Connect with us

Business

Uk-Based Sole Traders: Here Are The Secrets To Keeping Your Costs Down

Uk-Based Sole Traders: Here Are The Secrets To Keeping Your Costs Down

According to the latest figures from the Department for Business Innovation & Skills, there are approximately 4.9 million private sector businesses in the United Kingdom; a figure which, I’m sure you will agree, is encouraging given the economic rollercoaster Britain and much of the world has been riding over the past few years.

But what makes for even more interesting reading is the fact that nearly 63% of those private sector businesses are made up of sole traders! Believe it or not, just 28% of all businesses in Britain are actual companies!

Although, in general, sole traders tend to have fewer costs and overheads than companies, it is just as important for the self-employed to keep their operating costs to a minimum just as it is for limited companies and partnerships.

If you are a sole trader and you are struggling to keep your costs down, here is a handy guide that walks you through the different ways to do so.

Lower Your Energy Usage

You might not be aware of this, but laptop computers consume far less energy than traditional desktops. Once upon a time laptop computers used to be quite expensive in comparison to desktops, but now this trend has shifted, with laptops being the same price or cheaper than many desktops!

If you still need the luxury of a large widescreen monitor for your work, the good news is that you can use an LCD monitor connected to your laptop and still benefit from lower energy usage, despite your running both screens simultaneously!

Uk-Based Sole Traders: Here Are The Secrets To Keeping Your Costs Down

Many laptops, such as the Apple MacBook Pro, have smart charging systems whereby once the battery in the laptop is fully charged and you remove the charger from it, but it’s still connected to your mains socket, no more electricity is consumed by the charger.

Don’t Pay For A Dedicated Phone Line

You would have to pay, on average, a minimum of £13 a month plus VAT for a business line, as well as at least £105 + VAT for the installation of this line. Some people just advertise and use their home landlines and mobiles for business, but I don’t recommend this because it’s not very professional.

Instead, I would recommend using a telephone answering service such as faceforbusiness.co.uk, as they can divert any calls to you when you want to answer them, and they can take messages for you when you are out on site; a much more practical and cost-effective solution.

Make Good Use Of Tax Deductions

The tax system in the United Kingdom is somewhat complex, and even some advisors at HMRC aren’t fully aware of the laws and regulations that they are supposed to govern! Here are a few examples of how you can use tax deductions to keep your costs down:

  • You can claim £4 a week towards the cost of your utility bills if you work from home;
  • As a home worker, you can also claim a proportion of the cost of your home telephone lines and broadband Internet;
  • Just like with limited companies, you can claim mileage allowance for any business journeys you make. This is currently 45 pence per mile;

Business insurance costs are also tax-deductible. For example, you can offset your tax bill against the cost of professional indemnity insurance and public liability insurance.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

3D Rendering Terminology: Guide For Architects to Communicate With CG Artists 3D Rendering Terminology: Guide For Architects to Communicate With CG Artists
Tech5 days ago

3D Rendering Terminology: Guide For Architects to Communicate With CG Artists

When chipping away at a building representation project, a modeler and a 3D delivering worker for hire need to see...

Learn and Become A Professional DevOps Engineer! Learn and Become A Professional DevOps Engineer!
Tech1 week ago

Learn and Become A Professional DevOps Engineer!

Have you been having a tough time deciding what you want to do when you grow up? Once your school...

Debunking The Common Myths About Cosmetic Surgery Debunking The Common Myths About Cosmetic Surgery
Health2 weeks ago

Debunking The Common Myths About Cosmetic Surgery

Just a few years back, plastic surgery was thought to be some kind of sorcery or something that existed in...

How to Choose The Right Type Of Flooring For Your New Home How to Choose The Right Type Of Flooring For Your New Home
Home Improvement2 weeks ago

How to Choose The Right Type Of Flooring For Your New Home

Building a house from scratch can be a tedious and stressful process even though you know you are doing something...

3 Ways To Style An Oversized White Shirt This Summer 3 Ways To Style An Oversized White Shirt This Summer
Lifestyle2 weeks ago

3 Ways To Style An Oversized White Shirt This Summer

If there is one staple item you need ready for your summer wardrobe, it’s an oversized white shirt. They are...

5 Tips For Picking The Perfect Wedding Ring 5 Tips For Picking The Perfect Wedding Ring
Lifestyle2 weeks ago

5 Tips For Picking The Perfect Wedding Ring

Your big day is coming up for your wedding day and you set the standards too high with your engagement...

What's That Thing Called? All You Need to Know About Your Car's Lift Struts What's That Thing Called? All You Need to Know About Your Car's Lift Struts
Autos3 weeks ago

What’s That Thing Called? All You Need to Know About Your Car’s Lift Struts

Imagine you’re out for grocery shopping or a weekend outing with family, and you need to load your shopping or...

10 Places to Explore In Ahmedabad Gujarat India 10 Places to Explore In Ahmedabad Gujarat India
Travel3 weeks ago

10 Places to Explore In Ahmedabad Gujarat India

In the state of Gujarat Ahmedabad or Ahmedabad is a significant region and one of the very prominent city areas...

Men’s Top Fashion Trends To Be Following Spring/Summer 2021 Men’s Top Fashion Trends To Be Following Spring/Summer 2021
Lifestyle3 weeks ago

Men’s Top Fashion Trends To Be Following Spring/Summer 2021

With us all being in lockdown on and off for a year, people are starting to get excited for the...

Find Blog Post Ideas Using Google Keyword Planner Find Blog Post Ideas Using Google Keyword Planner
Marketing3 weeks ago

Find Blog Post Ideas Using Google Keyword Planner

Being a successful blogger means that you have to create captivating and original content that will be helpful to your...

Best Vegan Egg Alternatives For Baking Best Vegan Egg Alternatives For Baking
Life Hacks4 weeks ago

Best Vegan Egg Alternatives For Baking

In recent years there has been a dramatic increase in veganism due to its numerous health benefits. People are much...

7 Smart Storage Solutions For A Small Bathroom 7 Smart Storage Solutions For A Small Bathroom
Home Improvement4 weeks ago

7 Smart Storage Solutions For A Small Bathroom

A small bathroom can be such a nuisance. You never have the space you need and everything seems to be...

What Are The Better Ways Of Building Data Lakes? : The Right Way Is Critical What Are The Better Ways Of Building Data Lakes? : The Right Way Is Critical
Tech1 month ago

What Are The Better Ways Of Building Data Lakes? : The Right Way Is Critical

The pattern is the main period that each enterprise needs to be conscious of if they need to generate greater...

Everything You Need to Think About Before The Road Trip Everything You Need to Think About Before The Road Trip
Autos2 months ago

Everything You Need to Think About Before The Road Trip

Road trips are perhaps the most flexible vacation format: they can be as long or fast, intense or relaxed, planned...

Justice Law In Rural Area: Keep Community Feels Secure Justice Law In Rural Area: Keep Community Feels Secure
Law2 months ago

Justice Law In Rural Area: Keep Community Feels Secure

In order to strive and keep on progressing forward, the judiciary system plays an important role in instituting trust within...

Categories

Archives

Trending