Accountants for Consultants

Why Consultants Need Specialist Accountants

Running a consulting business comes with financial responsibilities that can be difficult to manage alone. Working with accountants for consultants helps you stay on top of your finances while focusing on your expertise.

Financial Challenges Consultants Face

Running a consulting business comes with financial responsibilities that can be time-consuming and complex. Unlike traditional employees, consultants must handle their own taxes, expenses, and financial records.

Some common challenges include:

Complex Tax Rules for Self-Employed Consultants

Consultants operating as sole traders or limited company directors must handle different tax obligations. Unlike employees who have taxes deducted through PAYE, consultants must calculate and pay their own taxes.

• Self-Assessment Tax Returns: Self-employed consultants must report income, claim allowable expenses, and pay income tax and National Insurance. Mistakes or missed deadlines can lead to penalties.
• Corporation Tax: Those running a limited company must file annual accounts and pay corporation tax on profits.
• VAT Responsibilities: Consultants earning over the VAT threshold must register, charge VAT, and submit VAT returns. Choosing the right VAT scheme can impact tax efficiency.
• IR35 Rules: Contractors working with a single client must assess whether they fall inside or outside IR35, which affects how they are taxed.

Specialist tax accountants for consultants help reduce tax liabilities by applying the right deductions and handling tax compliance efficiently.

Managing Business Expenses and Deductions

Tracking business expenses is essential for reducing taxable income. Many consultants miss out on valuable tax relief due to poor record-keeping or a lack of knowledge about allowable expenses.

Common deductible expenses for consultants include:

• Office Costs: Home office expenses, rent, and co-working space fees.
• Travel and Transport: Mileage, public transport, and business-related accommodation.
• Professional Fees: Insurance, training courses, and professional memberships.
• Marketing and Software: Website costs, advertising, and accounting software.

Cash Flow and Financial Planning for Consulting Businesses

Many consultants face irregular income due to project-based work. Without a steady paycheck, managing cash flow becomes a challenge.

Key financial planning concerns for consultants include:

• Late Payments: Clients may delay payments, affecting cash flow. Setting clear payment terms and following up on invoices is crucial.
• Budgeting for Tax Bills: Setting aside money for tax payments prevents last-minute financial stress.
• Long-Term Financial Growth: Planning investments, pension contributions, and business expansion strategies.

Save Time & Money

Hiring an accountant for consultants frees up your time, so you can focus on delivering top-quality services to your clients. Instead of dealing with tax returns, bookkeeping, and HMRC paperwork, you get expert financial support.

Benefits of working with chartered accountants for consultants include:

• Accurate bookkeeping – Keeping your records up to date with professional accounting services for consultants
• Tax compliance – Meeting deadlines for Self-Assessment, VAT, and Corporation Tax
• Financial planning – Getting advice on savings, investments, and business growth
• Online support – Access to online accountants for consultants who work with cloud-based software like FreeAgent

13 Reasons to Choose GoForma as Your Accountants for Consultants

Our specialist accountants for consultants provide expert support tailored to your needs. Whether you're a freelance consultant, run a consulting business, or manage a consulting firm, we help you stay on top of taxes, bookkeeping, and financial planning.

Industry-Specific Expertise

Consulting covers many fields, and each has unique financial needs. Our team understands the challenges faced by:

• Management Consultants – Handling project-based income and travel expenses.
• IT & Tech Consultants – Managing IR35 status and software-related costs.
• Marketing & Business Consultants – Tracking client retainers and advertising expenses.
• Financial Consultants – Managing investment income and regulatory compliance.

No matter your consulting field, we offer personalised accounting services for consultants to match your needs.

Experienced Chartered Accountants for Consultants

Our chartered accountants for consultants have years of experience handling self-employment tax, limited company finances, VAT, and more. We take care of everything from bookkeeping to tax planning, so you can focus on growing your consulting business.

Dedicated Personal Accountant

You’ll get a dedicated accountant who understands your business, tracks your financial records, and provides tax-saving advice. With personalised support, you don’t have to explain your situation to a different person every time.

Digital-Friendly, Cloud-Based Accounting Solution

We offer modern, cloud-based accounting tools to help you track income, expenses, and invoices in real time. Our online accountants for consultants use leading software like FreeAgent to simplify financial management.

Fixed Monthly Fee

Our accountancy services for consultants come with fixed monthly pricing, so you always know what to expect. No surprise charges, no hidden costs—just expert support at a predictable price.

Certified Accountants

We are fully certified and regulated, giving you peace of mind that your finances are in expert hands.

Proactive Tax Planning

We don’t just handle tax returns; we help you plan ahead. Our tax accountants for consultants identify ways to reduce liabilities, maximise deductions, and keep more of your earnings.

Help with Specific Industry Expenses

Many consultants miss out on tax relief because they don’t claim all eligible expenses. Our consultant accountants guide you on allowable costs, from business travel to home office expenses, helping you make the most of your income.

Help with Optimising Take-Home Pay

We help you structure your income tax-efficiently, whether you operate as a sole trader or or a limited company. Our experts advise on:

• Salary vs. dividends for limited company consultants
• VAT schemes to lower tax liability
• Pension contributions and investment options

FreeAgent at No Extra Cost

As part of our service, we provide FreeAgent for free. This cloud-based software helps you manage your accounts effortlessly, making it easy to manage invoices, expenses, and tax submissions in one place.

Proactive Tax Reminders

Missing deadlines can lead to penalties. We send tax reminders to keep you updated on payment dates and filing deadlines.

Unlimited Support

Got a question? We’re here whenever you need us. Whether by email, WhatsApp, or call, you get unlimited support for all your accounting queries.

Switching Accountants Made Easy

Already working with another accountant? We make switching accountants process easy for you. We contact your previous accountant, transfer financial data, and set up everything so you can start receiving expert service without delays.

Who We Help?

We provide expert accounting for consultants across various industries.

• Freelance Consultants
  • IT and Tech Consultants
  • Marketing and Creative Consultants
  • Business Consultants
  • Legal & HR Consultants
  • Management Consultants
  • Financial Consultants
  • Healthcare and Medical Consultants
  • Engineering and Construction Consultants
  • Education and Training Consultants
  • Independent and Interim Contractors
• Small Consulting Businesses
• Consulting Companies & Firms

Our Expert Accounting for Consultants Include below Services

We offer a full range of accountancy services for consultants, designed to simplify your finances and help you run a tax-efficient business.

Business Structure Advice

Choosing the right business structure affects your tax liability, earnings, and financial obligations. Our tax accountants for consultants help you decide whether to operate as a sole trader or a limited company, considering factors like:

• Tax efficiency – Comparing income tax, National Insurance, and corporation tax
• Liability – Understanding personal vs business risk
• Growth potential – Planning for future expansion

If you decide to set up a limited company, we handle the entire company registration process for you.

Self-Assessment & Tax Returns

Our tax advisors for consultants handle self-assessment tax returns for sole traders and directors, making sure all income and expenses are reported correctly. They help you claim all allowable deductions, reducing your tax bill.

VAT for Consultants

If your consulting business reaches the VAT threshold, we guide you through VAT registration and returns. We also help you choose the right VAT scheme, such as the Flat Rate Scheme or Standard VAT Scheme, to improve tax efficiency.

Contractor & IR35 Compliance

If you work as a consultant through a limited company, IR35 rules may apply. We provide expert guidance on:

• Determining if your contract falls inside or outside IR35
• Structuring contracts to maintain compliance
• Reducing tax liability while staying HMRC-compliant

Bookkeeping for Consultants

We offer bookkeeping, using FreeAgent for easy income and expense tracking. Our team reviews your records quarterly to keep accounts accurate.

Tax Planning and Advice

Smart tax planning helps consultants maximise take-home pay. Our CPA for consultants provide:

• Strategies to reduce income tax and corporation tax
• Dividend vs salary planning for limited company directors
• Advice on pensions, allowances, and tax reliefs

Company Accounts & Corporation Tax Return

Limited companies must file annual accounts and corporation tax returns with HMRC. We prepare and submit these, keeping your business compliant while looking for tax-saving opportunities.

Payroll Management

If you pay yourself a salary or employ staff, payroll must be processed correctly. Our payroll services cover:

• Monthly PAYE and National Insurance calculations
• Auto-enrolment pension setup
• Payslips and HMRC submissions

Get Started with Expert Consultant Accountants Today

Running a successful consulting business means focusing on your clients while keeping your finances in order. With our expert accountants for consultants, you get professional support for tax, bookkeeping, and financial planning.

Not sure where to start? Book a free consultation with our accountant for consultants to discuss your business structure, tax obligations, and how we can help with accounting for consulting businesses. Let us handle your finances while you focus on your consultancy work.