subject: Make sure you set enough income aside for taxes [print this page] Make sure you set enough income aside for taxes
So finally told your boss where to go and stuff his corporate job. Good for you. No more pointless meetings and silly appraisals. Goodbye dress code and annoying colleagues, hello freedom. And fear. And managing your own tax affairs. Gulp! You're no accountant, so where do you start?
Relax. While it's a bit of a pain for the self employed to manage their taxes, there's always help out there if you no where to look. Your trusty friends the Internet and google are always on hand to point you in the right direction. Setting aside enough money to cover income tax and national insurance is absolutely vital if you are to succeed when flying solo outside of the corporate arena where you just get your pay cheque after deductions. You'd be amazed at how many seemingly sensible level headed people make the error of not putting money aside to pay their tax bills.
If you don't where you stand currently, then the best thing to do is use a tax calculator. That's right. You can find them on the Internet and work out your current liability and plan accordingly. Tax calculators are quick and easy to use. If you've kept accurate and up to date financial records of course! So come on, pull your finger out and get organised. Keep a record of what you spend and what comes in each month. When it comes to using a UK tax calculator you can then work out what you owe. Your allowances are the same, but the great thing about self employment is being able to set business expenses off against tax, be they for travel, computers or travel to meetings. When it comes to using a UK tax calculator you'll find this makes a substantial difference to what you owe. So stay on top of your financial affairs and don't get caught out when it comes to tax time.
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