Get familiar with the dreaded tax that, unfortunately, we all have to pay.

Here in the UK we have taxes just like everyone else in the world, and it will feel as if you are getting hit left, right and centre by the taxman at times but that’s just part and parcel of running a business.

Starting off self-employed means that you need to complete a self-assessment form each year which means you need to keep a record of your income and outgoings for the HMRC.

Some things will count towards a business expense, like uniforms, tools and even white goods for your work premises. There is a lot that will be counted as a business expense that you would never think about.

Unless you want to devote many, many hours to finding out what you can and can't claim for, as well as learning how to fill out these forms then I suggest you get an accountant.

Accountants are really worth it, and at the end of the day, it’s a profession for a reason. So, get one because they might save you money right off the bat for things like your personal tools or equipment to claim against your tax, which will help bring it down, or even get you a rebate if you are a start-up business.

There were things I could not have imaged would be considered as a business tax write off because I’m not an accountant, and I wouldn’t want to not have one either.
The stress that you put yourself through thinking you have done something wrong, or if you have claimed for everything that you should claim for just isn’t worth it.
You don’t want the taxman investigating you either, and at least if you have an accountant then he or she can take care of all
of this for you, especially if they are a reputable accounting firm.

So, for the amount an accountant will charge, do you and your business a favour, go and get yourself one.

Look up reviews because there are accountants who are better than others and also some who are more suited to your industry than others are. Call them and discuss these things with them before making that decision.

Look for one who will also keep your business in line with your salary, as well as their holidays and sick pay etc.
They will also take care of knowing when the right time to go VAT registered is, as well as advice on changing your legal entity from being a self-employed worker to a Limited company.
I know this is all based in the UK but it’s similar all around the world.

If you are limited company or turn into a limited company then there is some personal tax relief that you would get compared to being just self-employed, but there is also corporation tax that the company has to pay for.
The bonus is though, if the business ever struggles so badly that it needs to close, then you, who are classed as an employee of your business now that you are a limited company and not self-employed, will not have to go, in extreme cases, bankrupt.

The limited company basically shuts down and you are free to go and open a new business without any debts.
The one thing I would say though, is nowadays there is a lot of finance companies who let you borrow money for your business, but requesting for a guarantor who would be liable to pay for any assets if the business does go down the toilet pan.

This is all just seeds that I’m planting in your head, so you now have some fuel to go and research these things, to understand that an accountant really is worth it.

I tried to do it myself at first but the more I found out about things, the more I resided to the idea of hiring an accountant.

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