What To Consider Before Becoming Self-Employed - And Claim Self-Employed Tax Returns Too! – TaxBack

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What To Consider Before Becoming Self-Employed – And Claim Self-Employed Tax Returns Too!

Want to make the switch from a 9 to 5 job? Here are some invaluable tips to consider before making that life-changing shift! And even claiming self-employed tax returns!

Save First, Before Becoming Self-Employed To Claim Your UK Tax Refunds

While achieving your dream of being successfully self-employed, it’s important to take this big step with some reserve funds. Save some money to tide you over, till your business picks up. This is important if you’re paying a monthly mortgage, rent etc. the early months of being self-employed can be slow and tough – financially. 

In terms of tax, you must do a self-assessment tax refund and meet the January 31st deadline. To avoid paying HMRC late fines. You are also, eligible for tax benefits, such as a self-employed tax refund. As a leading tax refund company in the UK we can help you claim back valuable cash from the taxman and assist you with filing your self-assessment tax return. Hence, rule no 1, get your tax file in order with help from a leading tax consultancy agent such as Taxback.

Related Post:How Do You Claim UK Tax Back?

Manage Your Money Wisely To Be Successfully Self-Employed

Once you are self-employed your responsibilities increase. You must set aside a small amount from every invoice. Save it towards paying tax and for times you fall short. Reconcile your accounts monthly, not annually. 

Set Boundaries Between Work And Life

A 9 to 5 job means you are at work! But being self-employed means your family thinks your available 24/7. Set a boundary and establish a work time. Minus the distractions you will be able to put in more productive hours towards your business.

Related Post: Top Tips for Filing your Self-Assessment Tax Form

Make Use Of Modern Technology

Part of the reason for over 5 million Britons to become self-employed is technology. There are various apps out there to make life easy. Apps to help manage your accounts for example are very popular to help self-employed individuals keep track of their records. With tax services extended online, its easy to get in touch and have our professional tax consultants brief you. Whether it’s an overdue UK tax return or claim for a UK tax refund we are available to help!

Let’s chat and make your life a success!

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