How to Find the Perfect Accountant for Entrepreneurs
There are very few jobs that are more rewarding than becoming an entrepreneur.
Whatever the business may be, becoming an entrepreneur is a fantastic way to add creativity, freedom, and control over your working day.
The possibilities are endless, the sky is the limit…
…and the tax bill is due!
But rather than halting your operations to try and workout where that payment from last June came from, why not use the AccountantFor free matching service, to help you find the perfect accounting services for your business?
Here, we will discuss how an accountant can help reduce your costs and make your tax returns quick and easy.
Do You Need to Complete a Self-Assessment Tax Return if You Work as an Entrepreneur?
In simple terms, yes.
In many countries, including the UK, entrepreneurs typically need to complete a self-assessment tax return to report their income and calculate the taxes they owe, including income tax and national insurance contributions, if applicable, unless their business structure has them taxed differently.
Filing a self-assessment tax return is essential for ensuring compliance with tax laws and avoiding penalties for late or incorrect submissions.
The Potential Penalties For Not Paying Your Tax Bill or Other Accounting Tasks
There are several penalties that can arise from not paying your tax bill as an entrepreneur, each one increasing in severity.
Late payment penalty: If you miss your tax return, the HMRC will immediately strike you with a late payment fine.
Interest charges: On top of late payment charges, you can also expect to receive bank interest charges on top of your unpaid fees.
Damage to credit score: As an entrepreneur operating as a sole trader, an unpaid tax bill can also have a negative impact on your credit score, which will make it harder to secure a personal or business loan in the future.
Collection actions: Keep avoiding your tax return; the HMRC may decide to take your tax avoidance into their own hands, serving you with a collation action, which could mean your assets get seized.
Criminal penalties: Finally, if you continue to not pay your tax return, your tax evasion may be deemed as criminal, which could incur hefty fines or time in jail.
The Challenges You Face When Completing Your Self-Assessment Tax Return
Dealing your own accounting tasks can be incredibly difficult, due to how complex UK tax can be for sole traders and limited companies. Here are some of the challenges you might face:
- Complex tax regulations
- Record keeping
- Tax liabilities and deductions
- Income sources
How can an Entrepreneur Accountant Help?
Tax compliance: Entrepreneur tax accountants are well-versed in tax laws and regulations.
Tax planning: Tax accountants are able to implement tax-efficient strategies to reduce your tax liability.
Financial planning and strategic financial management: Tax accountants maintain organised financial records for you, making it easier to track your income, expenses, and deductions all-year-round.
Audit accountancy support: If a tax audit or inquiry is required by tax authorities, a tax accountant can represent you, offering documentation to support your tax return and keep you out of trouble.
How AccountantFor Can Help You With Your Tax Returns
Our match-making accountancy services will match you with experienced accountants for entrepreneurs to ensure you talk to someone who understands your craft and the costs associated with it.
The best part? It doesn’t cost you a penny.
All you need to do is click here.
Get Matched With a Ideal Solo Entrepreneur and Small Business Accountants Now
What Do Others Say About AccountantFor’s Accountancy Services
In the world of entrepreneurship, agility and vision are paramount. But so is having a solid financial foundation. With so many ventures to juggle, I needed an accountant who could keep up and provide proactive insights. That’s where AccountantFor stepped in. They matched me with a financial expert who not only streamlined my multiple income streams but also offered strategies to maximize profitability. With AccountantFor, I’m not just dreaming big—I’m scaling big.
— Liam F., Serial Entrepreneur & Innovator.
Find Specialist Entrepreneur Accountants in Five Simple Steps
Tell us about your work: To start, we will ask to learn more about your entrepreneurial businesses.
Tell us about your average turnover: Next, we will use your turnover to pair you with tax experts who deal with businesses of your size.
Tell us what services you are interested in: Then, we will ask you to give us more information about the services you want to find.
Tell us where you want your accountant to be located: You can decided which country you want your accountant to be based in.
Tell us your details: Provide your name and contact information so that we can provide you with your unique quote.
Frequently Asked Questions About Tax And Accounting Processes
AccountantFor works with accountants from across the globe, pairing your with an accountant that understands entrepreneur business finances and corporate finance, to ensure you are 100% tax compliant, while also claiming for everything you can to lower your return.
Those running entrepreneurial businesses might think that they can complete their own tax or VAT return, and they would be right. However, without using accounting services, or having the right accounting systems in place, you run the risk of missing out on potential tax rebaits, or worse, you risk accidentally committing tax fraud by getting your tax return wrong.
1. Record Keeping
2. Tax Compliance
3. Up-to-date financial statements
Entrepreneurial accountants may assist entrepreneurs with managing their financial affairs, including calculating and advising on national insurance contributions, but the responsibility for making these contributions ultimately rests with the individual entrepreneur.
Accountants for entrepreneurs provide financial and tax services, including bookkeeping services, tax planning, financial analysis, and compliance support, to help entrepreneurs manage their finances and ensure regulatory adherence.
Entrepreneur Accountancy Services
AccountantFor provides a comprehensive range of accountancy and tax services for entrepreneurs through our exclusive network of vetted accountancy talent within the United Kingdom.
– Statutory accounts
– Management accounts
– Financial planning
– Business plan
– Growth modelling
– Tax investigation service
– Capital gains tax
– Tax advice and consultancy
– Company formation
– Registered office address
– Payroll services
– Corporation tax