If you're set up as a Limited Company, have a look at our small business finance pages, accounts can be quote complicated for Companies. If you're a sole trader, things a bit simpler...
The main financial issue you'll need to worry about is the end of year tax return. Every year by the 31st January, sole traders must submit a tax return. This details all of your income and expenses and calculates the amount of tax you owe. For more information on tax returns, have a look here.
Good bookkeeping throughout your year's trading is crucial in order to accurately fill out the tax return. You need to note every time you invoice and receive a payment as well as all the goods and services you spend money on for your business. Business costs are known as expenses as you can claim the VAT back at the end of the year. Have a look here for more information on expenses. If you'd like to download bookkeeping software, have a look at our FREE software.
Speaking of VAT, you'll need to decide whether to want to register for VAT or not. You have to register if your income is over £68,000 however there are a number of reasons to register if you come under this threshold.
Tax is complicated and we're sure you'll have a lot of questions so if you want to speak with us, Ask us a question, call us on 0500 234111 / 01442 275767.