Getting the financial aspects of your business in good working order might not be the most exciting task that awaits you when starting out as a contractor, but it’s fundamental. While a passion for the service you offer is the heart of your venture, a healthy financial state is the lifeblood of your business. In this section, you will find some advice on running these key aspects of your business, from the most basic financial administration to making sure you are on the right side of legislation affecting your financial affairs, some of it only recently introduced. Running Your Business Keeping Your Books looks at the basics of business accounting. For peace of mind and to avoid falling foul of the Revenue, you will benefit from careful record keeping and an ordered approach to accounting. If you want to know what must go into your client invoices and how to encourage prompt payment, see our Tips for Invoicing. Should you go it alone, or make use of an accountant? Find out some of the factors to consider in When To Use An Accountant. Tax Basics Some business expenses are deductible for tax purposes; this could save you a substantial sum. Find out more in What Expenses Can I Deduct? VAT Basics sets out how VAT works and its relevance to your business. Being self-employed means having to sort out your own taxes. However, it could prove easier than you think: see Tax Basics: Self Assessment. Thinking of starting out as a limited company? Find out what you need to know about tax in Taxation of Limited Company. Alternatively, if you’re a sole trader or working in a partnership, Taxation of Sole Traders and Partnerships will have some useful advice for you. NIC and PAYE Basics outlines what National Insurance Contributions and Pay As You Earn could mean for your business. If you’ve been offered a contract abroad or have a successful business which you want to expand, make sure you read Working Overseas to find out about the various tax rules and opportunities you can take advantage of. Managing Your Finances and Business Being a contractor needn’t mean an insecure financial future. Financial Planning and Pensions sets out some of your options for a happy retirement. Leaving the security of a salary makes financial management all the more important. Making The Most Of Your Money. You can reduce the ‘risk’ factors associated with contractual work by making clever use of insurance. Insurance looks at some of the options available to protect you and your income. Get banking right for your business with Business Banking and Business Development Loans. It may seem a long time off, but if you do get to the point where you are considering selling your company, consider the tax implications in Selling or Winding Up Your Company. If you get all of the above right, the only other challenge you face in securing a sound financial future is offering a service that people are prepared to pay for!
Content by: planIT Services
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