Paperwork

[carl9254]

Hello, just about to start out on my own, may be a silly question but im still not 100% on how the paperwork works, recipts, invoices, tax etc, can anyone explain??

Thank you.

 

[The Truth]

oh my goodness.


book an appointment with a book keeper and they will tell you everthing you need to know to get going. An accountant can tell you about various tax benefits available to small businesses in the first year of trade.. There is too much to explain

 

[Des 56]

You need to keep accurate records in order to restrict the taxmans ability to screw every penny out of you that he possibly can.
A healthy accounts system also assists you if you deal with banks for loans etc

In order to satisfy these statements,basically you need to have a record of what monies you recieve and what monies you paid that were relevant to operating your buisness
These two can be sub divided to show more detail,eg a record of invoices issued to customers,bank account details,material expenditure,motor vehicle running costs and purchases of tools,workwear and anything else that is relevant
The more expenditure that you show the lower the tax liability at the years end,so be meticulous and accurate with these details,cash jobs tend to have less impact on peoples bookeeping for some reason

My advise would be to book ypourself a visit to an accountant who will guide you and sort out the jumbled mess at the years end(and he's deductable as well)
Some who are confident and adept at the paperwork side of things do it all themselves,but you are new to the operating,so may not be wise for you to do so

 

[sparks1234]

If you are just a self employed person without being Ltd, then see a book keeper and ask them what they will require from you at the end of the year. If you keep acurate records of all your puchases, invoices etc etc then when it comes to the end of the year they will probably save you more than you will pay them.
Good luck

 

[carl9254]

Thanks everyone, got one of the simplex account d books so will try and keep record, my mate accountant so will use him when it gets going.

Thanks.

 

[Amp David]

An accountant may seem expensive when you first start off, but a good one is worth their weight in gold.

You wouldn't expect an accountant to install their own consumer unit would you?

So why would you try and do all your own accounting?

 

[Graeme Harrold]

An accountant may seem expensive when you first start off, but a good one is worth their weight in gold.

You wouldn't expect an accountant to install their own consumer unit would you?

So why would you try and do all your own accounting?

An accountant will only cost you about a days work.......would probably take you a week to sort them yourself

 

[SirKit Breaker]

I can recommend a very good accountant, she internet based and costs about £300 a year including filling in your tax return, money well spent, its tax deductable as well. I used her for the first time last year and she shaved £600 of my tax bill for this year more than my previous accountant did.
If you want more info then PM me.

Cheers.........Howard

 

[Amp David]

I'm lucky as the girlfriend is a chartered accountant, so it saves me a few bob.

 

[carl9254]

Ha well i blame the girlfriend then, she should be a bloody accountant

Guna give the simplex d book a go, although it looks a bit over the top.

 

[carl9254]

Also when quoting or estimating do you do it by mouth or would you write it all down and sent them that??

 

[Amp David]

Any quotes should always be in writing just in case customer decides not to pay. Anything verbal couldn't be used if you had to go to court.

 

[sparks1234]

Also when quoting or estimating do you do it by mouth or would you write it all down and sent them that??

Write it out in detail, also write any ommisions or things you havent allowed for, say, if you found bonding was incorrect and needs correcting, cover your backside cos thay will try to shaft you by saying "oh is that not included"...No mam its all in the estimate

 

[johnnyb]

Carl
This is what we were told when we started.
Get an accountant, not charted as they seem to charge more, you only need that when you go ltd.
Get 8 x folders say 2x green 2x yellow 2x red 2x orange say.
1st x2 write invoices / 2nd x2 write purchases / 3rd x 2 write bankstatements ? 4th x 2 write misc as in petrol receipts / hotel bills etc.
Use one of each and just basic book keeping, then when accountant requests them, hand over the 4 x folders, and the other 4 are there as so you can carry on while the others are away.