2023 most common mistakes to avoid when moving to self-employment.
Key areas to include on that 2023 checklist for self-employment.
When you are employed, you get paid one lump sum of money
each month by the payroll department. When you are self-employed your income
can come from many different sources. It is important to ensure you carefully
invoice each source and track payment. Often a simple spreadsheet will help
with this.
Record your expenses.
When you are employed, HR takes care of your pay and tax.
When you are self-employed you are solely liable for paying your own tax. You
will need to fill out a self-employed tax return and submit it by January 31st
each year. If you fail to submit a tax return, you will be fined. Within the
tax return you will be asked to submit your expenses which could help to lower
your tax bill. It can be difficult to track expenses. Make sure you keep
receipts.
An expenses spreadsheet will also help. MENTA courses are
invaluable when it comes to setting out ways of recording expenses and finances
when you are starting out.
Manage your time.
Being a sole trader means you choose your own hours, there
is no 9-5. However, some self-employed people find they start working
constantly because they are not managing their time properly.
How the team at MENTA can help you in 2023 and aim to make
your move to self-employment go without any issues.
Our team are ready to help you and can answer questions you
may have choose, you can call or drop them an email and they will come back to
you during office hours. If you prefer, you can start the process right now and
book your #StartUp or move to self-employment support call-back.
MENTA have worked with more than 50,000 SMEs and delivered support, training and coaching to growing business across Norfolk and Suffolk.
Want to know more and see how we can help you? arrange a call-back
from the team here to help you with your new business or move to
self-employment:
At MENTA we advise those starting out as self-employed to
set rules when it comes to time management and discipline. Establish a clear
work plan and follow a schedule. That way you will meet your deadlines. For
more information on what pitfalls to avoid when starting out as self-employed
or a sole trader, get in touch with the team at MENTA or talk to the team on
how they can help.
Our 2023 Norfolk and Suffolk packages of support is fully
funded and rated as being amongst the top business support providers in the UK.
Looking to become your own boss? Email:
bookings@menta.org.uk and discover how this package of new business support
could work for you.
Discover more here
