Specialist Accountants for Graphic Designers
Why does a graphic designer need an accountant?
When you’re working freelance rather than PAYE (Pay As You Earn), it’s important to keep accurate records and report on your income and expenses via HM Revenue and Customs. Though it’s not just about bookkeeping.
Perhaps you’re just starting up? Managing your own finances can feel a bit of a minefield. Having an accountant on hand can save you time, money and worry so that you can pour your energy into your design work and keep those all-important first clients happy.
Alternatively, you may already be an established creative freelancer or company? You might be seeking to make your financial processes more efficient or accessible, or have got to a stage where your finances are just too complex to go it alone.
No matter what your situation, our team at Elite Business Accounting are well-versed in your sector and can help you take a more strategic view.
What skills do Elite accountants have?
Creative designers are a talented, highly visual and driven bunch. By contrast, we’re all about crunching the numbers and are specialist accountants to the creative industries. Together, we can help your business thrive, ensuring you don’t lose sight of your finances and are fully compliant.
What advantages are there to using a professional accountant?
Specialist knowledge
We understand what you do and can help you optimise your finances.
Avoid fines and mistakes
Your accountant will give you timely reminders and ensure your records and Self-Assessment are correct, avoiding fines and undue stress.
Improve your tax efficiency
We'll advise you what expenses you can and can't claim tax relief for.
Improve your expenses knowledge
We can help you take a more strategic view and take steps towards your long-term financial goals.
Support on hand when you need it
Our accountants are available seven days a week and can give you plenty of finance tips .
What are allowable expenses for a graphic designer?
This will depend on whether you set yourself up as a sole trader, as a limited company or in Partnership when you became self employed.
Finances for sole traders are generally simpler and allowable expenses include:
- Accountancy fees – employing a professional therefore tends to make sound financial sense
- Staff costs – salaries, pensions, benefits, National Insurance for example
- Eyesight tests – given you use a screen regularly to undertake your job
- Set up costs – office furniture for example or necessary equipment
- Office consumables – paper, printer cartridges etc
- Training – as long as the course or material is wholly tied to what you do
- Broadband, landline and mobile usage – when used exclusively for your business
- Utility bills/ business rent – even if you use part of your home as an office you can claim a proportion of bills for water, heating and the internet
- Travel for business – includes mileage, parking, congestion charges
- Subsistence – if away from home on business (though the rules are complex so seek advice)
- Business insurance and bank charges
- Legal fees – as long as they are wholly attributable to your business
- Marketing and advertising – website costs, domain costs, print advertising for example
- Membership to HMRC approved professional bodies
Expenses for limited companies are more complex and additionally, can include charitable donations, employee medical insurance, a staff Christmas party, gifts and ‘trivial benefits’, costs relating to setting up as a limited company and more.
Accounting for self-employed graphic designers
As a sole trader, your expenses are simpler in nature than those of a limited company. However, having an accountant on hand will ensure you’re aware of any changes in tax or HMRC regulations and could save you a lot of time. Plus, we’ll ensure you’re fully aware of what is and isn’t tax deductible so you do not pay more tax than is essential when it comes to your annual tax return.
We can also help you transfer manual processes to popular cloud-based systems and automate more processes, helping you keep track of your finances online via your mobile or laptop. There’s no need for a drawer stuffed full of receipts these days!
Accounting for limited company graphic designers
Many sole traders convert to limited companies as they expand. We can help you understand the ins and outs surrounding this step and have lots of experience in this area. Every client is different. We’ll take the time to understand the full details and arm you with the right tools to keep the bank as well as your clients happy.
Accounting services we can offer you
- Statutory Accounts
- Corporation Tax
- Personal Tax
- Management Accounts
- Tax Planning
- Xero
- VAT
- Bookkeeping
- Payroll
- Business Advisory Services
Our team can advise which services you’d benefit from when you get in touch.
Contact us today at Elite Business Accounting
If your next web logo or illustration project is calling, why let tax returns and accounting build up and become a full time job on certain days?
Get in touch with our accountants for graphic designers and we’ll help ease the way through expert knowledge, easy to use accounting apps and sound financial advice. From bookkeeping to tips on how to manage your taxes and grow your business for the future, we’d love the opportunity to help your creative small or medium-sized business go from strength to strength.
Request a callback or phone us on 01323 405798.
