While many of us were happily munching and singing, port in hand, over the festive period, a significant amount of people were focused on something else. Tax returns – the scourge of the self-employed – hit home this year, as the BBC reports that thousands of entrepreneurs were filing their self-assessments on the 24th, 25th and 26th December.
This is a sad case, but perhaps one that can be avoided. As the January tax deadline is just over the hill, those who are struggling with their accounts may be in dire need of help, and think there’s nowhere to turn. Well – they’re wrong…
The Self-Assessment burden
Freelancing, contracting and other forms of self-employment leads to increased responsibility. There’s no question that the perks of your work schedule are countered by a mandate to show what money is coming in and out of your account, and where it originated.
HMRC can fine you for a late submission, or open an investigation into the evidence. There’s considerable pressure to get it all done to the standards they expect. This usually equates to searching drawers and folders for receipts you’ve kept for twelve months, matching funds with your bank statements, and listing every expense you can think of.
Since self-employed professionals are generally tight on time, they might not find the hours to do this steadily over the financial year. It’s, therefore, no surprise there was a submission spike over Christmas, as people panicked and filled things out late into the night, just because they finally had a window to do so.
Mediating the burden, and making you happier
If this sounds like you – and if January 31st is still glaring menacingly from your calendar – take heed: you are not alone.
At least, you don’t have to be anymore. Independent professionals should do what they do best, creating waves in their industry and pushing financial small-print to the side. How can this be, though, when HMRC is so adamant about perfection?
Problems like these are what we were born to solve. Our accountancy service is tailored towards contractors, freelancers and small business owners with a hectic workload. We understand that self-assessment is a drag on your confidence, causing you to doubt whatever you’re writing on the tax form.
That’s why we perform it for you, gathering all the evidence we need and making sure you don’t pay more than you owe. Forget questionable expenses, or long trawls through payments you’d forgotten about – the Bright Ideas team absorbs this hassle, and finalises it to a quality the taxman will accept.
Our bookkeeping software, FreeAgent, lets you upload expenses in a flash, beamed direct to us on the other end of a screen. There’s no doubt or mislaid information when we’re building your self-assessment profile.
So, before the end of January, invest in one of our accountancy packages, and eliminate the scramble to complete your tax return at the eleventh hour. From as little as £90 a month, you could have Bright Ideas on your side – how does that sound as a present for the New Year? Call 0161 669 4221 or email info@biaccountancy.com for a quote.
