Freelancers / Contractors

Being self-employed is a lot different than working a traditional job. Although it brings along many benefits such as more freedom and the ability to be your own boss, it also brings along challenges.

It’s also worth noting that freelancers and side businesses have become more prominent in recent years with the rise of the internet, influencers and a whole different generation who thrive on changing business opportunities instead of staying in the same traditional role for all of their lives. These days, many people forgo full-time work altogether, with many young professionals choosing to work on the road with online freelance work to sustain their lifestyle.

Naturally, a lot has changed in terms of regulations for accountants for freelancers!

When it comes to being a freelancer or contractor, for example, hours vary and it also means you are self-employed – so different tax rules apply. Additionally, when you are an employee of a company, for the most part, anything related to accounting or tax is done for you. However, when you are self-employed, you often have to do all of these comprehensive things yourself, which is where things get overwhelming and mistakes are made.

Many people don’t have the expertise or experience to fill in self-assessment tax returns and in this case, a small mistake can lead to lots of money being lost. In some cases, many people trying to start up their own self employed business or do everything on their own can easily forget things like deadlines for year-end accounts or bookkeeping.

It pays to look for an accountant who can look after all the above – with your best interests at heart. Accountants for contractors, for example, can not only help you with tedious tasks like filling in tax forms or submitting VAT returns, but they can also advise you on financial matters to help you save money or run things more smoothly.