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Keep track of tax liabilities is easy.

12th March 2011
By Hector Milla in Taxes
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So you're living the self employed dream. No more commuting to work with a rubbish boss, annoying colleagues and pointless meetings. You're doing something you love and some days work doesn't even feel like work. It's an absolute joy. But that's just one side of the coin. The worst part of this lifestyle is managing your own accounts and tax affairs. Working on your laptop on your own pace in a coffee shop is great. Wading through receipts and working out expenses is not so great.

You have to be disciplined too. So many seemingly sensible and intelligent people forget to put money aside to settle tax bills when the time comes to file a a return. If you don't know exactly where you stand, then why think about using an income tax calculator. By keeping track of exactly where you are each tax year, you can put money away into a savings account ready to pay the HMRC at the end of the year.

Being self employed and working solo, it can feel like you don't have any support. But the reality is that support and help are only a mouse click away. Use the Internet to find yourself a tax calculator so keep your financial affairs in order. Being successful in self employment is about being organised and top of your affairs. It's no good burying your head in the sand or leaving things until the last minute. If you don't make adequate provision for your taxes you could find yourself in real financial trouble. That could all have been avoided by the use of a simple income tax calculator.

So if you've been trying to muddle through or you aren't sure just what sort of tax liability you are looking at, it's time to get organised. Don't delay. Check your records and use a tax calculator to clarify your position.

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