Before I was self employed, the end of January would be seen as just another step at getting closer to spring, but in the last three years, it has signified so much more!
It is of course the last day that you can submit your self assessment tax forms online, before you are liable for a penalty, and after our first year disaster when I had not received a government gateway for our business partnership, until after that deadline, landing us with a fine that could so easily have been avoided. I am determined to be better organised, and if you want to spread out your tax bill, you need to have submitted it before end of December (you learn something new everytime you fill one of these in!)
For the first year or so, doing the accounts ourselves was easy, both Asa and I had part-time ‘proper jobs’ and anything we made as self employed was minimal, so working out our expenses and outgoings was very simple, but now that we are both full-time self employed, it has got a little more difficult and that is when you begin to question whether getting some professional assistance may be the right way to go.
One product I have seen mentioned is Xero Online Accounting, it looks perfect for us, now that we are moving forward with our business and hopefully our profit margin, but that’s not the only one available, there are quite a few payroll software options available, so I guess its finding the right one to fit your business and it’s requirements.
There are specialist accountants and Xero advisers to help you if you get stuck (which sounds like me!) It is a cloud accounting solution, so it runs straight from the web browser, so no spending hours downloading all the software. It runs directly off servers, so even the most basic of computers (according to the teen boy, ours is SO old – at least a year !,I’m guessing it’s just because he wants a new gaming pc!) You can update your financial records and view your cashflow at any time.
Have you heard of this online accounting, do you know anyone that has used it, or is this something you will be looking into in the future, I know we will be.
This is a collaborative post.