As a contractor or freelancer, just hearing the word tax can fill you with panic – but there’s really nothing to worry about! We’ve outlined some basic tips for new contractors and freelancers below. They should help you prepare and manage your taxes easily and efficiently.
1. Set up a business bank account
Having a separate business bank account may seem like something that doesn’t really apply to you as a contractor or freelancer – why can’t you just use your current account? Having a business bank account means you can work out what money is coming in for your business and what money you’re spending.
Who has time to trawl through their personal bank account sifting through your supermarket purchases to try and find all business-related transactions? It makes working out your income and expenditure sheets so much easier.