Getting Your Finances Right from Day One (And Why It Matters More Than Ever)

If you’re a sole trader, freelancer or new business owner, getting on top of your numbers might not have been your first priority. Maybe you’ve been figuring things out as you go and that’s totally normal!

But here’s the thing: with some big changes coming (hello, Making Tax Digital), now is the perfect time to build strong habits that’ll set you up for success.

At Corbar, we believe your financial systems shouldn’t be a source of stress. They should support your growth, give you confidence in your decisions, and help you sleep at night.

Here’s what you really need to know to make that happen.

1. Keep Your Business and Personal Finances Separate

If there’s one thing we wish every new business owner did on Day One, it’s this.

Opening a separate bank account for your business isn’t just good practice. It’s essential.

✔ It makes bookkeeping simpler

✔ Helps you track your cash flow clearly

✔ Keeps your records tidy for tax time

✔ And makes you look more professional to clients and lenders

Still using your personal account? No judgment. But it’s time to draw that line. Your future self will thank you.

2. Understand Your Income and Outgoings

You don’t need to become a spreadsheet wizard overnight. But you do need to know what’s coming in and what’s going out.

A good rule of thumb? Keep a log of your income and all your business expenses—every lunch receipt, software subscription, and postage cost.

With the rollout of Making Tax Digital for Income Tax Self Assessment (MTD ITSA) starting in April 2026, all self-employed people with income over £50,000 will need to submit quarterly updates and keep digital records.

This means tracking your finances properly (and digitally) isn’t just nice-to-have, it’s essential.

Tip – we advocate using software form the start – there’s plenty of choice and so you will find one that meets your budget.

3. Get to Grips with Invoicing

Want to stay in control of your cash flow? Send clear, timely invoices. And chase them when they’re late. Better still – can you get payment in advance or set up automatic payment collection?

We know—it’s awkward. But being paid on time is crucial to your financial health, especially when you’re working solo.

Automation tools like Xero can take the sting out of this by sending reminders for you. At Corbar, we can help you set this up.

4. Say Goodbye to the Shoebox

Gone are the days of storing receipts in the glove box or “the drawer of doom.”

Cloud-based accounting software lets you snap and store receipts on the go and with MTD ITSA on the horizon, this will soon be a key requirement.

From April 2026 (depending on your level of income), you’ll need to use MTD-compatible software to track and submit all your income and expenses to HMRC digitally.

We can help you get this sorted now, before it becomes a stress later.

5. Don’t Forget About Tax

Tax isn’t something you should only think about once a year.

Even if you’re new to self-employment, it’s smart to set aside 15–30% of your income for tax every time you get paid.

And with MTD ITSA, you’ll be reporting income quarterly and submitting a final statement each year – meaning you’ll have visibility of what your tax bill might look like throughout the year – something we try to always give foresight of at Corbar.

Don’t worry, we’re not trying to scare you! Just to show you how a bit of planning now can save a lot of stress later.

Let’s Recap

💡 Separate your business and personal finances

💡 Stay on top of your income and outgoings

💡 Use tools to simplify invoicing and expense tracking

💡 Go digital, it’s the law soon anyway

💡 Plan ahead for tax and avoid the panic

🚀 Want a Head Start?

Whether you want to fully outsource your accounts, do it yourself with a bit of support, or find a middle ground, there’s a Corbar solution for you.

✅ A full done-for-you service (we handle everything) from £199pm incl. VAT

✅ A hybrid option (you do some, we do the rest) from £85pm incl. VAT

✅ Our Bookkeeping Hive membership – designed to help you stay accountable and in control from just £35pm incl. VAT

📞 Book a discovery call or join our waitlist to stay ahead of the MTD changes.

Because running your business should feel exciting, not overwhelming.

And your finances should be a source of confidence, not confusion.