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Displaying items by tag: newly self employed

Saturday, 01 August 2020 10:30

Top Tip for the newly self employed

It's great to hear of quite a few people reviewing their options at the moment, and who are venturing into the world of self employment, I thought a some tips from my "Kick Start Your Business" presentation might help, especially if you've had a job and all your taxes have been dealt with.

Firstly, budget for your taxes. It’s not like being employed, you get paid into your bank, taxes all dealt with and paid, you spend it and then a month later, you get more money into your bank to spend.

Remember, as a business owner, you get paid to do some work, you will probably have to spend money to enable you to do that work, and then at a later date, possibly even nearly two years after you’ve been paid, you’ll need to pay income or corporation tax on that money to HMRC. If you’re VAT registered and charge VAT, don’t spend that either, that money is not actually yours either.

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