Entrepreneurs tend to be wearing many different hats and your attention is likely to be on making more money, managing your team etc. Sometimes seeing your accountants can feel like a trip to the dentist. However, if you’re not talking to them, then given the complexity of UK tax rules, you might find yourself making these tax mistakes.
Although HMRC sends reminders to those who need to file their self-assessment tax return, not everyone meets this deadline. More than 30,000 taxpayers completed their tax return within the last hour on January 2018.
There are millions of apps, varying in purpose and function, whether they are for entertainment or to keep your business organised. When you’re a small business owner you will need to wear multiple hats, and therefore need to make sure to take advantage of all the resources available to you. The best thing about some apps is that they are free or give the option of a free trial, therefore they can give you the opportunity to try before you buy.
When running a small business, saving money and cutting costs where you can should always be a priority. By being smart when dealing with taxes it can actually save you a considerable amount of money. If you are effectively dealing with your taxes, it could be the difference between a steady profitable business to one that’s just barely getting by.
Most people can only dream of working from home, but if you have managed it then you will need to set up an office at home. Having a work space in your home will allow you to switch off when you leave your designated work area, because it is essential to switch off after a long day of working. Here are four things you need to do before setting up a home office.
Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.
The digital age is upon us. HMRC is planning a total digital switchover which is set to be rolled out from April 2019. For some, this isn’t anything new – Making Tax Digital (MTD) has been in the public domain for a good while now.