There are a great many reasons why being a sub-contractor is a fantastic choice. Not only can you enjoy greater flexibility in the jobs or projects that you work on, but you will often receive a higher wage for doing so. It’s generally easier to balance your work life around your free time and family commitments, too. However, there is one tricky aspect of sub-contracting that must not be overlooked: all sub-contractors in the UK are legally required to submit their tax returns annually, and this can prove to be a considerable undertaking.
A Daunting Task
Indeed, the prospect of filling out the annual tax returns often leaves even the most experienced of sub-contractors quaking in their boots. Not only do you have to submit all of your profits and losses for the period, but business expenses must also be factored in, and any interest made on associated accounts. The necessity of storing all of the necessary paperwork can be a logistical nightmare in itself (especially when it comes to those hundreds of receipts), and the time taken to complete the paperwork can be considerable, taking you away from getting on with the day job. And if you submit late, the fines from HRMC quickly start to add up, too.
Get Help From Accountant Experts
Happily, there is now a simple and cost-effective way to ensure that those tax returns are taken care of accurately, and in a timely fashion, without the stress that often accompanies the process. The Subbie Tax app makes light work of keeping track of receipts for business expenses. Simply take a snap on your smartphone of each business receipt, and it’s there, ready to be logged in your returns. The app will keep track of your essential mileage, too, along with a helpful running total of your overall mileage for the year.
As for calculating your income, the app lets you add in as many entries as you need, along with any notes you need to make. You can update your income by taking photos or uploading documents online, as well as by creating manual entries. And the frequency of these entries is up to you; you can choose to update your income weekly, monthly or annually, making it a totally convenient way to stay on top of this essential requirement.
When it comes to those dreaded letters from HRMC, there’s no need to worry when you use Subbie. You can take a photo of the letter for our team to advise on, and if we are sent a letter on your behalf, you can view it through the app. We will send notifications if there is any action to be taken, such as a signature being required. And, at the end of the year, we take all of your submitted accounts and expense information and process your self-assessment paperwork and tax refund for you, before submitting it before the deadline.
A Sound Investment
Choosing Subbie isn’t just a great way to regain control of your financial reporting obligations. By letting the app take care of storing essential information over the course of the year, you can look forward to reclaiming the many hours that would have been spent on filling in the paperwork yourself. This is a time that you can enjoy as you like, including spending more time on-site and earning more money!
Better still, using Subbie will save you money, too. There’s no upfront cost: you simply pay us a £199 fee once the tax rebate is completed, and any remaining funds are sent back to you. Not only that, but our sub-contractors typically receive a tax refund of between £2000 and £3500, making it a smart financial move to partner with us.
Once you download the app and enter your details, you will be assigned a dedicated accountant who will handle your taxes. This is the ideal, low-cost way to enjoy the use of your very own trained accountant, and you can get in touch with your personal accountant throughout the year, via our dedicated chat app, if you have any queries at all. Why not try Subbie for yourself, and avoid the stress of handling your tax returns for good?