Problems with cash flow are a key hurdle to overcome for many tradespeople. Good cash flow management keeps costs down such as overdraft charges, ensures good relationships with suppliers and can even help you to win new customers by providing more flexible payment terms.
Many self employed people start out as a sole trader, however as the business grows they may consider starting a limited company. There are many factors to consider before making this decision. It is important you take time to consider this important decision as well as seeking professional advice from an accountant.
As a sole trader you will incur various expenses throughout the tax year. It is important that you know what can and can't be deducted and the calculations involved - this could make a significant difference to your tax bill!