How an accountant helps you if you’re self-employed

How an accountant helps you if you’re self-employed

Being self-employed gives you the freedom to work as you please but it also burdens you with a significant  number of new and different responsibilities. You’re your own boss, your own employee, business advisor, administrator, marketer, and so much more.

But why should you use an accountant?

Unlike many aspects of being an entrepreneur where you are able to improvise, your business’ finances should not be an area fighting for your attention and knowledge with everything else. It’s too important to be relegated in this way.

Chartered accountants such as SMART Team are highly skilled and experienced financial experts with an in-depth understanding of everything from UK tax legislation to small business development.

By bringing an accounting professional onboard, you’ll be able to benefit from their dedicated time and extensive expertise when it comes to managing your finances effectively.


If you are unsure about your taxes

Despite the government’s constant efforts to simplify the system, taxes are still extremely complicated.

When you’re self-employed, you and your business are seen as the same entity when it comes to taxation, so separating tax-deductible business expenses from your own personal expenses can be confusing.

There are a significant number of special tax allowances, reliefs, and benefits for the self-employed open to you to claim. The right accountant will be able to open your eyes to all of these possibilities, many of which you may not even be aware of.

By hiring an accountant to deal with your taxes, you can rest assured that all paperwork is filled out accurately and on time; avoiding hefty late fees and ensuring your business is compliant and as tax efficient as possible.


If you’re struggling for time

As mentioned, self-employed workers often have to wear many hats in order to run their business alone. Whether you’re chasing new business, ordering new stock or managing your website and social media, this often leaves little time for tasks such as bookkeeping and financial planning.

On top of this, having too many business-related commitments can greatly affect your work-life balance. Working with your accountant lightens your own workload and gives you time to focus on your family life whilst still ensuring your accounts get the attention they need.


If you’re looking for funding

If you are planning on applying for finance for your business, your accountant can help you through every step of the application process.

Whether it’s writing up your business plan, mapping out your cashflow forecasts and profit/loss predictions or preparing you for due diligence by investors, your accountant will already have experience in successfully securing funding for companies like yours.

So, if you’re just starting up or looking to expand your services, an accountant will be able to find the right form of finance for you as well as help you arrange repayments.


If you need an impartial business advisor

Running your business completely single-handedly can be daunting, particularly when making big decisions that will impact on your company.

It always helps to have an impartial expert that you can bounce ideas off to help you work out what might be in the best interests of your business.

It is very likely your accountant has worked with many companies similar to your own, which means they have an insider knowledge of how others in your sector operate to succeed and the mistakes you should avoid.

SMART Team are also experts in helping small businesses grow. We will be happy to advise you on all aspects of changing and developing your business.

If you’re thinking of incorporating your business (that is, becoming a limited company), our expert team will be able to coach you through every step of the process, and we’ll be there to help you manage new liabilities such as corporation tax should you do so.

To find out more about how we can help, speak to SMART Team today on  01202 577 500 or email us at

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