You will be logged off in  seconds due to inactivity and risk losing your quote. Click here to continue using this web page.

Do tradesmen need an accountant?

Troy Stevens 21 September 2020

From expert tax support to playing a key role in the success of your business

Every tradesman is faced with a choice when they go self-employed: do you take care of business bookkeeping, expenses management, tax calculations and tax payments yourself? Or do you engage an accountant to do this on your behalf?

At last count in 2019, according to the FSB, there were a staggering 3.5million sole traders in the UK, meaning these workers make up 59% of the UK’s 5.9million private sector businesses.

And while sole proprietorship, as it's also known, is widely considered the simplest business structure to set up and operate through, these individuals - as self-employed workers - must still keep on top of their accounts and meet their tax responsibilities. 

In this article, with help from our partners QAccounting, we’ll explore why so many sole traders choose to buy accounting services

 

need an accountant?

 

Taking care of tax

An accountant specialising in supporting the self-employed will help ensure your tax compliance and maximise your tax efficiency. In other words, they make sure your accounts are up to date, your tax returns are calculated correctly and paid on time, and will suggest ways to legally reduce your tax liability

 

Saving you time

It goes without saying that with an accountant on your side you save a considerable amount of time. No more monthly bookkeeping, no more organising receipts and no more trying to get your head around how much tax you owe in your annual self-assessment tax return. By engaging a qualified accountant, you can prioritise winning work, providing your services to clients and growing your business instead.

 

Saving you money

Your tradesman accountant will be able to spot areas where your business could become leaner and in turn, more profitable. Whether it’s recommending that you remove any unnecessary overheads or claim back legitimate business expenses to compliantly reduce your tax liabilities, accounting services tend to help you save money overall. 

 

Fuelling business growth

An accountant can offer key insight to help you make money too. Regardless of whether you’re looking to diversify your services, hire a freelancer or employee, or set up a new arm of your business, accountants are able to help you plot, plan and measure the possible financial implications of your next move. 

 

Supporting your personal goals

In addition to helping with your immediate needs, there are a number of accounting services built to support your long-term plans. For example, an accountant can organise your pension so you’re ready for retirement or get your accounts ready for a mortgage application before putting you in touch with mortgage specialists. This extra support - which extends far beyond the traditional bookkeeping services - gives sole traders the tools to prepare for life after work and create for themselves extra financial security. 

So there you have it - a handful of important reasons why accounting services for sole traders will not only help your business stay tax compliant and tax-efficient, but could also play a key role in its long-term success. 

For more information and to learn about QAccounting’s range of accounting services for sole traders, please request a callback - one of their friendly and knowledgeable accountants will be in touch.

 

How Insurance Can Help Tradespeople Grow Their Business
How Insurance Can Help Tradespeople Grow Their Business

Rhino Trade Insurance 27 May 2023

In addition to protecting people and businesses from a variety of potential risks, trade insurance can boost your business's prosperity by attracting new customers, too.

Read more

Learning a trade as a woman in the UK
Learning a trade as a woman in the UK

Rhino Trade Insurance 26 May 2023

There’s no point pretending that women haven’t had it tough when it comes to pursuing careers in the trade industries. Think of all the ‘hilarious’ jokes you’ve heard about female mechanics. And the jokes aren’t even the worst part. 

Read more

5 Reasons you need Trade Insurance
5 Reasons you need Trade Insurance

Rhino Trade Insurance 25 May 2023

Here, we go over the main reasons you need to have trade insurance and what makes it so important when wondering how to keep your finances safe.

Read more

TALK TO AN EXPERT

Our team of experts are available to talk to Mon-Fri 08.30-17.30 and Sat 10.00-14.00

online chat

Our team are online during office hours. Send a message if you have a query.

call

Call our team of experts during the office hours noted above.

Form

No problem. Fill in our quick form and let us know when’s a good time for you.