The last blog looked at some of the more common allowable expenses. You can click on this link if you missed it. In this blog I will look at some of the ways you can record your income and expenses.
Most people are familiar with spreadsheets and this is possibly the easiest and most cost effective way to do it. You can use the first page to record the income, the second page for expenses and if you wish, although not necessary, a third page as a summary.
National Insurance Class 2 will be abolished from April 2019. So with only a year left and if you have been self employed at any point in the year, now is a good time to make voluntary payments via Class 2 in order to top up any shortfalls, if for example, you do not have your full 35 years of state pension. This works out to be cheaper than paying the voluntary Class 3 NI.
Here is a recap on all the different National Insurance and what they mean:
National Insurance Class 1 is the national insurance due by employed workers as long as certain conditions are met. It is paid by the employer through the payroll. Read about this in more detail in my previous post here:-
Class 2 is the national insurance paid by self employed workers. You do not have to pay Class 2 if you earn less than £6,205. This is however, going to be abolished from April 2019 so you only have a short time to make any voluntary contributions to make up any gaps in your NI history. You can read more about Class 2 below:
I’m sitting in the car waiting for one daughter to finish her piano lesson while my other daughter is reading my tax adviser magazine and I’m sitting on my laptop blogging! Hmmm… I wonder which generation we should worry about!
Anyway, this isn’t why I started blogging. We are half way through the school summer holidays and this is the first summer holidays that I will be working in an office job while juggling childcare. So far, getting to the half way point has not been too bad. The first week and a half, we went abroad on holiday, the next week and a half, the girls stayed over at my mums which is an hour away in a different town. That was incredibly hard as I missed them so much, especially as I had just spent 10 amazing days just chilling with them all day long.
This fourth week of the holidays, however, is proving to be a bit more difficult. They want to stay with me all the time. They don’t want to go to their other grandparents’ house or the summer camp I booked them in for which are the only choices they have. I had no idea how everything would work out over the holidays so I had back up plans for every day just in case something happened and I got stuck. Apart from occasionally questioning my reasoning for starting an office job when I could have been working from home and chilling with them over the summer holidays especially while the weather has been so good, it’s been ok.
Anyway, I’m at home two days a week so that helps. However, working in an office-based job does tie me down to our city which is fine most of the time but I do miss just spending holidays at my mum’s chilling with her or with my friends from back home and working around my summer social life. Oh well. I guess I can’t have everything and the grass does always seem greener on the other side.
I don’t, however, miss the lack of boundaries where I constantly worry about finding time to work and then working til late at night. It is good to have fixed cut off times for work. Plus, my daily hours fit in perfectly with the school run so for half the year, life will be good, the rest of them time I will enjoy the chaos.
However, the tax returns are looking good. I have completed quite a few of them and only have two big ones left to do. I still have a few last minute simple tax returns to do which usually don’t come til the last minute, however, they are usually quite easy to do so I don’t normally worry about those. Apart from feeling like I should be doing something more, everything generally seems to feel good at the moment.
As I’m sitting on the train back from London for what could be the last time in a very long time, it’s starting to feel like an end of an era. Working from home, for a company in London, has been the best thing I have had in a long time, and looking through my CV, it is also the longest job I have had to date.
It’s that time of the year again when I am planning on how to conqueror the next quarter in the most efficient way. With this in mind, I have created a new planner to cover the next three months. The majority of the next three months will be the school holidays. It is the first one where I will be in an employed job so this will be interesting. Continue reading “Quarter 3 Planner – Free download and possibly the last one”→
My top five favourite accountants on Instagram all happen to be women. It wasn’t a conscious decision to find just women but it does seem that there are more women out there starting their own business. Maybe its the social media effect or maybe when you are so into something that is all you see.
Lately, while on Instagram, I’ve been finding quite a few accountants. My initial thought was how is this even possible? What kind of picture would you put up? Another P&L account. Maybe lots of numbers. Or Oooh! Look! The balance sheet balances!
However, these accountants are pretty normal and still somehow manage to make accounts look good on Instagram. Sometimes, I wish I was starting my own accountancy practice now as it seems like a really exciting period to be a woman and become a sole practitioner. Anyway, here’s my list of the top five (female) accountants that I have found so far: