Accountants for Self Employed

At SZR Accountants, our accountants for self-hired people will apprehend your particular demanding situations and provide committed offerings which might be designed to suit your requirements. We could be the first-class desire in your accounting needs, and right here is the perception into what we provide.

Self-Employment Income
Employment Income, Including Pension, Benefits & Expenses
Preparation & filing of Tax Return
Advising on Tax liabilities & dates
Acting as an agent with HMRC
Free Email Reminders
Bookkeeping
Dedicated Accounts Manager
And much more

See Our Packages

Specialist Accountants for Self-Employed CIS Workers

If you are working under the construction industry scheme (C.I.S), we can help you to file your personal tax return.

At the end of the tax year ( usually 5th April ), HM Revenue & Customs will send you a notice to file the tax return or if we are acting as an accountant for you, we will send you a reminder to file your personal tax return. You will have to declare the income from all the resources in the tax returns.

The full amounts on your invoices as income
any deductions contractors have made in the ‘C.I.S deductions’ field

Our Specialist Accountants for self employed will guide you on the relevant expenses that you can claim to minimize your tax liability. We will work out your tax and National Insurance bill and take off any deductions/expenses made by you. If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, we will help you to get a refund from HM Revenue & Customs.

Things To Do

Pay Class 2 National Insurance contributions (£3.45/week for 2024/2025). This is collected on a yearly basis with your tax bill. Self-employed people earning profits of £6,725 or more a year. If you’re earning less than this, you can choose to pay voluntary contributions to fill or avoid gaps in your National Insurance record.
Set up a separate business account If possible, ask us if you need to open a business bank account.
File Self-Assessment tax return every year, The tax year in the UK runs from 6th April to 5th April every year.
Pay tax on yourself employment profits according to the tax band you fall in.
Pay Class 4 National insurance contribution on profits above £12,507 (2024/2025)
Register your Business for VAT in turnover is above the VAT threshold ( Currently £90K a year – 2022/2023)
If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.

Record Keeping for the Self-Employed: Expert Help from Specialist Accountants

We try to make things transparent for our clients by providing maximum information.

Keep records of all Sale invoices
Keep records of all Purchase invoices/ Expenses – if you are our client, you can request us a list of possible allowable expenses. This will give you an idea of what you can and can’t claim.
Keep records of all business bank statement
Keep records of business credit card statements if any
Keep records of VAT – if registered
Keep a record of all the employees & casual labor
Keep records of any other information which you believe is relevant.
Record-Keeping recommended By HM Revenue & Customs – Click here to read more.

Why SZR Accountants- Chartered Accountants in South Yorkshire?

There are several reasons why you should work with us. Some of them are listed below to make faster & wiser decision.

Best South Yorkshire Accountants: Regulated by ICAEW, ACCA & AAT

Top accounting associations like the Institute of Chartered Accountants of England & Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), and the Association of Accounting Technicians (AAT) have certified our team of South Yorkshire accountants.