Bookkeeping For Freelancers in Birmingham
With over two million freelancers in the UK, the sector contributes around £125 billion to the economy (source: Microbizmag.org) with the number of freelancers growing by nearly 50% over the last decade.
A very large number of self-employed freelancers manage their own bookkeeping, while others recognise the benefits of using the services of professional bookkeepers.
What is the difference between a freelancer and a contractor?
Freelancers in Birmingham generally operate as sole traders. They are usually paid by hourly or daily rate agreed with clients. They often work for more than one client at any time. If they are sole traders they are also personally responsible for managing all elements of their finances. Some freelancers in Birmingham set up their own limited companies, usually to benefit from company taxation rather than personal taxation.
Contractors usually undertake work for a specific client for a given period at an agreed rate. They can operate as sole traders but most contracts are awarded to people who provide services through their limited companies.
Whether you operate as a sole trader or limited company, and whether you are a freelancer or a contractor, Birmingham Bookkeeping Network bookkeeping for freelancers in Birmingham can help manage your finances. We will keep your books in order and leave you free to commit your time and energy to your main areas of expertise.
What is freelancer bookkeeping??
Freelancers specialise in a range of skills. According to a survey by MoneySupemarket the most popular freelance roles are business services (22%), design (20%), writing and translation (17%) and sales and marketing (13%).
The challenge for freelancers in Birmingham is not just to find and undertake paid work, but also to manage their finances. It is essential to keep control of all aspects of finance involved with freelancing, and to make sure you have a clear view of your true financial position.
It is essential for freelancers to keep detailed, accurate records on all finances related to their work. If you use the wrong figures you could be paying too much or too little tax, and you could misunderstand what your true earnings are. We help clients avoid the potential pitfalls, and leave them free to concentrate on their core money-earning skills offering a specialist service for bookkeeping for freelancers in Birmingham and the surrounding areas.
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Investing in our bookkeeping and accounting services for freelancers will help you give your time to things that are more important. You can focus on your business more or use that free time to spend time doing things that make you happy. We help you keep more profit in your pockets and assist in decreasing those dreaded taxes. Find out how Birmingham Bookkeeping Network can provide the right support for your business, send us your details and one of our experts will get in touch with you without delay.