“Put money aside to cover your tax bill” is the prudent message being relayed to all new start businesses from Cobham based advisers taxhelp.uk.com. Rising unemployment has already led to an increase in the level of self starts and many local people will be starting their own business as the shrinking jobs market makes it more difficult to find employment.
Setting out in a new field can be a daunting experience and although tax is a subject that a lot of people would rather not have to think about, careful tax planning can save pounds and avoid financial worries when tax becomes due in the future.
James McBrearty, Managing Director of taxhelp.uk.com said: “With more and more people becoming self employed, tax is a bill that will have to be paid and budgeted for. I don’t think that the majority of self employed individuals are aware that they will have to pay two different types of national insurance, as well as paying two years worth of tax in one year.
“This can come as a nasty surprise, especially if you haven’t set aside a percentage of your earnings. Getting financial help at an early stage of being self employed can save you money, time and avoid fines. taxhelp.uk.com specialises in helping small businesses and self employed individuals manage their tax returns along with tax assistance and financial planning.”
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