Thursday 3 October 2013

How the self-employed can get organized

Regardless of what sort of business you run, paperwork, receipts and tax records are bound to pile up. Combining these with your own personal financial paperwork can be an administrative nightmare if it gets out of control. Then, when tax time rolls around, or you're looking to apply for a mortgage
 finding the right paperwork can be overwhelming. In this article from Moneysense, Gail Vaz-Oxlade shares some helpful hints for self-employed individuals.

  • Keep all receipts for business expenses in one place. Filing them as soon as they are received will cut down on lost receipts.
  • Consider keeping a notebook in the car to record information on business trips, including dates, purpose and total kilometres.
  • Keep personal and business banking separate, eliminating any question regarding which expenses are which, come tax time.
Click here for the full article from Moneysense.