If you’re a tradesperson you’ll know that whatever trade you are in whether you’re laying bricks or fitting boilers, every penny counts. You buy the materials for the job, put in the hard work and keep your customers happy, but you do it for a reason and that’s to make a living.
With the rising cost of living squeezing every pound you take and those unpaid jobs like bookkeeping, it’s not always plain sailing being your own boss. So, here’s 5 ways to try and save some money, which could maybe go towards a short break or come in handy next time the van is playing up!
1. Know What Expenses You Can Claim
No one likes filling in their tax return, but it is a necessary evil. In order to get as many deductions as possible from your tax bill, think about what you can claim, if in doubt take a look at the expenses advice for self-employed on the Government website. It’s a really good idea to keep a note of your allowable expenses each week, not only will it stop things from slipping through the net but will make life a lot simpler when you come to fill in your next self-assessment.
2. Check Your Phone and Internet Package
If you’ve been with the same phone and internet provider for a while, it’s worth checking to see if you can get a better deal either with them or elsewhere. Make sure your mobile phone package is giving you good value too, with the amount texts, calls and data that you use when you are out and about.
3. Keep Travel Costs Down
Always keep track of your business mileage, in order to claim this back against your tax. It’s also good to keep your van or works vehicle regularly serviced, with tyres at the right pressure. This not only makes sure it’s in good working order but it can also save on fuel costs. If you work away and take the train, check out a season ticket or railcard, and see if it could save you money. For occasional travel, if you plan ahead and book advance tickets it’s far more cost-effective than buying on the day.
4. Look Out for Special Offers and Deals
It’s always handy to stock up on supplies or get a bargain when you see a special offer or trade deal. If you sign up to receive the offers, you can take advantage when there’s something you need without having to go looking for them. There are also websites that allow you to take advantage of cashback, where you can get deals and use the links provided to purchase goods and services online.
5. Don’t Skimp on Insurance
While it’s good to be smart when it comes to saving money, some things are essential, and insurance is on that list. Whether its van insurance, public liability, insuring your tools or insurance cover for you if you can’t work. Having the correct insurance and paperwork in place will give you and your clients peace of mind.