Getting crafty will always be one of your hobbies and dream business ventures. When you actually managed to turn this into a reality you couldn’t believe your luck. Although it took a lot of hard work and perseverance you have managed to turn your passion for arts and crafts into a full-fledged company.
Whether you run it full-time or on the side along your day job, your craft business needs a lot of tender loving care. You have mastered the creative side of your job; that element is second nature to you. However, you need to get on top of the number crunching and planning. Here are a few pointers to help you along the way.
- Get on Top of Tax
Every business no matter how big or small needs to stay on top of their taxes. If you have never been great with numbers this can come as quite a shock, so you might want to consider hiring an accountant. Alternatively you should definitely look into MTD for VAT, which entails the government’s new Making Tax Digital scheme. Using approved accounting software you might soon have to store your financial records digitally. Check out the details and see if your business might need to get on board with this initiative. This will not only help you to keep track of your monthly earnings within your craft business, but it will also help you to forecast your future income. Continue reading









