Learn how to set up a business, understand accounting and manage taxes when you go self-employed.
Are you self employed and burying your head in the sand when it comes to your business finances? Are you terrified the tax-man is lurking around the corner ready to hit you with a tax bill and penalties? Or have you been putting off going self-employed because you have no idea where to start with the legal side of things? You are not alone! There are many people out there, just like you, who find the world of business and taxes a scary place, struggling to understand what rules affect them and which systems they need to manage their money and returns.
I’ve created this small business blog for service based entrepreneurs to demystify some of the most daunting parts of becoming self-employed like setting up a business, choosing a business structure and understanding what HMRC want. Please take a look around, it’s jam-packed with easy to follow guides that will leave you feeling calm and in control of your money and, best of all, able to focus on hitting your goals knowing that you’ve got the right systems in place to run and grow a successful business.
Not sure where to start? My blog series Understanding Self-Employment breaks down all the basics you need to know including registration, taxes and accounts.
- Has the Tax Deadline Been Extended in 2021?The tax return deadline, normally 31 January each year, has been extended to 28 February 2021 for this year only in response to the number of people struggling to file their tax return in these unprecedented times.
- Accounting for Self-Employed Business OwnersAccounting can feel confusing, especially with so many accounting softwares out there overwhelming you with functionality and pricing options. In this guide I’ll explain all about accounting, show you what you need to do and which systems will help you. Read on for some peace of mind!
- How to Prepare an Income and Expenditure StatementCheck how your business is performing and get the numbers you need for tax-time by preparing an income and expenditure statement. Here you can see what one looks like and read some advice of what you need to look out for when you add your numbers and the impact on your taxes.
- Traditional Accounting ExplainedIf you’re filling in your tax return, the traditional accounting can benefit you in certain circumstances or cause you to pay more tax. Find out more about this way of accounting and alternatives if you think it is making you pay extra income tax.
- What Business Records Should You Keep If You’re Self-EmployedPaperwork urgh! But if you have been burying your head in the sand when it comes to your paperwork, then it may be time to pull your head out. There are legal requirements set out by HMRC detailing what business records you need to keep and for how long.
- Can I Claim Coaching as a Business Expense?Claiming expenses reduces your tax bill, but you can’t claim everything. Here’s what you need to consider when it comes to coaching.
- How To Track Your Business IncomeAre you ready to start understanding what’s going on under the bonnet of your business? Tracking your business income is more than just adding up numbers for your tax return, it can give you helpful insights into where you are making money so you can, well, make more! Here’s how to get started with your tracking and some of the common mistakes you need to avoid.
- What is Accounting?An introduction to accounting to give you enough knowledge to take control of your business money.
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About the Creator
I’m Anita, a Chartered Accountant and creator of the Go Self-Employed website. I’m passionate about helping others become self-employed and feel confident managing their finances because I know we leave school totally unequipped to deal with personal finances, let alone business finances, but this shouldn’t hold you back from working for yourself.
With my bookkeeping spreadsheet, guides and resources I’ll help you set up solid systems to organise your business finances, learn how you’ll get paid, register a business and check you’re making the tax savings you’re legally entitled to.