Tips and Notes for Self-Employed At Confidential Accounting Management Limited we can help you throughout the process of setting up your own Self-Employed status.
You will need to register as self employed with the tax authority (HMRC) so that you are compliant and your Taxes will be correctly calculated. This is a necessary process and we can easily guide you through the process.
You will need to keep a simple record of your income and outgoings. Paper records are just fine but this is where a spreadsheet on your computer will really help. Keep it as simple as possible with just the date, amount, who and what for, both income and outgoings. We can guide you through this process and advise the best format for your records.
Keep all your receipts and sales invoices. You can't claim without receipts - losing them will cause losses - real money losses!
About Bookkeeping When it comes to bookkeeping, we can assist with the general procedures but it is vital that it is done regularly, try to complete it at least once a month, preferably more often than that (maybe when your bank statement arrives) If you leave it longer, you start to forget things and this WILL cause you to lose money in missed tax claims.
Set up a business bank account and don't mix up business and personal expenses, it will only take longer to sort it all out which will cost you in fees from your accountant and he won't enjoy it either!
Set some of your income aside for tax and 'contingency' payments. Many ventures fail because the money runs out just as they are starting to make a profit.
One reason for an accountant is to make sure your records are submitted to HMRC correctly and to minimise your tax burden by making sure you claim as much as you legitimately can (but not more!). We would hope that the tax saving would be greater than the fees plus the effort you would otherwise have to put in yourself. So, if you need assistance with Self Assessments then make sure you get in touch with us today.
At Confidential Accounting Management Limited, we are here to help you minimise your tax payments and hopefully increase your profit margin. All tax returns must be completed before 31st January every year as late returns will incur penalties and charges. Enjoy what you are doing and understand that being self-employed involves a lot more time, effort and hard work than being employed by someone else, but at the same time, the rewards can often be better.
Call us Today Call us today on 01708 228 278 or 07962 152122 for more information alternatively, fill in our contact form and we will be back in touch as soon as possible.
