For most freelancers and contractors the main priority is to maintain a steady flow of profitable business.
Nevertheless, you still need to submit a self-assessment tax return and pay tax by the legal deadline. If you operate as a limited company, you’ll also have to consider annual accounts, corporation tax and the confirmation statement.
If your turnover exceeds £85,000 (up to April 2022) you’ll also have to register for VAT. If your turnover is below that figure, registration is optional.
Then there’s IR35. This legislation prevents self-employed people gaining tax advantages if the terms of their contract suggest they could be payrolled staff. From April 2020 it’s down to the hiring company – not the freelancer or contractor – to assess whether a contract falls within IR35.
As authoritative accountants for freelancers, Braant are well placed to guide you through the accounting complexities of freelancing and contracting. We’ll make sure you pay the right amount of tax at the right time and claim the tax reliefs you’re entitled to. If you need to register for VAT, we’ll keep you fully compliant. Where VAT registration is optional, we’ll let you know if it’s a good idea for your business or not. And whatever your IR35 status, we’ll help you maximise your take-home pay.
Finally, we understand the importance of cash flow for freelancers, so will help you optimise the effectiveness of your invoicing and, where necessary, payment chasing.
We have the resources, the experts, the knowledge and experience to help your business grow. And with over 1,000 accountancy clients in the UK and London, the volume of our work allows us to share economies of scale with you.
