Learning about the Industry - Bella Gingell

I haven’t had chance to update the blog until today! Anyway! Last Wednesday, we met Bella, who is a businesswoman who came to talk to us about the financial side of the industry and the factors to take into care when setting up your own business. 18 years ago, Bella set up her own business renting out self-catering holiday cottages in Bath and Wiltshire and the Somerset Border with her company Farleigh Wood (www.farleighwood.co.uk). She came to speak to us about the more financial side of running a business, offering advice on how to go about things like Tax, VAT and other costs. She couldn't stress the importance of keeping receipts of items you purchased while on the job as they are fundamental proof of purchases and can help back up overall costs. Keep all the receipts for food, parking tickets, even your mileage if you have to travel in your own vehicle (works out as an average of 40p a mile on petrol) these are all things that you have to buy yourself to keep you working and thus come into the equation of the final invoice. Sick of doing it yourself? Or have too many eggs in one basket? A lot of bigger companies will hire accountants and bookkeepers to deal with all the financial side of things. Keep on the good side of the taxman and VAT people, being prompt and reliable with payments will stop you from having to liquidate your business! Small businesses or freelancers that deal with cash in hand are not a problem when concerning the taxman, but once your business gets to a certain size and starts earning a lot more money, things can become tricky. With big electronic payments, cheques etc, it makes it a lot more noticeable to the taxmen and they will likely come calling asking for a percentage of your income. To avoid such troubles, speak to the VAT companies and ask about setting up a tax billing service. After visiting Bella's website on her cottage rental business, we noticed how it had been designed by Craig Gill of Gill Design, who had previously been on the same course of us and had been set up this website opportunity by our lecturer, Catherine!