Congratulations if you have taken this big step out of your own faith in yourself.... Commiserations if you have been forced into it by an 'employer' in this difficult job climate. In either case, we wish good fortune and we can help.

1. Self employed registration
2. Tax return
3. Accounts
4. VAT
5. PAYE for employees
6. Strategies on how to reduce tax
7. Book keeping
8. Advice on efficient book keeping and software for those doing their own
9. Cars, vans, premises and equipment
   
10. Business planning and management data such as sales and costs, cash flow and growth.
11. Mortgage and other references
12. Pensions and investment advice (through our affiliated Independent Financial Advisor)
13. Full administrative service - you do what you do best, we do the 'office'. Invoicing, credit control, book keeping, expenses, y/e accounts, tax return, office address. Also management data such as sales and costs analysis, cash flow and growth projections, tax burden estimates etc as required.

We find that the self-employed are the most cost conscious of our clients and we believe you will find Discountants emphasis on quality service, practical advice and great value for money will be just the ticket.

The important things are...

    * You need to register as self employed with the tax authority (HMRC). This is easy, come and see us.

    * Keep a simple record of your outgoings and income. Paper records are just fine but this is where a spreadsheet on your computer will really help. Keep it as simple as possible with just the date, amount, who and what - for both outgoings and income. Talk to us about it so we can make sure it works for claiming tax as well as keeping your books.

    * Keep all your receipts and sales invoices. You can't claim without receipts so they are really bank notes in disguise - losing them will cause losses - real money losses!

    * Do your bookkeeping as often as possible. It's hardly fun, so you don't need us to tell you to discipline yourself! Do it at least once a month, preferably more often than that (maybe when your bank statement arrives?) If you leave it longer, you start to forget stuff and this WILL cause you to lose money in missed tax claims.

    * Set up a business bank account and don't mix up business and personal expenses, it will only take longer to sort it all out which will cost you in fees from your accountant and he won't enjoy it either!

    * Set a third of your income aside for tax and 'contingency' payments, even if it is so painful it turns out to be beneficial for your waistline! Many ventures fail because the money runs out just as they are starting to turn a profit.

    * One reason for an accountant is to make sure your records are submitted to HMRC correctly and to minimise your tax burden by making sure you claim as much as you legitimately can (but not more!). We would hope that the tax saving would be greater than the fees plus the effort you would otherwise have to put in yourself.

    * Tax Returns are due on 31st Jan every year and there are late penalties. Getting your tax return before Christmas will also give you the benefit of knowing how much you will have to pay. January is a hectic month at all accountancy practices so, like a lot of success in life, its all about timing...

    * For reasons a little complex to explain here, you might pay no tax at all for the first 18 months of your self employment. Then your first tax bill arrives and all hell breaks loose because it is so huge! This can be a big trap for the unwary, so talk to us about the timing, planning and what to expect. In the meantime, keep setting aside that third of your income and don't spend it (unless its on a plane ticket to South America! ;-)

    * Enjoy what your doing. Your freedom usually comes at the cost of hard work and long hours so if it isn't fun why bother? Actually, most self employed people are not vastly wealthier than their employed counterparts but most of them wouldn't go back either.