Here are some useful tips to help you in running your self employed therapy business
Complete your accounts and tax return before 31 July that way you can see if your 31 July tax payments can be reduced and you will know well in advance of how much you owe in the following January.
Operate a business bank account, HMRC ask to see the bank statements you use if you have a tax enquiry. If this is your personal account; since every transaction will be examined and need explanation; this will be invasive and can create difficulties evidencing non business income
Keep all receipts for expenses, these days with on line purchases, save these into a digital folder for each year in name/date order. Scan in paper receipts and save these too.
Supervision is an allowable expense but personal therapy for self employed therapists generally is not, see my blog here for more details
If you use an accounting date other than 31 March or 5 April this will have to change for 2024/25 and 2023/24 is a transitional year see more on my blog here
Making Tax Digital is now delayed to at least 2026. This would mean having to use software for your accounting that links to HMRC and provide quarterly returns see HMRC for more details here
Make sure you have a back up of your hard drive, there are many cloud backups to choose from or save to a detachable drive and store off site.
Keep antivirus software up to date and be wary of unusual emails (known as phishing) don’t click any links until you are sure it’s safe
