I often refer to all this as ‘stuff you should have been taught in school’. It’s all very well getting an accountant to sort everything out for you but as a business owner the buck stops at you! It’s absolutely essential that you have a basic understanding of how self employment works in the UK. You need to arm yourself with as much information as possible before you start on your small business journey.
Essential Tax & Accounting Concepts
UK Self Employed Tax & Accounts
As a self employed small business owner, one of the most daunting things you need to get your head around …
How do you create a self-employed invoice?
So you’ve thought of an awesome business name, you’ve registered for self employment, you’ve set up your business bank account …
What is Cash Basis accounting in the UK?
Cash accounting or the ‘cash basis’ is a method of accounting that you need to understand if you run a …
What is Turnover in business?
Turnover is the most fundamental measure of business performance. It’s probably one of the easiest metrics to get a quick …
What is National Insurance?
National Insurance in the UK is a tax that a lot of self employed folk seem to forget about. It’s …
How to get Paid in Advance? Pro Forma Invoices!
There are often situations in business where you may need to get paid in advance for products or services. For …
What is Profit and EBITDA?
In the world of self employment the most important thing you need to make is a profit. If you don’t, …
What is VAT?
As your business grows you’re going to have to cater for a thing called ‘Value Added Tax’. It’s a consumer …