Many small business owners are unprepared for all the new jobs surrounding the main job they had based their business on.
Thankfully, there is tax relief available for business expenses – however the one area that frequently catches people out is their own time.
If you engage the services of a professional, perhaps to create a website for you, then this is a qualifying business expense that will qualify for tax relief. However, if you do the work yourself there is no tax relief on your own time… no matter how long it takes.
It is therefore important to spend time planning for all the additional jobs that will require resources, and how you plan to cover these. With the significant tax savings from using the services of a professional, it is a key area.
If you are doing all of these jobs yourself, you will be missing out on all the tax relief available… as well as likely not being able to reproduce their work to an equivalent standard.
As a result, you could end up with a small amount of chargeable time, spending lots of time on areas that don’t bring in funds to the business: