Free Tax Tips for a Self-Employed person – Part 1
Part one:
As a self-employed person, you have a very special and unique tax concern. We have some simple tip below which will have any self-employed person:
- Records, keep them tidy. Being self-employed, its easy to just throw all your receipts and income records into one area and try and forget about it, wrong! You must keep your records tidy at all times as this will ensure your Accountant can easily and logically see the links between your operation and what you intend to claim for.
- Rental from Office Space or working from home can be used to deduct, so ensure you tell your Accountant
- Business Expenses can also be deducted, for example, receipts, travel, office supplies, postage, subscriptions and absolutely anything which is business related.
If your accountant is NOT advising you on at least the above three simple points, then you should be thinking about changing accountant.
In Part Two, we”ll be discussing more self-employment tax saving tips such as:
- Keeping Business separate to Pleasure in terms of Tax
- Claiming for businesses expenses prior to trading
- The right way to claim a partner”s wage against profit
- Vehicle costs or mileage allowances
- Writing off expenditure against taxable profit
- Submitting tax returns on time and why