Bookkeeping and Taxation
For learners considering self-employment, taxation is often one of the main concerns.
Understanding your responsibilities
If you do not comply with the rules and regulations set down in law, you may face penalties from HM Revenue and Customs (HMRC).
HMRC sets deadlines for filing tax returns and paying tax. Missing those deadlines can result in penalties and interest, so it is important to understand what you need to do and when you need to do it.
Good bookkeeping helps you keep accurate records, understand how your business is performing and prepare the information needed for Self Assessment.
Starting a business carries a level of risk and uncertainty. Why add to that risk by not finding out everything you can about the laws governing businesses and the self-employed?
What business owners said
A survey of 250 small business owners was carried out in May 2015 by alternative lender Just Cash Flow PLC.
- 200 of those business owners surveyed (80%) admitted that they did not know everything they needed to when they started up.
- 35 (14%) admitted to making mistakes that put their business at risk.
- 25 (10%) had made errors which had cost their business dearly.
- 63% said that fewer businesses would fail if owners had more knowledge before starting up.
Build your confidence
TfE’s self-employment support can help you take positive action for your future. You can learn about bookkeeping, taxation, Self Assessment, National Insurance contributions and important HMRC deadlines.
Ensure you have the vital knowledge in place before taking that brave step into self-employment. Contact TfE to ask about current support and workshop availability.