David Cameron
Prime Minister
Tools - Running The Business
Any tips for streamlining the admin side? How can you run an efficient operation that frees you up to concentrate on growing the business? What structure works for you? Any tax, legal or insurance wisdoms to pass on?
Alun P 2010-09-03 07:47
If you move from a staff job and get a share payout when you leave, make sure your accountant is aware of it so that it can be accounted for on your first tax return. I fell foul of this, unknowingly, and I'm sure by the way HMRC found out about it that they look for this as an easy target.
Allan Marsden 2010-09-03 06:22
Don't fall for the adverts for various company shells and the like without thinking things through. If they're any good (i.e. save you tax) the government of the day will find a way to shut them down. Over the years, you end up spending more time on making your arrangements than you save on tax. I've been running as a sole trader for over 25 years now, and though it's not as tax efficient as some, it means I'm left to get on with my job with no worries.
Michael Darby 2010-09-02 19:00
More often than not you won't even recognise a problem until it has become a problem. This is all part of the steep learning curve, but it does no harm whatsoever to spend a little bit of time researching and planning in advance. A basic business plan is fundamental: what will help with this is to seek proper professional advice from specialists in freelance business. And to be honest and realistic with yourself. Shop around until you're convinced that you know that they know what they're talking about. There's lots of advice out there, but not all of it is good advice. Forewarned is forearmed.
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