Can I do my accounts myself?

by Vidit Agarwal Marketing Director

If you are interested in managing your accounts by yourself, you can always hire a freelance accountant to help you out only for a particular task or time period. In the meantime, here are some simple suggestions that you can use:

Bookkeeping systems

Maintain your accounting books like a pro! A few mistakes here and there can lead you to a penalty of several hundred!

Professional advice for bookkeeping

Hire a consultant or freelancer for support & to manage your finances. They need not be permanent, they just need to complete tasks that you need an experienced accountant to do.

Business expenses that you can claim

Do your best to claim expenses from your business. This is what tax claims are all about! Your accountant should be able to help you with the types of business expenses that can be claimed.

Tax season preparations

Have an idea of the type of taxes that you need to pay as a sole trader. Other than this, you will need to find out the deadlines to file your returns and self-assessment.

Manage your records

You need to know every single expense that you have. You will also need to find out the various income streams you have. These are all considered part of your income for taxation purposes.

Do I need a separate bank account if I am self-employed?

According to HMRC, there is no such requirement to have a personal & a business bank account when you're self-employed. Although it might be a good idea for you to be able to keep two separate bank accounts.

Having a business bank account ensures that you do not counter any confusion while you do your self-assessment for tax. Key insights from most sole traders and entrepreneurs are that having two bank accounts is more convenient. It will also keep track of the expenses and incomes for the business separate from your personal income and expenses.

Are you Selling Goods or Services?

Trading? If you answered with a 'yes', you are in the self-employed category now! Anyone who offers a service or a product is a sole trader in UK.

In case you are unsure of whether or not you are qualified to be 'self-employed', you can always get in touch with HMRC. They will give you the information you need whether you're self-employed or a limited company!

To get additional help for your small business, you can get in touch with dns accountants. Having a dedicated team of self employed accountants who can take over your financial responsibilities is a bonus! They're a call away for any queries that you might have, at low costs and constant support. They offer accounting advice regarding tax claim ideas, etc. to their clients online (with the help of accounting software). If you are a small business, a sole trader, or a limited company - you can expect the best services from their consultants.