For creatives, your work is an outlet for your passion – with the added gratification of being paid for your talent. No one builds a business around the thing they love in order to track personal expenses and fill out forms for HMRC.
Tax return software eliminates this responsibility for you. It allows you to focus on what you do best and grow your operation.
Nothing stunts creativity like being snagged on admin. Here, we discuss the benefits of automating your Self Assessment responsibility through accounting software.
Remove stress and do what makes you happy
When growing your agency or freelance operation, the less tax stress the better. You need to be scaling up and devoting yourself to the processes and procedures that contribute to your business’ development.
Taking on the burden yourself leads to extra work and, should it prove too hard, you’ll have to pay more in outsourced accountancy fees. In other words, while it may seem like an additional cost you’d rather avoid, choosing a Self Assessment solution ultimately saves you money and the worry.
Trying to pull together the documents you need ahead of the January deadline can be excruciating, and sources online often make it more complicated. With tax return software, you have a direct link to HMRC that reassures you that everything has been submitted correctly.
Make tracking expenses less arduous
Keeping an eye on your outgoings is essential if you earn outside of PAYE. You need to be sure that everything is in order for you to be truly compliant.
For creatives, sometimes the tools you use are expensive – particularly if it’s software similar to Adobe products or Apple hardware. Knowing where your freelancing earnings are being spent gives you a clearer overview of your operation. It allows you to plan for any growth and weigh up the acquisition value of clients – giving you an understanding of actual service costs.
Tax return software makes this process simple, removing the manual aspect of tracking expenses and presenting you with a clear figure.
Put your time to better use
Finally, it’s worth considering the other cost to creatives: time. Spending a significant amount of your freelancing hours on tracking expenses or submitting Self Assessments is time wasted as far as earning is concerned. You need to balance your time to ensure that clients are still being won, serviced and chased for payment.
Business growth relies on this split of business development, service fulfilment and general business admin. If you’re able to effectively automate the third, you can scale up as a freelancer by focusing solely on the other responsibilities. You’ll become self-sufficient as a result and won’t need to rely on the support of an accountant.
Tax shouldn’t take away from your creative process. Neither should it hinder your freelance development. If you want to grow and be your own boss hassle-free, you need the support of tax return software. GoSimpleTax is one such solution. Our tool ensures that any creative organisation – big or small – is able to submit their returns easily.