Going freelance - should I use an accountant?

Accountants can help self-employed people make financial decisions, keeping their new business on track and satisfying the requirements of the Inland Revenue. By using an accountant, you can also relieve some of the pressure you will face to ensure your professional finances are properly managed. They can help with:

• Starting up - talking to an accountant when you decide to become self-employed will help you evaluate your business idea, and learn about raising finance and reducing your tax obligations.
• Proper record-keeping is a legal requirement for the sole trader - you could face a fine of up to £3k if you don't. Accountants can help you get value from your records to paint a picture of what has happened with your business, what is happening now and what might happen in the future.
• Bank managers are impressed by the output from good accounting systems.

Find an accountant by visiting the Institute for Chartered Accountants in England and Wales or to find an accountant in Scotland visit the Institute of Chartered Accountants of Scotland.

More on going freelance.