As a tradesman, you could see your financial takings increase as you develop more industry experience and climb the ranks; however, it would remain fair to say that you could often feel financially hard-pressed in your job. This could be especially the case if you live in London.

The UK capital has some of the world’s highest living costs – and, though London’s Evening Standard pegs the area’s median annual salary at £34,473, many other wages are much lower. A newly qualified electrician’s salary could be as low as £19,000, reveals

How could you ease your financial struggles as a London-based tradesperson? Here are some tips…

Carefully assess what expenses you could claim back

While a self-assessment form can be resplendent in boxes and options which are painfully time-consuming to complete, you should resist the temptation to simply skim through the form. Otherwise, you could miss opportunities to claim back expenses and so save on tax.

So, what expenses could you claim back? Move Your Money advises you to visit the UK Government’s website for guidance on this matter. Then, you should remember to maintain an in-depth record of your accounts in preparation for next filling in that return.

Don’t skimp on up-to-date insurance

What if you once opened your toolbox to find that it had been vandalised, with many of your crucial tools having been stolen or left broken? For a cash-strapped trade business, it wouldn’t bear thinking about. Except that, well, it actually would – because you need protection in the form of insurance.

Insurance for tradespeople can account for many different risks, including those of accidentally injuring a customer or member of the public or damaging their property. Hence, you should compare various deals on public liability insurance to get the coverage you need at a good price.

Consider replacing your phone and internet package

These days, your phone and internet systems are crucial to your company’s sustained success – as, without them, you can neither be reached for jobs nor search for potential work.

There are various providers of phone and internet deals out there, so research the options to make sure that you are with a suitably reliable provider.

If you often work from home, we would particularly urge you to opt for a business package – as, while it could match a standard deal at price, any unexpectedly occurring wrinkles with your phone line could be smoothed out more quickly by the provider.

Watch your pennies like a hawk

Chances are that, even over just the last week, a fair few coins have accumulated in random pockets of your clothing or even downsides of your sofa. Every week, retrieve these coins before placing them in a jar, where they could slowly build up to an impressive amount.

Imagine if you found just a pound every week in loose change – you would end up with over £50 in savings after a year. Also, carefully record what you do buy so that you can consider cutting back.