Finding the Right Accountant for Self-Employed Professionals

Retirement plans for self-employed people were formerly referred to as “Keogh plans” after the law that first allowed unincorporated businesses to sponsor retirement plans. Since the https://blog.janisolutions.co.ke/2021/09/30/certificate-programs-san-francisco-state/ law no longer distinguishes between corporate and other plan sponsors, the term is seldom used. QuickBooks Self-Employed can work for freelancers and solopreneurs, but its main selling point is its built-in mileage-tracking feature. If you don’t travel frequently for work, QuickBooks Self-Employed doesn’t have much to offer. With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike. The five accounting software picks listed above are our favorites, hands down.

How Much Does an Accountant Cost for Self-Employed in the UK?

Read our guide on how to fill in a self assessment tax return online for step-by-step support. Checking your expenses regularly can help you keep costs down, and ensure you’re claiming the right amount of allowable expenses on your income tax return. It may be that you have already started using bookkeeping software for your records, or there is one in particular you feel would be a good match for you and your business.

A Comprehensive Sole Trader Accountancy Service

• Wave doesn’t have an accounting app, which means you can’t upload receipts or track mileage like you can with Xero, FreshBooks, Zoho, and QuickBooks.
• Place whichever one you found most intuitive, helpful and feature-rich toward the top of your list.
• Self-employed professionals should take the time to clearly outline what they require from an accountant.
• This could include services like tax planning, bookkeeping, or financial advice.
• Sage Business Cloud Accounting starts at $10, falling right between Zoho Books and Xero.
• To receive payments in multiple currencies by customers, PSPs and marketplace sites.

For example, if you wanted to pitch your brand to investors or apply for a loan, they would need to check your finances first. With so many business types under the self-employed banner, how can you make sure you’re getting accounting right for your niche? In this comprehensive guide, we break down the basics of doing your accounting.

• QuickBooks doesn’t file taxes for you, but it integrates with Intuit’s TurboTax to do so—click the Year-end filing tab to explore how to get it started and how much it costs.
• That is why you should hire a professional, to free up your time from doing specialist jobs that you are not suited to, so you can focus on the thing you do best – working directly on your business.
• This guide to the best accounting software for self employed people in the UK is here to help.
• Other features of note are sales tax handling (if you have to charge it) and a deep accounting section with your entire chart of accounts.
• Gerstner is the founder of Altimeter Capital, a technology-focused investment firm.
• Small-business owners have unique needs when it comes to saving for their retirement and helping their employees.

Invoicing

We’ll handle authorisations with HMRC and your previous accountant (if switching). Get quick answers before you book a free Foreign Currency Translation self employed accounting consultation. Once you’ve achieved this professional status, you’ll be able to apply to become an AAT Licensed Accountant.

Take the time to sign up for some free trials of the self-employed bookkeeping software options on this list. The best bookkeeping app will save you a lot of time and headaches, while making you look like the pro that you are. Time tracking works really well, with a start button accessible from the top menu. You can add a description and a project, see a list of all the time logs, or see it spread throughout the week. To get a deep view into how things are working out, you can run a report to see where your work time is going. You can set reminders in the mobile app to help you log everything as it happens.

Best self-employed accounting software for organizing your business

Supporters of child accounts argue early savings can change life outcomes. Critics warn that private initiatives can lack transparency and long-term funding. They also worry about political branding tied to children’s finances. As we step into 2026, the UK tax landscape is undergoing a major shift with the rollout of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA).

Checking Online Reviews and Credentials

Plus, it’s easier to see your cash position accountant for self employed at a glance, because it isn’t clouded by personal transactions. The fees different accountants charge can vary greatly, based on their business model. Accounting software is the easiest way to improve your bookkeeping if you’re freelance. Connect this software with your business bank accounts, and you’ll separate business and personal finances while creating organized records of your spending, earning and taxes. All employed people, whether self-employed or working full-time for a company, pay taxes.