Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

Here are some tips for managing bills and finances when you don’t have a regular income

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have steady pay or the automatic deductions for things like taxes and national insurance. 

However, with the right systems in place, you can stay on top of your finances and ensure everything is paid on time. Here are some tips we’ve loved that can help take the hassle out of bills and finances. (Feel free to print this and use it as a checklist!)

  • Set Up a Separate Business Bank Account

We recommend separating your business finances from your personal ones. This makes it easier to track income and expenses. Make sure you track all your income to know how much tax to pay at the end of the year. 

  • Use Accounting Software or Spreadsheets

This can help track income, expenses, and VAT (if you’re VAT-registered). Many of these tools also let you automate invoicing and reminders. If you're more comfortable with spreadsheets, create a system to log income and expenses. 

  • Set Money Aside for Tax

Unlike a regular job, income tax and National Insurance contributions (NICs) are not automatically deducted from your earnings. You could open a separate tax savings account for a percentage of your earnings. Ensuring you have the money available when it’s time to pay your taxes.

  • Track Business Expenses

You can claim business-related expenses to reduce your taxable income. So keep all your receipts and invoices in case you need to prove them to HMRC. Accounting software can help categorise and track expenses automatically. Or you can log them in a spreadsheet.

  • Invoice Promptly & Keep Track of Payments

You can use templates or invoicing software to create clear, professional invoices. Include your business details, a breakdown of the work, payment terms, and bank details. Don’t be afraid to chase overdue payments with gentle reminders. Or more formal follow-ups. Keeping cash flow healthy is crucial!

  • Emergency Fund & Savings

Saving around 3-6 months living expenses can help cover unexpected costs. Or if you have short periods when income is lower than usual. Consider using a high-interest savings account to help your money grow. Income protection, critical illness cover, and private health insurance can provide an extra safety net. 

  • Consider Pension & Retirement Planning

If you don’t have access to a workplace pension, you’ll need to set up a private pension. The Self-Invested Personal Pension (SIPP) is a good option for many self-employed individuals. Allowing you to contribute directly to your pension fund. Chat to your accountant about tax relief on your pension contributions. A great incentive to save for the future.

If you're ever unsure about anything tax-related, it's always worth speaking to an accountant or financial advisor. 

 

Related

CASE STUDY: Income Protection - Sharon's story

CASE STUDY: Income Protection - Sharon's story

It can be difficult to see the reasons we may look at Income protection as a necessary expense rathe...

Read More >
Handy tips for First-Time Buyers giving their bank account a clean-up for their application

Handy tips for First-Time Buyers giving their bank account a clean-up for their application

Your bank statements are a crucial part of evidencing your financial stability to be able to take on...

Read More >
Navigating TikTok Shop: Exploring a new e-commerce frontier while staying scam-savvy

Navigating TikTok Shop: Exploring a new e-commerce frontier while staying scam-savvy

The world of e-commerce is ever-evolving, constantly introducing fresh avenues for both sellers and ...

Read More >
With insurance premiums on the rise, is your policy up to date?

With insurance premiums on the rise, is your policy up to date?

With insurance premiums increasing, it’s a great time to review your policy. Did you know that if y...

Read More >
2024 Autumn Budget

2024 Autumn Budget

Let’s go through one of the biggest tax-raising Budgets in history. With the new government underwa...

Read More >
Why the need for money from our homes in retirement is changing

Why the need for money from our homes in retirement is changing

When it comes to money tied up in your home and unlocking this, there are a range of reasons why Lif...

Read More >

What our clients say...

Latest Blog

Key Changes to Stamp Duty

As of April 1, 2025, significant changes to the UK's Stamp Duty Land Tax (SDLT) have come into effec...
Read More

Here are some tips for managing bills and finances when you don’t have a regular income

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Look after your health to ensure you are ready to work

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Is equity release available for the self-employed?

Are you self-employed, retired, or unemployed and looking for equity release? Are you wondering if y...
Read More

Why income protection & critical illness cover are extra important for the self-employed

If you're self-employed in the UK, income protection and critical illness cover are extra critical. ...
Read More

Do you need extra building and content insurance policies in place if you work from home?

Maybe you've spent a bit of time putting together your business. Now everything is going well, you w...
Read More

Can I get a mortgage if I’m self-employed? Plus other commonly asked employment questions

Work habits in the UK continue to evolve and change. And so, the mortgage industry is addressing con...
Read More

Health Insurance and Buying a New Home: Why They Go Hand in Hand

Buying a new home is an exciting milestone but also a significant financial commitment. While health...
Read More

Selling this spring? Top tips to get your house ready for sale!

Firstly, let’s ask, how does your house look from the street? First impressions are so important wh...
Read More

What insurance do you need to buy a home?

Are you buying a home in 2025? You’ve sorted out your finances, found the perfect home to buy, and ...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top