Page 78 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

if you haven’t already. If you’re thinking of trading as a limited company
then you have no choice on the issue but even if you aim to be a sole
trader you’ll find that an accountant is a good idea because:

• They have an unbiased, unemotional view of your finances.

• They have more experience than you.
• They provide a first line of protection between you and the tax authorities.

• They, unlike you, won’t be surprised when the tax bill arrives.

That last point is worth mentioning twice. You will be liable for tax, and
just about everything else, so plan for it in advance and put aside money as
you earn it. That takes real discipline, but if you don’t then you will have
palpitations when the taxman demands his cut.

Finally, do your research. Whether you’re forming a co-operative, opening a
franchise or setting up a partnership make sure that there is a market for
what you have to offer. If you’re already in employment in the same field
then discreetly sort out your first clients—but be very careful not to put
yourself in a position where your current employer can legitimately claim
that you have stolen business from them.

HERE’S AN IDEA FOR YOU…
If you’re in the UK and want to get a handle on your tax liability and
what you can claim there is a helpline run by the Inland Revenue for
the newly self employed. In the US try tax advice at Self Employed
Web—www.selfemployedweb.com/last-minute-tax-filers.htm. An online
search will bring up other relevant options.