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Although it’s not a strict requirement, setting up a business account makes it much easier to follow your income and outgoings. <br>
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Set up a Business Account Although it’s not a strict requirement, setting up a business account makes it much easier to follow your income and outgoings.
Keep dated records of everything It’s all too easy to chuck away those receipts without a second thought, but a lot of purchases can actually be put through as full or partial business expenditures.
Set up a dedicated tax account We usually suggest that another bank account is set up to manage your required tax payments. Once you hit a certain threshold you’ll be required to pay the full amount of tax.
Keep an eye on any recent changes to tax laws Unfortunately, the laws on tax are constantly changing and are easily overlooked. We suggest checking up on the government’s Business and Self Employment website for updates and changes to the law.
Accountant services are business expenses Not only can a good accountant save you money, (enough to pay for their services and then some!) but they’re also counted as business expenses so they become even better value for money.
