OK this session was SO helpful as I was totally clueless on how to be self employed and do taxes and stuff. I feel a lot more comfortable with the idea of being self employed and how to do things when you are self employed, do's and don'ts and all that.
TOP STUFF I LEARNED:
The way to become an expert is to say you're an expert.
Register yourself as self employed when you start incurring costs with ya self employment - cause then you can claim the tax back on your costs.
You are taxed on your profit, not your sales!
Costs can be; software, materials, computer, equipment, studio space, travel, packaging, marketing, etc etc.
You don't need a business account when you're self employed.
Clothes are never a business expense, food is only an expense when you're away from home for something.
Earning under 11, 000 (profit) you don't pay tax anyway. Still a good idea to keep on top of your costs.
KEEP YOUR COSTS, KEEP EVERYTHING - (keep it all for 6 years)
TOP TIPS:
1. don't read papers or listen to the news, it will not benefit you as a self employed person as it feeds on negativity and fear
2. get around positive people, break up with your partner if they're a dick.
3. Flatter people - who the customer buys from is more important than what you sell - Personality!
4. Get good at sales and marketing, really fast
5. don't undervalue yourself, get your pricing right! If you want to make quality work go for higher prices.
6. Pay attention to your attitudes towards money, its not helpful to think money is a bad thing.
7. keep on top of your business costs, but sales is where you make the mmoney.
8. read / listen / learn as much as you can
9. Network everywhere you go! "how can I help you" is the attitude ya need
10. GET A GREAT ACCOUNTANT WHO UNDERSTANDS THE CREATIVE SECTOR
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