As a sole trader, navigating taxes can feel daunting. Here are five key tips to help you save money and stay compliant:
- Keep clean records from day one. Use a simple system for income/expense receipts.
- Know your allowable expenses. Travel, home office, software, training, and professional fees are common.
- Set aside money for tax. A separate savings pot avoids last-minute shocks (and payments on account).
- Go digital. Bank feeds and simple bookkeeping help you make decisions with up-to-date figures.
- Ask for advice early. A quick chat can prevent costly errors and highlight reliefs you might miss.
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