Self Assessment Tax Form

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Self Assessment Tax Form: 3 Major Mistakes When Getting Self Employed and How To Avoid Them to Speed Up Your Business Success

Avoiding self assessment tax form mistakes will help ensure that your own self employed business is successful.

In this article we discuss 3 common mistakes that people run into when they are self employed.

Even business owners that have been going for a while, and striving, will understand that there is a need to re-examine their systems every month.

It’s not every ones dream to be employed and most people only dream about the desire, but do not take action.

It requires an individual who has strong willpower to set themselves up and manage the business finances with self control.

But for those who have the aptitude and thirst for success the rewards are there, and the good news is it does get easier.

Remember though – the saying goes, “If it were easy then everybody would be doing it.”~

The budding self employed entrepreneur can follow some basic rules to save money on their self assessment tax form.

Mistake 1:

Do not forget to allow for downtime in your business planning and budgets.

By this we mean allow off time, you may need it. Putting aside a portion of your earnings into another bank account not only earns extra interest for your holiday pay, but it can also be the lifesaver for times of investment.

It is a great idea to re-invest part of this income when you want to grow for the long-term.

You have to allow for that week away spent with your family when you want it, after all this is one of the key reasons for becoming self employed.

It’s a major step moving from working for somebody, where a wage is sent straight to your bank account regularly, even if you are not at work.

When you are self employed you start to really feel like there are unlimited holidays and public days off!

In employment work you get paid for them. All is not lost though, you’ve made the decision, and you have done your homework and planned for this.

Mistake 2:

Not planning future cash flow forecasts and purchases can be a problem.

Although expenses are always changing they should be adjusted and checked every month.

If this is the first year of operation, it becomes even more important to try and stick with the purchases and equipment you already planned.

Then you can plan to make more purchases over time step by step and claim back the costs.

This is a major benefit in preventing mistake 2. It also helps in the following year planning.

 

Mistake 3:

Leaving it too late to request assistance is the most common problem in our years of experience.

There are lots of people and organizations that want you to succeed from the government commerce section, to friends, family, your accountant and the neighborhood community.

It’s true that they have an ulterior motive, so they also gain as you succeed, but importantly they will assist you to get better and they can provide their skills in the areas they specialise in everyday

There is a wide range of information and guidelines on the HMRC website so it is a good idea to pick out the parts that are relevant to you so that you can prepare to discuss it with your own tax expert before filing the  self assessment tax form.

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