Facebook Twitter Instagram
    Twitter LinkedIn Facebook
    Career Experts
    • Home
    • Job Searching
      1. Job Searching Tips
      2. Job Application Tips
      3. Best Interview Tips
      Featured
      19th December 20240

      Where To Look and How to Get the Job You Want With a Lasting Career

      Recent
      19th December 2024

      Where To Look and How to Get the Job You Want With a Lasting Career

      6th August 2024

      8 Tips for Landing a Job Straight Out of School

      22nd July 2024

      Global Job Market Trends That Will Stay With Us in 2025

    • Career Progression
      1. Work Skills
      2. Work Motivation
      3. Changing Jobs
      4. Salary Information
      5. Balancing Work and Life
      Featured
      27th May 20250

      How Long Does It Take to Become a Tiler in the UK?

      Recent
      27th May 2025

      How Long Does It Take to Become a Tiler in the UK?

      19th May 2025

      How AI And Automation Are Changing Sales Conversion Strategies

      19th May 2025

      How To Build A Strong Medical Foundation For USMLE Step 1

    • Management and Leadership
      1. Best Leadership Skills
      2. Managing People at Work
      3. Industry Trends
      Featured
      3rd April 20250

      Inclusive Workplace: Transportation Innovation

      Recent
      3rd April 2025

      Inclusive Workplace: Transportation Innovation

      28th February 2025

      The Future of Employee Benefits: What Businesses Need to Know

      25th February 2025

      How To Reduce The Chance Of Injuries Occurring At Work

    • Graduate Careers
      1. Choosing Your Career
      2. Find a Job
      3. Graduate Salaries
      Featured
      6th February 20250

      Unusual but High-Paying Careers You’ve Never Considered

      Recent
      6th February 2025

      Unusual but High-Paying Careers You’ve Never Considered

      5th November 2024

      5 Exciting Jobs That Let You Work with Wood

      13th August 2024

      Discover the Excitement: Top Reasons to Pursue a Career in Tourism

    • Post CV
    Career Experts
    You are at:Home»Management and Leadership»Best Leadership Skills»Sole Trader? How to Stay on Top of Your Finances

    Sole Trader? How to Stay on Top of Your Finances

    0
    By CareerExperts on 2nd October 2018 Best Leadership Skills, Management and Leadership

    As a sole trader, looking after your finances is a tough task even at the best of times. From the ongoing deadlines imposed by Her Majesty’s Revenue and Customs (HMRC) to take into account, to the impact of unstable cash flows, managing self-employed finances is often a bit tricky. But help is at hand – and this article will share some top tips on how to achieve it.

    Get a calendar

    Going self-employed is the sort of task that many people see as a liberation from the drudgery of the nine-to-five. But while there are plenty of obvious benefits in terms of flexibility, it’s ironically in some ways even more bureaucratic to opt for the freelance route. This is in large part because of the self-assessment tax burden: sole traders pay their own tax rather than relying on a payroll department to do it for them, and this means getting documents and your tax payment to HMRC by a certain date every year. Keeping on top of the dates is a smart move, as it means you’ll avoid some of the fines that HMRC has the power to levy.

    Find a specialist accountant

    Working as a sole trader is the sort of scenario that requires precise knowledge about a lot of things, however, accountancy will probably not be one of them. That is why employing an accountant is often essential for self-employed individuals. An accountant with lots of corporate clients might not know the same amount about self-employment as a specialist in sole trader accounts is likely to, so it’s worth finding someone who knows their stuff. Not only will a specialist accountant be more likely to add value in terms of navigating the law, they will also usually be able to identify locations where you can save money in terms of allowable expenses.

    Accept periods of downtime

    Even the most in-demand sole trader needs to be thinking ahead, and no matter what your order book looks like right now it could all change in the future. That’s why building up a cash buffer of some kind to defend yourself against periods in which you don’t have any work coming in is a great idea. It will help you to even out the rough and the smooth, and it will mean you won’t be as inclined to panic. Look on the bright side, too: if you do happen to have a week or two of no work, why not use the time to re-design your website, fill out your tax return or do one of those other jobs you’ve been putting off for so long?

    Working as a sole trader brings with it plenty of benefits, but it also has its pitfalls too. One of these is the requirement it places on you to manage your own finances – and with everything from accountancy to the taxman to think about, there’s a lot of pressure. What you can do, however, is take steps to mitigate it – like getting yourself well-organised, or outsourcing some of your record-keeping jobs to a contract-based accountant.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Inclusive Workplace: Transportation Innovation

    The Future of Employee Benefits: What Businesses Need to Know

    How To Reduce The Chance Of Injuries Occurring At Work

    Leave A Reply Cancel Reply

    Recent Posts
    • How Long Does It Take to Become a Tiler in the UK?
    • How AI And Automation Are Changing Sales Conversion Strategies
    • How To Build A Strong Medical Foundation For USMLE Step 1
    • Finding a Job in Finance – Where to Begin?
    • Inclusive Workplace: Transportation Innovation
    • Popular
    • Recent
    21st February 2017

    What are the Best Graduate Job Sites?

    7th February 2017

    Job Hunting? 3 Ways You Can Make Jobs Come to You!

    11th September 2015

    5 Successful Phone Interview Tips

    27th May 2025

    How Long Does It Take to Become a Tiler in the UK?

    19th May 2025

    How AI And Automation Are Changing Sales Conversion Strategies

    19th May 2025

    How To Build A Strong Medical Foundation For USMLE Step 1

    About

    CareerExperts exists to propel and support professionals on their path for career success.

    We use our wealth of expertise and experience to help other success-seekers achieve their career goals.

    Newsletter

    Popular Posts
    21st February 2017

    What are the Best Graduate Job Sites?

    7th February 2017

    Job Hunting? 3 Ways You Can Make Jobs Come to You!

    11th September 2015

    5 Successful Phone Interview Tips

    Copyright © 2017 CareerExperts
    • About
    • Contact
    • Subscribe
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.