Self-employment is an exciting venture to go on. After all, unlike other situations where you’re making decisions based on your boss, you are the boss of your own business in self-employment/freelancing. There is a lot of freedom and room for creativity when you take this route, and because of this there are hoards of opportunities at your disposal as well.  

When you are self-employed and tax season comes around, however, it’s important that you get the most out of your taxes with the help of accounting services. This way, you claim everything you approve for and make the most money back. To learn about why you should talk to/work with a chartered professional accountant before you start filing your taxes as a freelancer, check out the information we here at Wales Accounting have come up with below. 

The Process is Easier To Navigate 

When people think about freelancing and navigating a business that is self-owned, there is very much a “ready set go” mentality present in this kind of situation. While understandable, navigating a business and its taxes is not as simple as this, and making sure your approach is streamlined will require the help of experienced professionals. With the help of a chartered professional accountant, they can lead you to filling out all the right forms, tracking your expenses and even helping you with registration. When it comes down to it, there are a number of ways in which an expert accountant can work to make your business matters that much easier. 

Getting a GST/HST Account 

When you first start out as someone who is self-employed, chances are you wont need a business number right off the bat. Even so, however, with time and as your business begins to grow, a business number will likely be needed. Before you get a business number, though, you need to figure out whether or not you need to register for GST/HST programs. 

In general, one will only need a GST or HST number once their business has reached $30000 in a year. If you are making any less than that, this number is not needed.  

Even so, missing the chance to register for this number is not good as the money you pay for your HST is a cost rather than an item that could potentially be recovered. The good news is that our expert accountants can review a person’s self-employed business and advise on the need to get a business number/GST/HST number. 

Truly Understanding Claimable Expenses 

While you should always have a system that is keeping record of your expenses, figuring out which expenses can be claimed for is important in getting the most out of your business.  

Wales Accounting team can help you with converting pre-existing life expenses to max out the claimable amount. This will include expenses such as “at-home expenses” and “vehicle expenses”. All of this data can be recorded and stored in different ways, with one of the most common methods being via excel spreadsheet. The way this data is recorded will all depend on the individual’s comfort level. 

It’s important to note that out of all the costs that you will find are claimable, fees regarding entertainment will almost always have the most restrictions. About 50% of these expenses are actually deductible.  

Hire a Professional Accountant With Our Team Today 

When you truly take a step back and look at everything professional accounting services have to offer, the benefits almost always exceed the amount and time spent working with them. So when we are asked “is this service worth it?”, we always know deep down that it is. This is especially true when you work with a company who cares.
 

Here at Wales Accounting, we do everything to make sure our clients are getting the most out of their taxes and businesses. With the help of our experienced professionals, it’s never been easier to navigate your business space and the taxes that come with it. To learn more about our tax services in Richmond Hill, be sure to call our team at (905) 508-9262 today!