TRADESMAN ACCOUNTANCY SERVICES
Like all tradespeople, you want to make good money from your professional skills.
Generating plenty of cash from your chosen trade is what you’re good at, and at the end of the day, it’s what you’re in it for.
But when it comes to managing finances, many tradespeople find themselves in a bit of a mess.
Relax, Rhino are here to get you sorted.
What accounting services do we offer to tradespeople?
At Rhino Trade Insurance, we are proud to offer specialist accountancy and tax services to tradespeople across the UK. We know that business accounting can be a headache, so that’s why we bring in the experts to support you every step of the way.
Rhino has teamed up with leading specialists QAccounting and Xero to offer our customers tailored monthly tradesman accounting options for almost any type of tradesperson.
From bookkeeping and tax returns to a full accounting service for Sole Traders & Limited Companies, if you work in the trades, you can now have your insurance and accounting worries taken care of.
Tired of worrying about accounting for your business and filing your personal tax return every year? Benefit from ongoing support from a dedicated accountant and be confident in knowing exactly how much tax to set aside each month with monthly tradesman accountancy services brought to you by Rhino.
Tradesman Accounting Summary
- Low-cost monthly fee
- Dedicated accountant and account manager
- Accountants experienced in the trade industry
- Outstanding customer service
- Latest technological solutions with Xero
What Does an Accountant For Tradesmen Do?
Check out some of the accounting services offered to tradespeople just like you:
Keeping track of your transactions is vital for any trades business, but keeping up-to-date, accurate books can be a challenge.
Clear business books mean you have a clear picture of your cash flow while being able to chase outstanding payments and, ultimately, keep HMRC content when those deadlines come around.
Rhino’s partners QAccounting have teamed up with Xero to offer a low-cost solution with their industry-leading bookkeeping software which makes entering bookkeeping data a breeze via your smartphone.
If your business has a Limited Company structure, you’ll need to file annual accounts once a year. Our partners offer an annual accounts preparation, filing and submission service, which will get your accounts in on time and HMRC-compliant, taking the stress off you as the end of the account year looms.
If you’re earning above £85,000 a year, you’ll need to be VAT-registered and submit VAT returns every quarter. Sounds like a hassle? It can be, which is why Rhino’s partners QAccounting are here to take the pressure off by assisting you throughout this process.
Another time-consuming aspect of accounting for tradespeople, payroll is essential if you have employees (or pay yourself via a limited company). You need to maintain an accurate database of staff information, make sure you’re collecting the right tax and insurance for PAYE, pay any wages due correctly and on time and keep on top of deductions, annual leave, tax codes and more.
Whether you’re a sole trader or limited company director, you’ve got to do an annual tax return. Getting them in correctly and on time is no mean feat when you’re juggling jobs, which is why so many tradespeople use QAccounting’s handy Self-Assessment filing and submission service year in, year out.
If you’re a self-employed contractor, you’ll be aware of the confusion surrounding the IR35 reform over the last few years. HMRC is still investigating contractors they believe are wrongly classified inside IR35, so its important to be able to prove your status. Our partners QAccounting are experts in understanding IR35 legislation, so you’re in safe hands.
Construction Industry Scheme (CIS) support
If you’re a subcontractor in the construction industry, you may be aware of the importance of registering under the CIS. If you’ve worked for many different contractors that year (and this could be dozens), racking your tax refund amount and making sure you’re compliant with the scheme can get confusing, but luckily QAccounting knows the CIS inside out, so are here to help you with the process, and answer any questions you might have.
What are the benefits of using tradesman accounting services?
Let’s look at some of the benefits of what we offer.
You’ll save valuable time
As a tradesman or woman, you’re probably pretty busy. There are no 9-5 hours for a self-employed plumber, brickie, electrician, roofer or gas fitter, for example. And no tradesperson wants to turn down jobs because they’re holed up going over their business finances.
Unfortunately, many tradespeople let their tax and accounting duties eat into their downtime rather than waste precious billable hours going over their books. Rhino’s customers don’t need to worry about this, because QAccounting’s streamlined, effective accounting solutions and on-demand expert support will mean you don’t need to sacrifice your personal life to keep your business running.
You won’t be stressed
Is there a worse feeling than knowing your tax and accounting affairs aren’t in order, but not knowing the best route to get them straight?
Many tradespeople find themselves in this situation, as not everyone is a natural at things like bookkeeping and tax calculations. Luckily, our wonderful partners at QAccounting genuinely enjoy that stuff, so you’ll be free to do what you’re most good at – your trade.
You’ll be compliant
In the world of tax and accounting, compliance is a big deal. This is especially true for tradesmen in light of schemes such as CIS and the IR35 reform, which can catch you out if you’re not careful.
Working with highly experienced tax and accounting experts (all for a low-cost monthly fee) is the way to go if you want to navigate the world of tradesman accounting without ending up on the wrong side of HMRC.
You can protect yourself against Tax Enquiries
At Rhino, we have a solution to protect you even if you do end up the subject of an HMRC enquiry. Our amazing Tax Enquiry Insurance cover will cover the cost of top experts to defend your legal case, working behind the scenes so you don’t lose any income due to missed work. Speak to Rhino today about this low-cost insurance every self-employed tradesperson should have.
Business growth and support
You might not know the first thing about tax efficiency and business growth, but the top accounting professionals at Rhino’s partners QAccounting do. Get valuable advice on things like business expansion, raising finance, capital purchases, cash flow, profit and loss and much, much more which will set your trades business head and shoulders above the rest.
Do Sole Traders Need Accountants?
Sole traders may be on the lighter end when it comes to accounting requirements, but we’re still talking about countless hours spent each year going over your business finances. From bookkeeping, expenses, tax deadlines and Self-Assessment obligations, you’re going to be kept pretty busy alongside your already demanding day job.
Not only can working with a fuss-free online accountant through Rhino Trade Insurance help with this, but you’ll also benefit from their exclusive knowledge of things such as tax planning, tax breaks and business expansion.