{"id":1550,"date":"2024-08-09T10:42:48","date_gmt":"2024-08-09T09:42:48","guid":{"rendered":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1550"},"modified":"2024-08-09T10:42:50","modified_gmt":"2024-08-09T09:42:50","slug":"keeping-your-tax-and-expenses-in-check-when-you-are-self-employed","status":"publish","type":"post","link":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1550","title":{"rendered":"Keeping your tax and expenses in check when you are self-employed"},"content":{"rendered":"\n<p>Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits.<\/p>\n\n\n\n<p><strong>Understand your deductions<\/strong><\/p>\n\n\n\n<p>Before you start, it\u2019s essential to understand what expenses you can and can\u2019t claim. This means you\u2019ll keep the right receipts and track the right expenses. Figuring out what\u2019s what can be a little confusing as everyone has a different working set up and what you can claim for can vary between industries and occupations. <\/p>\n\n\n\n<p><a href=\"https:\/\/accountants247glasgowsouth.co.uk\/?page_id=620\">Talk to us<\/a> about your business expenses from the beginning. This will also help you plan for any bigger work-related purchases that you may need to make.<\/p>\n\n\n\n<p><strong>Get a system sorted<\/strong><\/p>\n\n\n\n<p>You\u2019ll thank yourself later for setting up a good system now. Getting your expenses recorded and your invoices collated means you\u2019ll be able to spend more time doing the important stuff in your business. It\u2019s not just about saving time &#8211; keeping on top of your cash means you\u2019re more likely to succeed. Do your research and choose a system that will work for you. Consider choosing a software platform which allows you to record your time spent on projects, it\u2019ll make sending those invoices that much easier!<\/p>\n\n\n\n<p><strong>Stash that cash<\/strong><\/p>\n\n\n\n<p>When you\u2019re running your own business or working for yourself, it\u2019s important to always keep your tax obligations top of mind. Make sure you have money set aside in a separate account or consider entering into voluntary instalments.<\/p>\n\n\n\n<p>One way to budget and keep on top of your business tax is to pay yourself a wage. Keeping your accounts separate also prevents you from thinking of all your business income as spending cash! Remember to also put aside a little extra to cover your holidays and any quiet periods.<\/p>\n\n\n\n<p>We can help make this process easier, so talk to us about setting up systems that take the headaches out of your finances.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it\u2019s essential to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"footnotes":""},"categories":[94,59,50],"tags":[80,138,143,76],"class_list":["post-1550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bookkeeping","category-expenses","category-tax","tag-accountancyservices","tag-accountants247-glasgow-south","tag-expenses","tag-glasgow"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Keeping your tax and expenses in check when you are self-employed - Accountants247 Glasgow South<\/title>\n<meta name=\"description\" content=\"At Accountants247 Glasgow South our friendly team can help you with all your accountancy needs, tax and bookkeeping.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants247glasgowsouth.co.uk\/?p=1550\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Keeping your tax and expenses in check when you are self-employed - 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