Maximising Your Profits as a self-employed professional: What to Expect from a specialist accountant

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Managing finances as a contractor or self-employed professional can be daunting, especially with the complexities of tax laws and accounting practices. However, with the right support, you can overcome the challenges and maximise your profits. In this blog post, we will discuss what you should expect from a specialist accountant to ensure your financial success.

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Maximising Your Take-Home Pay

One of the primary benefits of having a specialist contractor accountant is the advice they can provide on how to maximise your take-home pay. They can help you register as a limited company and advise you on the most effective tax planning strategies to make the most of your pay while staying compliant with tax regulations. With their expertise, you can ensure that you are not overpaying tax and have more money to invest in your business.

Navigating Legislation

Tax legislation can be complicated, but a specialist accountant can make it easier for you to navigate. They can help you understand specific legislation that is particularly pertinent to contractors, such as IR35, to ensure you stay on the right side of the law. They can also help you prepare for any changes in tax laws and advise you on how to adapt your business practices accordingly.

Filing End-of-Year Accounts

All UK limited companies must submit their annual accounts to Companies House within nine months of the end of the financial year. Failure to do so can result in penalties and tax bills. A specialist accountant can ensure that you meet the filing deadlines and stay on top of your accounts. This can save you time and money in the long run and ensure that you have accurate financial records.

Managing VAT Returns

If you're registered for VAT, a specialist accountant can help you manage your VAT returns. They can complete the process for you or advise you on whether the Flat Rate VAT Scheme could work better for your business. This can simplify the VAT process and ensure that you are not paying more than you need to.

Processing Payroll and National Insurance Paperwork

A specialist accountant can take care of your payroll, including PAYE and National Insurance deductions. They can also provide you with a payslip and ensure that your payroll data is sent to HMRC in real-time. They can also take care of P11D or P60 forms for you. This can save you time and ensure that you are complying with all payroll regulations.

Securing Mortgages, Pensions, and Protection

Self-employed professionals often face challenges when it comes to securing mortgages and pensions, but a specialist accountant can help you overcome these obstacles. They can also help you secure critical illness, income protection, and life assurance policies to protect you in case of unexpected events. With their support, you can plan for your future and ensure that you have the necessary protection in place.

It's a commonly held opinion that contractors can struggle to get a mortgage because their income is less predictable. However, with the right support, there's no reason why the self-employed can't be homeowners too. Most self-employed professionals find they don't fit into mortgage lenders' standard criteria, but that doesn't have to be the end of the story. Instead of dealing directly with financial institutions, it's worth working with an organisation that specialises in helping the self-employed overcome common hurdles.

Specialist Lenders

While it's not impossible to get a mortgage as a self-employed professional from a high street bank or building society, specialist lenders are another option. It can be useful to have an intermediary that works with these providers, as often their rates are not available directly, but they will have a better understanding of the way self-employed professional are paid.

Mortgage Protection

As a self-employed professional, you'll want to protect yourself and your property from any unexpected financial hardship that could come your way. Consider different types of protection available, including mortgage life insurance, critical illness cover, and income protection insurance, before deciding what best suits your circumstances. A specialist accountant can help you understand the different types of protection available and advise you on the best options for your situation.

At Brookson, our team of accountants can provide you with all of these services and more. We have been working with contractors, freelancers and Self-employed professionals for over 25 years, and we understand the challenges and opportunities that come with being self-employed. Our expert team can help you navigate the complex world of finance and tax law, ensuring that you stay compliant and maximise your profits.

Book a free consultation

If you're looking for a specialist contractor accountant, book a free consultation with one of our experts at Brookson today. We are here to help you achieve your goals and succeed in your business endeavours. With our support, you can focus on what you do best – running your business – while we take care of the rest.

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