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5 Top Tips for the Self-Employed

Self employed

Register your business

This should always be a high priority if you are newly self-employed. If you don’t register in the first three months from setting up your new business you may be fined. So it is most definitely worth taking the time to get it done.

You will need to contact the HMRC on 0300 200 3500 where you will be able to register for Income Tax, National Insurance and VAT – you can find their opening times here – https://www.gov.uk/government/organisations/hm-revenue-customs/contact/newly-self-employed-helpline

Handle your money with care

We all know that it’s much easier to spend money than save it but when you’re starting out with your new business it is extremely important that you don’t rush into spending too much. Just because you’re doing brilliantly one month doesn’t mean this will happen all the time, you need to make sure you save your cash for when you’ll need it most.

If you’re feeling unsure about it you can hire an accountant who will be able to help you effectively manage your accounts.

Separate the business from the personal

When you’re the boss and the employee it can be too easy to put pressure on yourself to work extreme hours to stay on top of the work load. But remember that it is very important to set aside time for your personal life as well as your business.

It can be easy to get wrapped up in it all but taking time out can help you feel refreshed and energised for your working activities.

Stay focused and positive

In new businesses there are always highs and lows but it’s important to try to stay focused and positive. Money will be tight and the hours will be long but the benefits in the end can be great so persevere and it will get better!

Don’t be afraid to ask for help or advice

Finally, make sure to reach out for help if you need it, there are a wide range of forums filled with like minded entrepreneurs who are there to talk to, also your family and friends. Sometimes being self-employed can feel very lonely so it is important to reach out to others to help you through your times of need.