John Hoey Web Design – Managing Money

John Hoey Web Design – Managing Money

Since I setup John Hoey Web Design last year, I’ve had a lot of things to contend with, one of them being money. Now, I know this subject is always important to bring up and one of the first things a client will say to me is ‘How Much?’. Everyone has a budget (unless you have a dream job working for a multi-millionaire) and it can be difficult to get a web design job and come in under the clients budget.

I know that the client’s budget is key but what about your own? Have you thought about it? What can I afford? Do I need a loan to start up? I had all these questions going through my head and one of the first things I did was get an accountant. I deliberated, looked at the pros and cons and spoke to several different companies in Great Barr and surrounding areas before settling on one in Sutton Coldfield.

My budget was key and they came in at an amount that I felt comfortable with. There and then I was registered with the tax man and we went through everything over the past 12 months. I had put a little spreadsheet together in excel with just the basics, incomings, outgoings etc… which certainly did help, but I didn’t realise what I could claim back and how to go about it. If I had sorted this out on my own I would have just paid the tax and got on with it. We went through my P60 (as I have another job), every invoice I raised and been paid, travel expenses, business expenses such as books and my computer and I’ve come away within two hours full settled up for 2015/16. I then made a payment for their services and then thats it. All done for the year.

I just wanted to blog a little about it as people seem to think its a pain to do – As a sole trader in Web Design, all I can recommend is be prepared with your invoices and bank statements and try and keep things as simple as possible. Personally, having tried to work out just how to even register John Hoey Web Design as a business, I found it hard so, for me, getting the right accountant for the right amount of money so far has been key and I know this has helped me in the first year- long may that continue!

John