Its Not All Numbers

Hello Reader,,

As we roll into March with the smell of spring in the air, the weather has been in the words of Craig Rebel Horwood ''marvelous''!
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For me the first sign that Spring is on the way is when the Daffs start to peek through the grass, it definitely brings a smile to those lunchtime walks. Are you ready for the joys of spring after those chilly winter days?
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If you read no further (the next bit is about Numbers .. sorry it's what I do!) then here's your reminder that with the arrival of Spring we have to put those clocks forward.. so remember remember the 30th March (you may not forget as it's also Mothers Day) - Spring those clocks forward by an hour.

The Numbers bit;

For most of us freelancers / self-employed folk, March is the last month of our accounting and tax year, and so with that in mind I thought i'd just drop a few notes of some of the things you can do this month so that you can get on top of you finances for the end of the tax year and prepare for your tax return.
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1. Make sure you have invoiced all your client fees up to date, and then review your pricing with the increases in the cost of living etc are you still able to pay yourself a fair amount that not only ensures you can live the now but you have the funds to put by for those future plans and dreams. If you need to increase fees, start having conversations with your clients now.
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2 Review your costs, take a good look at everything you use for your business (tech, subscriptions etc) and make sure you still use them / need them etc! If any contracts are due for renewal it's always a good idea to look at the Annual fee as sometimes these can be discounted (eg 12months for 10).
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3. Have you been saving for your tax liability through out the year? Do a quick calculation .. look at your profit(fee income less costs) for the year to date and multiply by 20% (the tax rate if your total rate is £50k or less) .. would you be able to cover this amount for your Tax & NIC bill (it won't be the true amount because of your personal allowance etc) but it will give you an idea and you can start planning how to save for the payment
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Feeling overwhelmed already, book a support hour (currently £97 for 60mins)

3 things from me ...

​Thanks reading would love to hear your thoughts on any of the above or if you have any questions about your numbers, drop me an email.

​Until next time, Jane

Jane Whitman Your Numbers Narrator​ (or, if you prefer, Finance and Money Mentor) for female freelancers, small business owners and self-employed folks like you. I know you want to get your business working for you. You’re after the freedom to travel, to work fewer hours, maybe even to retire early.