You might be a freelance copywriter, or perhaps you're in the early days of building your digital marketing agency. If you operate as a sole trader this is the package for you. You're perfectly happy keeping things ticking over throughout the year, but want to handover to someone else for them to bring together your accounts and prepare your self assessment tax return. You'll record your income and expenses using Xero and I'll then prepare your accounts and your tax return.
But I can do my own self assessment
You certainly can, after all the clue is in the name! Whilst you're likely to do a good enough job, how much extra tax are you paying as a result of just not knowing everthing that's possible? On average I reduce people's tax bill by £500, and the most I've saved someone is £14,000! This isn't by doing anything dodgy, that's not how I roll, just simply knowing what can be deducted and making sure that they're using the right approach for them.
Why do I need accounts, aren't they just for limited companies?
As a sole trader you don't need to submit your accounts to anyone in the same way that limited companies do, but that doesn't mean they're not important. Preparing your accounts is a crucial part of being able to claim everything you're entitled to, but many people who do their own tax return don't do this. By just adding up your income and expenses you're only getting part of the story and could well be paying the incorrect amount of tax. Without accounts you're also missing out on a fantastic decision making tool. Being able to see exactly how income and has come in and where it was spent is hugely useful when you're looking at growing your business. It's also a pretty good motivator when you can see all of your hard work paying off!
How it works
You'll use ReceiptBank to upload all of your receipts and expenses and then do your own bookkeeping in Xero (recording your costs, issuing invoices to clients, and so on), and will commit to keeping this up to date. We'll have a call at the end of every quarter to discuss any queries you have, and I'll review what you've entered. If you come up against any problems in between calls, you also have access to email support.
At the end of the tax year I'll prepare your accounts, based on the information you've entered into Xero. These, together with any additional information such as any employment you've had in the year, will then be used to prepare your self assessment.
What you get
From just £60 plus VAT per month you get:
- Xero subscription (worth up to £288 per year)
- ReceiptBank subscription and initial training (worth up to £240 per year)
- Quarterly progress report and a Zoom call to discuss it
- Quarterly estimate of how much tax and national insurance you owe
- Annual accounts
- Self assessment tax return
- Email support
Don't worry if you haven't used Xero before. You can add on a set-up and training session for just £39 plus VAT, which will give you what you need to hit the ground running, plus you'll get some handy help sheets to act as reminders.
If you're just starting out, perhaps alongside a full-time job, and this is sounding a little excessive for your needs, the stripped back self assessment only package might suit you better.
Keeping on top of your bookkeeping is best done in small regular chunks. Ideally you'd spend a little bit of time each week, but as a minimum I ask that you make sure Xero is fully up to date on a quarterly basis. This means that you'll get the most out of our review calls and also means that you'll have a really good understanding of how your business is doing.
How to sign up
If this all sounds interesting, book a time below and we'll have a chat to discuss your needs.
Emma is a really professional, skilful and proactive bookkeeper/accountant. Since I started working with her I feel more confident and secure with my business finances. Emma not only helped with organising my bookkeeping efficiently, preparing my self-assessment for my tax return, but also provides invaluable support of day-to-day running of my business. I really enjoy working with Emma and I'd highly recommend her services to everyone!