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Freelancing Part Time

Many freelancers opt to ‘test the water’ by working in their spare time to start with, whilst also remaining in full time employment. This gives them the option to see if a freelancing business is viable, before giving up the day job. In fact it is often an excellent way to start!

You do not have to tell your employer you are freelancing part time if you do not wish to although it is sometimes advisable in case of any potential conflict or clauses in your contract.

If you choose to freelance part time then the simplest route is often to become a sole trader. All you have to do to register is to let HMRC know by filling in a CWF1 form within 3 months of you setting up. 

After the end of the tax year, which is 5th April, you then have to complete a Personal Tax Return which declares your business profit – which is, in effect, your income or ‘payment’ for the year. This is the figure you will be taxed on and you are responsible for your own Self Assessment Tax and Class 4 National Insurance contributions.

Using an accountant will ensure that you do not put yourself at risk to the various HMRC penalties and end up having to pay interest that is charged for late registration, late submission of tax returns and late payments of tax. Easy Accountancy offers freelancers who choose to operate as a sole trader an all-inclusive, fixed-free accountancy package of £30 plus VAT per month. This includes unlimited access to your very own accountant via telephone or email throughout the year for help and advice.

If you are considering freelancing on the side of your full time job then the following pages may also be helpful:

 

Easy Accountancy

Easy Accountancy is the UK’s only national specialist accountancy firm for freelancers, sole traders and small businesses

If you’ve just started out as a freelancer or run a small business, you’ll definitely need a small accountant and there are plenty of options out there! However, most accountants will charge you every time you get in touch with them; for every phone call, email or meeting.

We don’t want our clients to be scared to contact us and potentially lose out on valuable tax saving advice. It's even more important when you first start out as you really need to set your business up in the best way possible. As a start up you’ll probably have loads of questions and will really appreciate the fact you can call your accountant as many times as you like without the fear of racking up large bills.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own accountant throughout the year, so you never need to worry about picking up the phone and then receiving a bill afterwards for the privilege, and covers all your business and personal tax affairs needs. All clients additionally receive: 

  • Help to run your business in the most tax efficient way possible
  • Help so you can understand the taxes you need to pay
  • Advice on the best ways to manage your business
  • Updates and reminders so you'll never miss a deadline
  • Help to ensure you maximise your tax allowances
  • Provide proactive tax advice throughout the year

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email aaron.oneill@easyaccountancy.co.uk

We also have a money-back service guarantee - all of your telephone calls and emails will be answered on the same day, or we will refund your monthly fee (another first within the accountancy world).

To appoint us as your accountants, please fill in our Client Agreement Form online.

If you are a contractor working through a limited company then visit SJD Accountancy (our sister company) who specialise in providing tax advice and accountancy services for Limited Company contractors. You can also keep up to date by following the SJD Accountancy Twitter

You may also find the following pages helpful: