Be ac­count­able

Craftseller - - Q&a - FRANCES DIXON, TAV­I­S­TOCK, DEVON

At the mo­ment I have one bank ac­count for ev­ery­thing, and I move the profit I make into a sav­ings ac­count to cover my tax bill. Is there a bet­ter way of or­gan­is­ing my fi­nances? EMILY SAYS: A sav­ings ac­count for tax bills is a very good idea. I would also rec­om­mend hav­ing a sep­a­rate cur­rent ac­count for your busi­ness, as HMRC says you need to keep your busi­ness in­come and costs dis­tinct from your own per­sonal cash. When it comes to com­plet­ing your tax re­turn, hav­ing tidy, well-kept records means you can claim back ev­ery­thing you’re owed and pro­vide a clear au­dit trail. Be­ing or­gan­ised now means you’ll save your­self a headache later on.

Never forget – tidy fi­nances make your life eas­ier

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