Book keeping

[Garythenab]

Just started my own buisness last month. Just wondering the best way to keep my books for tax purposes. Layout etc.

Manythanks Gary

 

[Octopus]

I'f you've got some spare cash you could buy a programme such as Intuit Quickbooks Pro. Not only will it keep all you accounts in order it also allows you to create and email estimates and convert estimates to invoices too!

 

[Garythenab]

Thats the problem at the moment no spare cash lol

 

[oldtimer]

I just run them on spread sheets and at the end of the month all figures are transferred over and this gives me a good view on what I owe HMRC instead of spending the dosh and then being surprised when the bill comes in

 

[Hiddo]

The simple way is to put all your receipts, invoices and remittance slips into a plastic wallet per week/month and them write on a blank piece of A4 as you go. Earnings & outgoings. As a small business you aren't required to keep sophisticated books just be sure to list EVERYTHING because if they check you will be in BIG trouble.

 

[oldtimer]

The simple way is to put all your receipts, invoices and remittance slips into a plastic wallet per week/month and them write on a blank piece of A4 as you go. Earnings & outgoings. As a small business you aren't required to keep sophisticated books just be sure to list EVERYTHING because if they check you will be in BIG trouble.

Yes I totally agree I dont use an accountant because my earnings would not justify it. I keep a thick folder and I file all paperwork in order Every Day ie no looking under Maccy D boxes in the car at the end of the month I also have 5 spread sheets Sales,Purchases,Milage,Bank and end of month totals. I then fill the boxes in on my self assesment form its not hard if you make it easy but it is complicated if you cannot be bothered or are lazy

 

[Plonker 3]

I understand that times are hard and folk don't want to spend money, but if you don't know how to keep books, do tax returns etc then surely a accountant is the way forward. Yes it will cost but if you get a decent one, the amount they save you at the end of the year should easily be repaid.

 

[Octopus]

Thats the problem at the moment no spare cash lol

We al have those problems from time to time, BUT the biggest plus of using business software is that it manages all my clients details, has templates for estimates and invoices built in, and very importantly emails them to my clients

Its a marketing cost really and yes the latest version cost me £131.00 but spread over 3 years thats less than £1.00 per week and crutially it saves me money when I pass everything to my accountant.