the self-employed. You can minimise your tax bill, just to let you know. So, instead of missing the deadline, start learning about the benefits of being proactive for paying taxes.
The self-employed people are at a better position in regard to taxation than the majority. Let’s do our responsibilities as citizens. Pay your taxes and sleep soundly at night.
KEY TAKEAWAYS
You’re only liable for tax on your profits, so make sure to:
Claim all allowances
Use of your own car for business
Use of part of your home for business
Investment reliefs
Account for all expenses (e.g. materials, equipment, marketing, etc.)
Ask accountant on how you can save tax. Your accountant should help you save on your taxes. If you think he/she doesn’t understand and help your situation, find a better one.
Don’t file late. You save up and earn more when you avoid fines! If you still don’t have the exact figures, use provisional (best estimate) figures.
Always plan. Know how you want your business to grow and where your finances will be. Neil assures you you can save mores on taxes when you’re on the right track.
BEST MOMENTS
“Don’t file late!”
“Tax code is not your area of expertise, it’s theirs (accountants). They’re working for you”
“Have a set day and time when you update your records and take care of business. It’s a pain, but it’s less of a pain than sweating over doing a year’s worth of your books at the last minute.”
VALUABLE RESOURCES
HMRC - https://www.gov.uk/government/organisations/hm-revenue-customs
The Tutor Podcast on Twitter: https://twitter.com/tutorpodcast
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years of experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
Neil Cowmeadow
info@neilcowmeadow.com
