Accountants For Freelancers

Contractors and freelancers may be registered as sole traders or limited companies. Both are responsible for their own tax and National Insurance contributions, while an employer usually deducts these payments directly from the salary of an employed worker who is “on the books”.

However, contractors usually work for one client at a time, while freelancers serve a number of different clients at once. As a result, freelancers tend to retain more control of their working hours and the prioritisation of projects, while contractors often work in response to the requirements of the organisation that has hired them.

Following our launch way back in 2012, IN-Accountancy’s financial specialists have been providing proactive accountancy services to freelancers and contractors across industries.

We have a strong track record of support and advice based on a detailed and up-to-date understanding of the financial duties and requirements affecting self-employed individuals.

Our freelance, contracter and consultancy clients span a range of sectors, including software development and IT, digital marketing, design, creative, medical and healthcare, construction, manufacturing, professional services, retail and eCommerce.

All of our clients fall outside IR35 – which means they are off-payroll workers who work independently and manage their own time and workload.

PAYE as a freelancer (Pay As You Earn) might not always be directly relevant to you, but there are certain situations where it can come into play. If you’re self-employed and operating as a sole trader, you don’t need to worry about PAYE; instead, you handle your taxes through the Self Assessment system.

However, if you freelance through a limited company and pay yourself a salary, you’ll need to operate PAYE, just like any other employer, deducting Income Tax and National Insurance from your salary. Additionally, PAYE applies if you have a side job as an employee or work through an umbrella company. Understanding when PAYE is relevant helps ensure you meet your tax obligations correctly.

Understanding the complexities of business structure can be challenging, and the best choice often depends on your current situation and future goals. Don’t hesitate to reach out to the IN-Accountancy Team—we’re here to help you navigate this process and find the right solution for you!

Planning for retirement as a freelancer is essential for securing your financial future. Unlike traditional employees, freelancers don’t have employer-sponsored retirement plans, but there are several options available.

It’s important to assess your retirement goals and create a tailored plan that fits your lifestyle and financial situation. If you’re unsure where to start or need guidance on the best options for your unique circumstances, get in touch with us.

you’ll need to register as self-employed with HM Revenue and Customs (HMRC) and file a Self Assessment tax return each year. This will include reporting your income, expenses, and any deductions. For more detailed support, get in touch with the team at IN Accountancy.

Accountants help freelancers maximise their take-home pay in several key ways. They optimise taxes by ensuring you claim all eligible deductions, we also advise on the most tax efficient ways of paying yourself and support with paying the correct NIC.