Welcome to EFL ONLINE in association with
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Welcome to EFL ONLINE in association with Diploma in Teaching English Online |
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Setting Up Your Own BusinessBusiness Plan If you intend to work
for an established online school you may well find your tax , national insurance
etc deducted at source. However,
many schools require their teachers to be responsible for their own tax and such
affairs Certainly, if you
decide to set up in business as a freelance teacher or wish to run your own
online school you will need to ensure you keep stock your finances and financial
obligations in an ordered manner. If you hope to borrow
money from your bank to get started you will certainly be asked to produce a
business plan. A business plan is
simply a setting down of what you think you can earn over a given period, what
you believe your set up costs and outgoings are likely to be , who you believe
your clients or customers to be and how you plan to promote yourself in order to
attract them to your product. All the major banks
offer information packs that provide a pro forma or outside of what needs to be
included and most will offer a free consultation with a business adviser and www.lloydstsb.com/business offer a free service or www.smart-businessplans.co.uk offer a
download with ready made templates,
graphs etc for around £40 including VAT. You will need to
check with the authorities where you are located whether the service you are
offering is VAT exempt as this varies from country to country You will also be
required within a set period with the income tax authorities. In Britain ,for
example, it is within three months of setting up in business. If you are not PAYE
for tax purposes you will need to keep detailed records of what comes in and
what goes out. You will be able to
claim certain items against your tax liability such as part of all of your skype
and other telephone costs that relate to your teaching, also some of your
heating and similar costs may be tax deductable along with depreciation of
hardware such as your PC and web cam and software products.
A good accountant can provide guidance on how to minimize your tax
liability and will also submit your tax forms to the authorities. The yearly
cost of this will vary from country to country and will depend on the state of
your accounts books- however around £ 350 should cover this. You will need to keep
your own records and of course all your receipts. If the authorities wish they
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