The Meaningful Money Personal Finance Podcast Helpful Basics: Self-employment and side hustles
Oct 23, 2024
Dive into the essentials of self-employment and side hustles, exploring how these ventures are reshaping the economy. Discover the tax intricacies every freelancer faces, plus handy tips for mastering your finances. Learn the significance of budgeting and maintaining accurate records to facilitate business growth. The discussion also covers the importance of pension plans and insurance to secure financial futures, alongside effective marketing strategies to build your brand and network. Get inspired to take charge of your financial journey!
AI Snips
Chapters
Transcript
Episode notes
Separate Finances
- Keep business finances separate from personal finances.
- Open a separate bank account for your business or side hustle.
Record Keeping
- Track income and expenses meticulously.
- Use a notebook, spreadsheet, or app like FreeAgent, Xero, or QuickBooks.
Trading Allowance vs. Expenses
- The trading allowance applies to income, not profit.
- You can use the trading allowance or deduct expenses, whichever minimizes your tax.