Freelancers and Sole Traders: do you have any advice on how to manage the finance of your business? (dealing with taxes, etc.?)
Hi there,
For some context: I'm a freelance graphic designer since last September.
I've done all the boring admin work with HMRC and I've been making sure to put 20% aside every time I've been paid for taxes.
But apart from this, I feel a bit lost.
Do you have any advice on how to manage your finances as a freelancer?
Thanks so much!
Replies26
- @Stefan Jakubowski Thanks Stefan for your reply.I'll have a look at Quickbooks and Xero - I was thinking to hire an accountant but it looks like using platforms like this could work too!
- I use quickbooks self-employed to manage my expenses and I find that really useful as it'll calculate how much your tax bill will be beforehand so there's no nasty surprises come January! I also use it to create my invoices for clients. Xero is a bit more expensive but has some additional features you might find useful.Also, chase unpaid invoices as soon as they're due! I've learnt from painful experience what can happen to your cash flow if several clients all decide to pay late.
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