Every successful contractor needs to get to grips with their finances. If you dream of working for yourself on a full-time basis, then you always need to have a firm handle on your cash flow, expenses and tax payments, all the while staying on top of deadlines for important paperwork and chasing client invoices.
For some people, the whirlwind of self-employment can become completely overwhelming, especially when they’ve got no previous experience of managing their own finances. In fact, the entire bookkeeping process can leave you so stressed out, you could soon be questioning why you became a contractor, freelancer or sole trader in the first place.
By hiring a specialist contractor accountant, you can take some security that you’re receiving the best financial advice. With the help of an accountant, you can keep concentrating on doing what you do best, Brookson’s specialised professionals provide a service which is tailored to the modern contractor. But how exactly could you benefit?
1. Maximise Your Take-Home Pay
Although many people dream of enjoying a better work-life balance, a significant number of workers take the path of self-employment for one very important reason: they want to make more money. Of course, there’s absolutely nothing wrong with this, and there’s always a certain amount of satisfaction in earning exactly what your work is worth, rather than what your boss decides to pay you.
However, this increased profitability just isn’t possible when you don’t have a proper handle on your accounts. At Brookson, our specialised accountants are the experts in helping you to maximise your take-home pay whilst advising you on organising the payments of your various assignments. This will ultimately improve your tax efficiency.
Working as a limited company contractor can quickly become very profitable indeed, but only when you’ve got an accountant who knows how to get the most out of this particular setup. The team at Brookson deal solely with Contractors and Freelancers, so our highly-trained professionals are the experts in maximising your profits
2. Conform to Modern Tax Legislation
Make no mistake, UK tax laws are confusing. Very confusing. When you’re trying to concentrate on growing your client base and ploughing through your workload, the prospect of keeping up with your tax requirements can seem too much to handle. Along with the long list of important deadlines, you also need to worry about claiming allowable expenses and correctly filling out vast amounts of paperwork.
Perhaps more importantly, this paperwork will inevitably involve tight deadlines; deadlines which can prove incredibly damaging if you happen to miss one. From Self-Assessment forms to payments on account, a failure to submit relevant documents on time can result in hefty fines from HMRC, particularly if you miss these deadlines by more than a few weeks.
Whether you’re set up as a limited company, or work in a completely different way, it’s often hard to keep up with which paperwork (and subsequent deadlines) actually apply to you. Fortunately, not only will Brookson fill out and submit these forms on your behalf, but we’ll also make sure you’re in line with any tax changes and give you much greater peace of mind. After all, nothing causes more of a headache quite like the fear of suffering a severe tax penalty.
3. Grow Your Business
Since our specialised accountants will take care of all the hard work, this means you’ll obviously have much more time to concentrate on building your client base, completing your workload and ultimately growing your business. Not only will the reduced stress inevitably improve the quality of your work, it will also help achieve a much better work-life balance—which is probably one of the main reasons you wanted to become self-employed in the first place.
In fact, Brookson doesn’t just manage your finances and make sure you aren’t breaking any rules, we also provide all our clients with valuable advice. By helping you to make smarter business decisions and ultimately making you as profitable as possible, our service lets you take your business to the next level and become a truly successful independent worker.
Find a Specialist Contractor Accountant
If you’re interested in growing your business with a team of specialised contractor accountants, then contact Brookson today and claim your FREE consultation. With over 20 years of experience, we’re the experts you need if you truly want to develop your business in 2019.