Self-Assessment Services Catering to Various Categories
Our self-assessment services cater to a wide range of individuals
Self-Employed
At Faxon, We recognize the distinct challenges and requirements that come with self-employment. Our team of committed self-employed accountants is ready to optimize your financial management, enabling you to concentrate on your core competencies and expand your business with confidence.
Income & Tax Optimisation
Our self-employed accountants meticulously assess your financial situation to pinpoint income and tax optimisation prospects. We collaborate closely with you to guarantee that you capitalize on available deductions and reduce your tax liability to the maximum extent.
Self-Assessment Registration Assistance
We aid in the registration process and ensure that you fulfil all essential requirements, regardless of whether you’re a freelancer, operating under the Construction Industry Scheme (CIS), or self-employed in any other industry.
Timely and Accurate Financial Reporting
Our team guarantees the accuracy, timeliness, and compliance of your financial reports with the pertinent regulations. This provides you with a transparent view of your business’s financial well-being, empowering you to make informed strategic decisions with confidence.
Business Partnership for Efficient Financial Management – When you choose Faxon as your accounting and finance business partner, you gain access to a suite of services tailored to enhance your self-employment journey.
Expert Advice – Our experienced finance business partners are well-versed in the intricacies of self-employment. They provide personalized guidance to help you make informed financial decisions and optimize your income and tax obligations.
FAQ's
What Expenses Can Self-Employed Individuals Claim?
As a self-employed individual, you may be eligible to deduct a range of expenses, including:
- Office supplies and equipment
- Travel and transportation expenses
- Professional fees (such as accounting or legal services)
- Marketing and advertising costs
- Business insurance premiums
- Rent or mortgage payments for your business premises
- Training and professional development expenses
Always seek advice from experienced sole trader accountants to ensure you accurately claim all eligible expenses and optimize your tax deductions. Trust Faxon to be your reliable partner, providing trustworthy accountancy solutions.
The Accountancy Costs of Self-Employed and Freelancers
The accounting services fees for self-employment can fluctuate, influenced by factors like the complexity of your business, the range of services required, and your chosen accounting firm. Typically, fees for freelancers can be structured in the following ways:
These might include package options, allowing you to select service bundles tailored to your specific needs. These packages often encompass a combination of services like bookkeeping, tax preparation, financial reporting, and advisory services.
Billing may be based on accountants hours they spend on your accounting. The rate may differ based on the accountant’s experience and location.
You might have the option to pay a fixed monthly or annual fee to secure ongoing accounting services. This arrangement offers consistent support and access to a range of accounting services.
Can I be the sole director and shareholder of a limited company?
Yes, you can be the sole director and shareholder of a limited company. This provides you with control over decision-making and ownership rights.
Why is it better to be a limited company?
Operating as a limited company offers several advantages compared to other business structures such as limited liability protection, tax efficiency, enhanced professional image, and access to funding and investment opportunities.
Is a Ltd a small business?
Yes, a Ltd (Limited Company) can be a small business as the term refers to the legal structure rather than the size of the business.
Cost Efficiency
Accounting fees for self-employed individuals can vary based on factors such as business complexity and service requirements.
Benefits of Hiring Faxon Accountancy as your Sole Trader Accountants
Choosing Faxon as your sole trader accountants brings numerous advantages:
Flexible Billing:
Our billing structure allows you to choose the payment option that suits you best. You can opt for hourly-based billing, fixed monthly or annual fees, or a combination of services to fit your budget and ensure consistent support.
Your Trusted Partner in Limited Company Accountancy Solutions
As Contractors you want to focus your energy on doing what you do best and be productive in your profession without much worry about the brown envelopes and the constant need to file an account
Faxon has been trusted by Hundreds of Limited Companies, Consultants and Contractors since 2009 with a reputation for providing a top-notch reliable and affordable accounting service.
We are your accounting companion, specialists to achieve your aim of efficient financial management, Ensure compliance and maximise your tax savings.
Make Faxon your business accountancy companion and eliminate your admin, stress and concerns as a contractor or business owner. Your business is the exact reflection of what you have built. So put your accountancy and finance at the heart of it all. This is why Faxon Accountancy provides a bespoke for your needs.
- Not your traditional accountants. We are your Finance Business Partners!
Self-Employed
At Faxon, We recognize the distinct challenges and requirements that come with self-employment. Our team of committed self-employed accountants is ready to optimize your financial management, enabling you to concentrate on your core competencies and expand your business .
Faxon Start-Up Company Accounts Solution
Maintain Record and Confirmation Statement Support
Support with the maintenance of records held with HMRC and Companies House. We also provide the necessary guidance needed to file your annual confirmation statement to Companies House
Professional Companion
Unlimited all-year-round accountancy support from specialist contractor accountants.
Statutory Company Accounts
Prepare and submit annual statutory accounts to Companies House.
Corporation Tax Return
Prepare and submit annual CT600 to Companies House.
Bookkeeping
Reconciliation of your transaction from your business and savings account to business expense and income categories.
Accounting Software
Quickbooks or Xero Accounting Software is directly chargeable to the Client. The software will provide an instant snapshot of your company finance, provide a dashboard for monitoring and reporting of your financial position, record expenses and provide a bank feed to access data timely.
Faxon Plus Company Accounts Solution
Faxon Plus provides you with a more premium package to meet your business needs
Other Faxon+ Services include
Tax Advice, Accountant References to banks and other agencies, Tax Advice and Review of Expenses.
Management Accounts
Our accounting software provides an instant snapshot of your company finances.
Invoicing
Preparing and Issuing Maximum of 5 invoices a month and creating customers account on the accounting software. Training can be provided free of charge to our staffs to facilitate volume invoice processing.
Accounting Software
Quickbooks or Xero accounting comes as standard without additional costs.
Faxon Accountancy packages
Sole Trader
✅ Whatsapp Suport
✅ Self-Assessment Return (Employment Income)
❌ Unlimited Phone Support
❌ Company Formation
❌ Company Registration
❌ Confirmation Statement
❌ Personal Accountant
❌ Quickbooks Accounting Software
❌ Quickbooks Mobile App
❌ Bank Feeds to Software
❌ Annual Accounts to Companies House
❌ Corporation Tax To HMRC
❌ Payroll for 1 Director
❌ Payroll for 2 Directors
❌ VAT Registration
❌ VAT Flat Rate Scheme
❌ VAT - Standard
❌ Finance Business Partnership
Sole Trader
✅ Whatsapp Suport
✅ Unlimited Phone Support
✅ Self-Assessment Return (Employment Income)
✅ Self-Assessment Return (CIS)
✅ Self-Assessment Return Property and Other Income
✅ Personal Accountant
❌ Company Formation
❌ Company Registration
❌ Confirmation Statement
❌ Quickbooks Accounting Software
❌ Quickbooks Mobile App
❌ Bank Feeds to Software
❌ Annual Accounts to Companies House
❌ Corporation Tax To HMRC
❌ Payroll for 1 Director
❌ Payroll for 2 Directors
❌ VAT Registration
❌ VAT Flat Rate Scheme
❌ VAT - Standard
❌ Finance Business Partnership
Limited Company
✅ Whatsapp Suport
✅ Unlimited Phone Support
✅ Self-Assessment Return (Employment Income)
✅ Company Formation
✅ Company Registration
✅ Annual Accounts to Companies House
✅ Corporation Tax To HMRC
✅ Payroll for 1 Director
❌ Self-Assessment Return (CIS)
❌ Self-Assessment Return Property and Other Income
❌ Confirmation Statement
❌ Personal Accountant
❌ Quickbooks Accounting Software
❌ Quickbooks Mobile App
❌ Bank Feeds to Software
❌ Payroll for 2 Directors
❌ VAT Registration
❌ VAT Flat Rate Scheme
❌ VAT - Standard
❌ Finance Business Partnership
Limited Company
✅ Whatsapp Suport
✅ Unlimited Phone Support
✅ Self-Assessment Return (Employment Income)
✅ Company Formation
✅ Company Registration
✅ Confirmation Statement
✅ Personal Accountant
✅ Quickbooks Accounting Software
✅ Quickbooks Mobile App
✅ Bank Feeds to Software
✅ Annual Accounts to Companies House
✅ Corporation Tax To HMRC
✅ Payroll for 1 Director
✅ Payroll for 2 Directors
✅ VAT Registration
✅ VAT Flat Rate Scheme
✅ VAT - Standard
✅ Finance Business Partnership
❌ Self-Assessment Return (CIS)
❌ Self-Assessment Return Property and Other Income
Affordable Tax Return Service
Faxon provide our acclaimed Tax Return Service, starting at only £120 plus VAT. Our team guarantees the accurate preparation and timely submission of your self-assessment returns, providing you with peace of mind throughout the tax season.
In addition to our extensive range of accountancy services, we provide swift and direct responses to your self-assessment queries, perform number crunching, and offer simulations to assist in your future planning. As an added bonus, we supply free invoice templates to simplify your invoicing process.
Faxon Payroll
- Payroll – Prepare Payroll for 1 employee from the basic Payroll Manager Software. Payroll is to be stored on the portal and accessed at any time. No monthly notification is required.
- RTI Submission – This will be monthly only and submitted to HMRC to ensure payroll is correctly recorded.
VAT Returns
- Get your company VAT Certified when needed
- Submit VAT Returns
- Send VAT Liabilities for Payments
Self-Assessment Returns
As a director, you might have other untaxed income such as:
- Dividend Income
- Property Income
- Other Self-Employed Income
Other Accounting Needs:
Capital Gains Tax
Reaping the benefits of a substantial profit from the sale of a house or another appreciating property can bring unexpected tax implications. Consult our capital gains tax specialist accountant to navigate this matter effectively.
We can help you with:
- Transfer of assets and reduction of tax liability
- Management of gifts
- Private residence relief
- Using a spouse’s allowances to minimize tax
- Accurate calculation of capital gains tax
- Advice on CGT-free stocks, shares, financial products
Pensions
Staying diligent with pension contributions benefits both you and your employees. We’re here to assist you in navigating the regulations, ensuring a secure future, and fostering a satisfied workplace environment.
Under the Pensions Act 2008, every employer in the United Kingdom must enroll certain sectors of their staff into a pension scheme and make contributions towards it. This is called Automatic Enrolment. Recent changes in pensions, especially those regarding life allowance, affect both individual taxpayers and business owners alike. We will make an assessment of your individual circumstances in order to give you advice that will help you to save as much tax as possible.
Pension Auto-Enrolment
Starting from April 2017, it became mandatory to automatically enroll all employees aged 22 or older, but below the retirement age, who earn over £833 per month (£10,000 annually or £192 weekly) into a pension scheme. Directors of limited liability companies are exempt from this requirement.
Failure to enrol all your staff before the due date could result in a fine from The Pensions Regulator, so it’s important to make sure you have everything in place. Members of our expert team can help set up your business with a pension provider, in some cases for a discounted fee.
Trusts and Estates
Establishing an estate trust can allow your property and assets to be temporarily entrusted to personal representatives upon your passing. Specific tax regulations apply to income and property in this timeframe. Effective tax planning, in compliance with anti-avoidance regulations, can be advantageous for all beneficiaries within a trust.
Inheritance Tax
Inheritance tax, often referred to as an estate tax or death tax, is a tax levied on the value of assets or property that a person leaves behind when they pass away. This tax is typically imposed on the estate (the total value of the assets, including cash, real estate, investments, and personal belongings) of the deceased individual before it is distributed to their heirs or beneficiaries.
The specific rules and rates for inheritance taxes vary by country and even by state or region within a country. Some jurisdictions may have exemptions or thresholds that allow for a certain amount of the estate to be passed on tax-free, while higher-value estates are subject to taxation.
The revenue generated from inheritance taxes is often used to fund various government programs and services. It’s important to understand the inheritance tax laws in your specific location and to plan your estate accordingly to minimize the tax burden on your heirs. Estate planning, such as setting up trusts and making use of available exemptions, can help mitigate the impact of inheritance taxes on your estate.
