Do I Need an Accountant If I’m Self-Employed?

So, you're thinking of, or have already taken, the leap into self-employment. Exciting, isn’t it? But then comes the part no one really warns you about—managing your accounts. If you’re asking yourself, “Do I actually need an accountant?” you’re not alone. Let’s break it down and see how an accountant can not only save you time and money but also help you sleep better at night.

The Reality of Being Self-Employed

Being your own boss sounds great until you realise you’re also your own bookkeeper, tax expert, and admin assistant. Suddenly, juggling invoices, expenses, and tax deadlines becomes a full-time job in itself. Here’s what self-employed life throws at you:

• Keeping HMRC Happy:

  Tax laws are tricky, and one missed deadline can mean hefty fines.

• Saving on Taxes:

  Are you claiming everything you’re entitled to? If not, you’re leaving money on the table.

• The Time Drain:

  Sorting through receipts and spreadsheets is no one’s idea of fun.

• Avoiding Mistakes:

  Errors in your tax return? HMRC doesn’t take kindly to those.

Sound familiar? This is where an accountant becomes your new best friend.

Why an Accountant Is a Game-Changer

Hiring an accountant isn’t just about crunching numbers—it’s about taking a huge weight off your shoulders. Here’s what we bring to the table:

1. Less Stress, More Time for You

Imagine never having to worry about filing your Self Assessment tax return or tracking every single expense. An accountant can handle all of that for you, so you can focus on what you love—growing your business. Plus, we’ll nudge you about deadlines so there are no last-minute panics.

2. Bigger Tax Savings

Sure, you could do your own taxes, but would you know about all the deductions and allowances you qualify for or perhaps what you cannot claim for?! Probably not. From home office expenses to travel costs, we make sure you don’t pay a penny more than you need to.

3. Setting You Up for Success

If you’re just starting out, congratulations! The new year is the perfect time to launch your dream business. But it can also feel overwhelming. We’ll guide you through:

• Registering as self-employed with HMRC.

• Choosing between being a sole trader or setting up a limited company, we have a handy guide we can send you!

• Setting up bookkeeping software (like QuickBooks or Xero) to keep things running smoothly.

4. Helping You Plan for Growth

An accountant isn’t just for sorting out taxes—we’re here to help you grow. Whether it’s forecasting your cash flow or figuring out how to price your services, we’re by your side.

Starting a Business in the New Year? Let’s Talk!

The start of the year is a brilliant time to kick things off, but there’s a lot to think about. Should you go sole trader or limited company? Do you need to register for VAT straight away? How do you create a solid financial plan? These are big decisions, but don’t worry—we’ve got you covered.

Here’s how we can help you hit the ground running:

• Business Structure Advice:

  We’ll help you decide on the best setup for your goals.

• Budgeting and Planning:

  A solid business plan is key to avoiding nasty surprises later.

• Tax Strategy:

  Starting strong with the right tax approach will save you headaches down the line.

  
  

The Cost of Doing It Alone

You might think doing your accounts yourself will save you money, but let’s be real—it could cost you more in the long run. Here’s why:

• Missed Tax Reliefs:

  Without expert advice, you might miss out on allowances that could save you thousands.

• Fines and Penalties:

  Filing late or making errors can lead to HMRC fines.

• Lost Time:

  Time spent on admin could be spent winning new clients or developing your business.

  
  

How Giraffe Accountants Can Help

At Giraffe Accountants, we specialise in working with self-employed individuals and small businesses. Based in Bognor Regis, we’re your friendly local accountants who make your life easier. Here’s why you’ll love working with us:

• We Get You:

  Whether you’re just starting out or you’ve been self-employed for years, we understand your challenges and know how to help.

• Tailored Services:

  No cookie-cutter solutions here—everything we do is designed around your business.

• Modern Tools:

  We work with cloud-based accounting platforms like Xero and QuickBooks, making your finances a breeze.

Check our our values to find out more about how we work.

FAQs About Hiring an Accountant

1. Can I handle my accounts myself if I’m self-employed?

   • Sure, you can—but it takes time, and you might miss out on tax-saving opportunities.

2. How much does an accountant cost?

   • It depends on the services you need, but most clients find the savings we bring far outweigh the costs. You can find out about our approach to fees here.

3. When should I hire an accountant?

   • The earlier, the better! We can help set up your accounts properly from day one.

4. Can I just use an accountant for my tax return?

   • Absolutely! Whether you need year-round support or just help with your Self Assessment, we’ve got you covered.

5. Can an accountant help me grow my business?

   • Yes! From cash flow forecasting to pricing advice, we’re here to help you succeed.

     
     

So...... Do I Need an Accountant?

We think so, but then again we would say that wouldn't we :)

But if you’re tired of juggling receipts or thinking about setting up your business, we’d love to help. Contact Giraffe Accountants today for a free consultation and let us show you how we can make your life easier.

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