Episode 16: "Can I expense lunch with a client?!" Accounting 101 with Rachel Harris
Do you have financial anxiety as a business owner?
Are you confused about paying taxes as a limited company vs as a sole trader?
Does the thought of dealing with your numbers fill you with dread?
In this episode of The Social Brain Podcast, Head Brain Frances Barrett chats with Rachel Harris about all things finance, accounting and taxes as a business owner.
Rachel Harris is a qualified accountant, business owner and founder of Accountant She. Rachel specialises in accountancy and tax advisory services for female entrepreneurs, influencers and business owners and always goes the extra mile for her clients by providing support, empowerment and positivity along the way.
Questions we answer for you in this episode:
๐ง Why you don't need to be scared of the numbers as a business owner
๐ง Limited Company VS Sole Trader - what's the best structure for my business?
๐ง Is there an occasion where you don't have to pay any tax?
๐ง When should you become a Limited Company in the UK?
๐ง When do I need to pay my tax return by?
๐ง What is the basic tax rate?
๐ง Do I *need* a separate business bank account if I'm self employed?
๐ง What's the best business bank account for business owners?
๐ง What accounting software do I need to track my expenses?
๐ง What's better - Xero or Quickbooks?
๐ง What counts as an allowable business expense?
๐ง Can I expense lunch with a client?
๐ง Do I need to get an accountant when I'm self employed?
๐ง What's the best way to plan for tax?
๐ง What's the difference between paying tax as a Sole Trader and paying tax as a Limited Company?
If you enjoyed this episode, please take a moment to rate + review us on iTunes and share it with your business friends who want to reduce their financial anxiety.
Follow Rachel on Instagram, watch her on YouTube and visit her website here.
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Read the full episode transcript here.