When you run your own business, you’re always going to be better at some things than others. Whether you flourish when it comes to number, or are better with words, you’ll always find areas of your business that you’re going to need a little help with. But that’s okay, it’s better to be great at a few things than attempt to do everything half-heartedly. If you’re struggling to get your head around taxes, these tips should set you straight and keep you on track.
The first thing you want to do is keep all of your business purchase receipts. Whether that’s fuel for the van or stationery for the office, whatever you buy for your business, you need to keep proof. Then, you can compile all of your expenditure when it comes time to declare your income. It will be difficult to do if you have to remember what you’ve spent in previous months. But by keeping your receipts and organising them by month, you’ll find it so much easier.