Running your own business, either as a self-employed individual or a director of a limited company, requires you to juggle a lot of plates at once. These are not just limited to the day to day running of the business, generating income, relationship building and completing the work but also keeping track of your cash and the expenses that you can claim.
Step 1
The first place to start is understanding which expenses you can and can’t claim to help you keep hold of the right receipts and not miss out on any claimable expenses. Working out which expenses are claimable and which aren’t isn’t always simple and can be a little confusing as each industry and business is unique and faces different expenses. The best place to start is by speaking to us to get a better understanding of what expenses you can claim, we can also help you plan for any larger work-related purchases you may be considering.
Step 2
The next step is to get a system in place to help record and keep track of your expenses, saving you time by avoiding the need to go through a pile of invoices and allowing more time for the work. Using a good system isn’t just about time saving though, by keeping a robust and up to date system you can better manage your cash going into and out of the business helping to avoid any nasty surprises. Speak to us for some guidance and suggestions on the best software for you.
Ongoing responsibilities
You will also need to keep one eye on your future tax obligations, both for the business and yourself. Try setting up a savings account and put money away regularly to help cover these costs when they come up, it’s always best to put away a little extra to make sure you are covered. Moving the money into a separate account will help you keep that money separate mentally, avoiding thinking the money is part of your income and spending it automatically.
Help?
We can make the whole process much easier, speak to us about setting up systems to help avoid any future headaches and nasty surprises.
