At 1tap, we truly believe we are leading a revolution in accounting for sole traders and the self-employed. With 1tap, it has never been easier to record and store your income and expense details ready for when you need to submit them to HMRC. So why on earth would we be recommending that you get an accountant onboard to support you?!
Here’s why:
1. Recording is the Easy Part (That’s Your Bit!)
Because we’ve made it so simple to record your income and expenses, you might be tempted to sit back and relax, content in the knowledge that taxes are going to be easier from now on. The danger in this is that you could still end up in the mad rush at the end of the year like the majority of self-employed people who put their taxes off until the last minute. That’s why nearly half of all self-assessment submissions happen in the last month before the Jan 31st deadline.
Here’s the good news – it doesn’t have to be that way! I If you take on a 1tap accountant, you can share your 1tap data directly with them. Which means they have live access to everything you enter into the app. All you need to do is forward your records, and your accountant does the rest for you. How will you cope with the insane lack of stress?!
Also, most people don’t realise that you can submit your self-assessment anytime after the 6th April in the new tax year.
With an accountant onboard who has access to your impeccably up-to-date 1tap records, your return could be submitted as early as the end of April – leaving you nine full months to save up any tax that needs to be paid.
2. You Can Concentrate on the Important Stuff
Doing your accounting doesn’t earn you money (unless you are an accountant of course). Most self-employed people want to focus on getting the sales in, doing the work, and getting paid. Simple as that. It’s another reason why we leave tax right until the last minute.
If you have an accountant onboard, you can give all the boring stuff to them. As long as you provide them with your income and expense information, they will make sure your self-assessment is filed on time, that all your records with HMRC are up to date and that you pay what’s due at the correct times of the year. This is often not just in January but for many who are required to make payments ‘on account’, it can be halfway through the year too.
As you can provide live information on your business affairs to your accountant, they are in a much better position to provide you with support and advice based on your current situation and guided by their vast experience of other clients in a similar position to you.
I have an accountant, and he usually sorts everything out for me. I give him my expenses and my income for the year.
It’s handy for someone in the know to tell you based on their knowledge and expertise. It also acts as a buffer.
Now I send him a link to my expenses with 1tap receipts so it should be much easier to find out what I can and can’t claim for.
Ryan McCaffrey, a Jazz Musician, shared how he does his taxes.
3. An Accountant Can Save Your Business Money
A good accountant will save you more money than their fee costs you. For starters, did you realise that you can claim your accounting costs as a legitimate business expense? Starting to look like a much more attractive proposition, isn’t it?
Now think about this – you might be a concert pianist, a master stonemason or a driving instructor. Whatever your profession, It’s taken you a while to gain the knowledge you have and develop the skills you’ve built your business on the right? Do you think someone could step into your role and get it spot on? Or would they struggle to make up for their lack of knowledge and skills? Does this sound familiar when it comes to your business finances?
An accountant is an expert in that profession. They can give you all sorts of business advice (if you just ask them!)
Most importantly, they can ensure you are saving as much tax as possible – not just from day to day expenses, but things like use of home allowances, when it’s advisable to go ltd, how best to employ people and when/if you should register for VAT.
You need to consider all of these things alongside the ever-shifting tax rules and regulations. You can do your own calculations and complete your self-assessment alone, but are you really making every penny count…..?
4. It’s Not Just About Tax
If you are self-employed and have ever tried to get a mortgage, you’ll understand the importance of having an accountant. Many lenders require proof of earnings and some insist on ‘certified accounts’ for the last two or three tax years – which essentially means you need an accountant to verify your recent accounts and they may even be required to complete a ton of paperwork for you. If you have an accountant on board who knows your business and earnings, it can make life a whole lot easier.
Thinking of buying a new van? Looking for credit facilities to undertake projects or buy more stock to grow your business? An accountant can help you in these sorts of situations as they will have many connections with financial product providers.
And talking about connections, you’ll be amazed at the range of businesses most accountants work with or represent.
If you’re after a website designer or virtual assistant, or even a commercial solicitor, for example, your accountant is often a good port of call for personal recommendations!
Finally, you are less likely to get investigated by HMRC with an accountant submitting your accounts for you. The main reason for this is because they will ensure everything is in the right place, the paperwork is accurate, and you don’t miss deadlines. But if HMRC picks you for a random check, you’ll now have an expert on your side who knows your business, knows your figures, and can support you if that unfortunate day ever arises.
Tempted? We’ve Got a Special Offer On
So there you go. If 1tap can make you a better business person by keeping you up to date, organised and super-efficient with your expenses and income recording, think of an accountant as your trusted supporter and advisor spurring you to greater things – your Albert to Bruce Wayne, your Odd Job to Goldfinger?!… You get the idea! And while you’re at it, check out our ridiculously brilliant accounting offer for sole traders:
We’ve teamed up with Boom! Accounts, specialist accountants for sole traders, and we’ve secured a fantastic offer exclusively for 1tap users. You can get an accountant for just £24.99 per month (including VAT). We’ll even throw in a free upgrade to Prime Max.
For just £24.99 per month, you get
- Your Self-assessment tax return prepared and submitted to HMRC
- Expert advice, from experienced and qualified accountants
- FREE 1tap prime max upgrade
- Help to keep the tax you pay as low as possible
- Your tax position calculated
- A reduced chance of auditing
We have a limited number of spots available. So get in now before they’re gone, and never worry about taxes again.