Thinking of starting up a salon or spa, or going freelance?
Or perhaps your hair and beauty start-up is just getting off the ground?
Getting to grips with tax, National Insurance, financial records, staff pay, VAT and expenses can seem particularly daunting when you’re setting up a new business.
Here are two free resources to help you manage your new salon finances better and stop you getting into a financial tangle:
- Financial e-learning course from HMRC. Essential advice for salon or freelance start-ups.
- How to handle pay and wages for small businesses guide (produced by ACAS).
I give a brief overview of each plus the links to them below. Both of them are free, comprehensive and well worth reading if you’re just starting out or are thinking of taking on your first salon or spa employees.
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#1. Financial e-learning course for salon & spa start ups
The e-course covers all the topics you need to get to grips with if you’re new to being in business or are thinking of setting up a salon, spa, mobile business or going freelance.
You’ll still need an accountant to prepare your annual accounts and generally advise you. However, knowing how it all works in outline will save you accountancy fees (your accountant won’t spend time and money explaining the basics) and ensure you ask your accountant the right questions to save tax.
I agree they are not the most scintillating topics and it can seem like hard work, but it is a valuable insight into what you must know if you’re to run a successful hair or beauty business. And it’s free.
Understand money, save money and make money
In a nutshell:
- Just click to get started. Don’t worry. You don’t give your name or details to the taxman.
- Work through it at your own pace and go back over sections as often as you want.
- Plenty of practical money-related tips, links to useful leaflets, websites, courses and case studies to help you along the way.
This free financial e-course covers:
- What you can claim as a business expense for your new venture.
- What business and financial records you must keep.
- How to register for self-assessment as you’re now self-employed.
- How and when you must pay your tax to avoid fines and penalties.
- Taking on salon staff and paying their salaries, tax and NI each month.
- When your salon or spa should register for VAT.
- Claiming VAT back and filing your quarterly VAT return.
#2. Free guide on wages and pay for start ups and new salons
Failing to paying your new team on time and correctly will have a massive impact on team morale and productivity. It’ll set your new salon start up on the road to business failure and employment tribunals.
This free straight-forward beginners’ guide is specifically aimed at small businesses. It covers the essentials plus invaluable answers salon-related problems such as, “What if my employee leaves shortly after I have paid for them to attend a training course? Can I reclaim the cost from their final pay?” and “Do I have to pay an employee their wages when they resigned without working their notice period?”
- Getting started basics
- Choosing the right system
- Paying your new team
- Avoid wage slips errors
- Getting deductions right
- Pay during absence
- Pay at the end of employment
You can read the guide here.