Posted 22/08/2019 In Advice, Blog, Creative Industries 2019-08-222019-10-15https://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.pngWright Vigarhttps://www.wrightvigar.co.uk/wp-content/uploads/2017/01/wright-vigar-logo.png200px200px 0 0 Writer? Artist? Graphic designer? When starting up on your own, you were probably focused on building your brand and finding clients. Whilst this is important, it’s also vital that you get the fundamentals of your business right, to avoid issues later on. One of the reasons you may choose to work as a sole trader is to avoid the more complex accountancy requirements that come with as operating as a limited company. Finding an accountant that is experienced in your niche and who understands the needs of a sole trader, can focus assistance where you need it most. Accountants that work with sole traders in the creative industry do more than fill out forms, they can aid your business in other ways, such as: Freeing up your time You know that keeping accurate bookkeeping and accounting records is important, but if your skills lie in writing, or creating websites, and not in numbers, then engaging with an accountant could save you hours of stress. Not only will hiring an accountant to look after your bookkeeping or accounting needs lower your blood pressure, it will also free up more of your time. This additional time can be spent on client work or on building your brand, both of which have the potential to increase your income. Getting it right first time Working as a sole trader may seem like an easy option. You track your income, minus expenses and calculate tax and National Insurance Contributions on the profits. Easy right? But getting it wrong, could mean that HMRC asks you to do it again, which means you run the risk of filing the information past the deadline. This can result in you getting fined and having to pay penalties and surcharges. We’re an established firm of Chartered Accountants with offices in London, Lincolnshire and Nottinghamshire who work with business owners in the creative industry. We understand the needs of creatives and will work with you to ensure that you never miss a filing deadline. Getting it right the first time means you can focus on growing your business. Save you money Yep, accountants are magicians with numbers, but they are also skilled tax consultants. An experienced sole trader accountant will take the time to understand your business and work with you to suggest ways in which you can save tax by utilising the tax reliefs and allowances that are available. The accountant will also be able to guide you on what you can claim as a business expense. This is particularly important for businesses within the creative industry where specialist equipment, which you need to do your job, can be expensive. Managing payroll Running a successful creative business can be stressful. Having to manage client expectations whilst making sure that you have future work funnelling into the business can cause some sleepless nights. If you employ staff, you can ease one of these burdens by outsourcing your payroll requirements to an accountant. We’re experts in managing the payroll of small businesses and work with numerous creative businesses in Lincolnshire and London, making sure that their employees are paid on time and that all relevant documentation is submitted to HMRC. Get in touch with us on 0845 880 5678 to find out how we can help with your payroll requirements. VAT or not? As a sole trader, you are required to be VAT registered if your taxable turnover for a 12-month period exceeds the VAT threshold. For the tax year 2019/20, the threshold is £85,000. If you think your taxable turnover will exceed this threshold within the next 30 days, you are required to register for VAT. You can also voluntarily choose to be VAT registered if you make a lot of high value purchases for your business or if the majority of the businesses you work with are VAT registered. A sole trader accountant will be able to advise you if you should register for VAT, and if so, which VAT scheme you should join. Recent PostsSuper Deduction for Capital Allowances ExplainedWright Vigar Announce New Associate DirectorWhat COVID-19 support schemes are continuing?