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pjulk

Re: How do you keep books?
« Reply #20 on: June 24, 2006, 11:37:08 pm »
You have to go on there course and then they will give you some books to work from.

Although i think when i registed my business they sent me a little blue book thing through but to be honest i can't remember what it was.

Paul

reah

Re: How do you keep books?
« Reply #21 on: June 25, 2006, 09:12:36 am »
Hey
When you register they usualy send other info regarding courses etc.
If you phone them they can give you some info.
Do not be afraid to phone they are very helpfull when you do.

Paul Coleman

Re: How do you keep books?
« Reply #22 on: June 25, 2006, 12:14:45 pm »
Iain.
For the moment - until you set things up better - all you need to do is keep a record (handwritten if you have to) of each transaction and a daily total.  Also, keep all business (or partly business related) receipts.
Tip number 2.  Get an accountant.
Tip number 3.  Get an accountant.
Tip number 4.  Get an accountant.

You don't have to legally but I have found it invaluable.  Shop around.  If you keep it simple for an accountant, you needn't pay more than £250 a year and may get it for far less.  Most accountants should take you on for a small deposit and you probably won't need to pay again until they produce your accounts.

I keep all my records on a spreadsheet and database (Microsoft Works).  If you don't want to pay out for MSOffice, you can get a free download called Openoffice at

http://www.openoffice.org/



Iain p

Re: How do you keep books?
« Reply #23 on: June 25, 2006, 01:20:48 pm »
Thanks guys

Could someone please be kind enough to email me a rough example of how to record incoming money and expenses. iain1358@hotmail.co.uk

P.S. I don't work every day as I only have a handfull of customers. I would be best to record on a weekly basis?

Cheers

Iain

Re: How do you keep books?
« Reply #24 on: June 25, 2006, 01:57:29 pm »
Ian,

INCOME

Get a 2006 Day to a page A5 Diary.

Each day you work, note the houses you cleaned and the amounts and who paid you.

Add up the amounts and write that at the top of the page.

(This method can also assists you in keeping track of who you have cleaned, when they're due again and who owes you money.)

That's your income aka turn-over.

-------------------------------------------

EXPENDITURE

Get an A4 ring binder.

For any item you pay for, for the maintenance of your business, keep the receipt.

If it's not A4 already, staple it to an A4 sheet of paper and put it into the ring-binder in date order.

Keep a running total of what your spending.

This bit's a little more complex, but if you use some common-sense, you won't go too far wrong.

That's your expenditure.

------------------------------------------

So income minus expenditure = profit, and it's the profit you pay taxes on after you've used your personal allowance.

If you still really haven't got a clue, you should phone the self-employed part of the tax office and ask for courses and dates.  They're run regularly and in many different locations. 

I believe they last just one day and should tell you everything you need to know.




JohnL

  • Posts: 723
Re: How do you keep books?
« Reply #25 on: June 25, 2006, 04:06:56 pm »
I think the comment by Tosh re the Tax Office courses is very relevant here.

At this stage dont be afraid of the Tax Man, he and the department are there to help you and will guide you, give you leafelts to help and advise of courses you can go on to help you on your way. They will also advise what are allowable amounts of money you can claim as legetimate expenses.

At this time of your business, your financial accounting is important but you have to get this in perspective as you need to be out earning not worrying.

Keep it simple - write down all the monies you take as individual items cross-referencing them with who paid you, and write down all the items you spend money on to be able to go to work and do the job.

Talk to the taxman at this stage - its the best advice you can have

JohnL
West Somerset. On the edge of the Quantocks and looking at The Exmoor National Park.

busydaffodil

Re: How do you keep books?
« Reply #26 on: June 25, 2006, 04:58:33 pm »
Something I quickly wrote, to get you going until you seek accountant or inland revenue help.

You do not need to log your own wages, as your business profit is taxed.

Hope this rough draft helps a little Iain.

Lizzy

Paul Coleman

Re: How do you keep books?
« Reply #27 on: June 25, 2006, 06:40:46 pm »
Something I quickly wrote, to get you going until you seek accountant or inland revenue help.

You do not need to log your own wages, as your business profit is taxed.

Hope this rough draft helps a little Iain.

Lizzy

That's fine Lizzy but a little more detail is required as a minimum.  There will need to be a list of individual transactions regarding receiving money from customers.  Accountants and/or the IR are not interested in this list normally but it would need to be shown if ever there was a future investigation.  Records such as that need to be kept for seven years (6 + the current one).  I've still got mine going back to 1991 but I'm a horder.  :)

philhart

  • Posts: 36
Re: How do you keep books?
« Reply #28 on: June 25, 2006, 07:41:33 pm »
If you use George can this be used to keep your books?

Thanks Phil

chris@c.m.s

  • Posts: 1556
Re: How do you keep books?
« Reply #29 on: June 25, 2006, 11:20:27 pm »
hopefully George holds all the info otherwise I may be in trouble too  ::)
Sussex by the sea

busydaffodil

Re: How do you keep books?
« Reply #30 on: June 25, 2006, 11:47:32 pm »
Something I quickly wrote, to get you going until you seek accountant or inland revenue help.

You do not need to log your own wages, as your business profit is taxed.

Hope this rough draft helps a little Iain.

Lizzy

That's fine Lizzy but a little more detail is required as a minimum.  There will need to be a list of individual transactions regarding receiving money from customers.  Accountants and/or the IR are not interested in this list normally but it would need to be shown if ever there was a future investigation.  Records such as that need to be kept for seven years (6 + the current one).  I've still got mine going back to 1991 but I'm a horder.  :)


I agree. But surely the accountant will not want to see the breakdown of how each days takings is made up?  My accountant doesnt need that info.    Iains list of customers, when he cleaned & how much would be acceptable for IR if inspected.   Accounts do not need to show that kind of list in such detail.   
I scribbled a quick/easy one for Iain, just for him to know a few basics.....until he goes on a course or has help.

reah

Re: How do you keep books?
« Reply #31 on: June 26, 2006, 07:24:29 am »
Hey
All the daily money earnt will be in your day book.
The accum money banked minus the amount cleaned from the day book will be the money owed for that week.

Trevor Knight

  • Posts: 1825
Re: How do you keep books?
« Reply #32 on: June 26, 2006, 08:21:45 am »
Accountants are not interested in great details, all they need is what you earn and what you spend then they work from those figures.

You will only need detailed information if you are required to prove anything to the IR or if they want to pay you a visit.

I was inspected about ten years ago, when the inspector came he asked for my receipts that made up my expenses, I handed him 2 carrier bags full of receipts and told him they are all in there.

It took him 3 days of sorting out my stuff, when he finished he thanked me for my time and casually mentioned he would not be racing to come back here again to be faced with more carrier bags.

Remember folks, there is NO LEGAL requirement that stipulates HOW you keep your reciepts only that you have them should they ever be required!!

Never seen him since ;o)
Covering Hampshire, Dorset, Surrey, Berkshire

jeff1

  • Posts: 5855
Re: How do you keep books?
« Reply #33 on: June 26, 2006, 08:45:44 am »
Accountants are not interested in great details, all they need is what you earn and what you spend then they work from those figures.

You will only need detailed information if you are required to prove anything to the IR or if they want to pay you a visit.

I was inspected about ten years ago, when the inspector came he asked for my receipts that made up my expenses, I handed him 2 carrier bags full of receipts and told him they are all in there.

It took him 3 days of sorting out my stuff, when he finished he thanked me for my time and casually mentioned he would not be racing to come back here again to be faced with more carrier bags.

Remember folks, there is NO LEGAL requirement that stipulates HOW you keep your reciepts only that you have them should they ever be required!!

Never seen him since ;o)
He He! same principal worked for me, and I have never seen him since, but still keep them in bags. (Just incase)

Paul Coleman

Re: How do you keep books?
« Reply #34 on: June 26, 2006, 03:06:33 pm »
Something I quickly wrote, to get you going until you seek accountant or inland revenue help.

You do not need to log your own wages, as your business profit is taxed.

Hope this rough draft helps a little Iain.

Lizzy

That's fine Lizzy but a little more detail is required as a minimum.  There will need to be a list of individual transactions regarding receiving money from customers.  Accountants and/or the IR are not interested in this list normally but it would need to be shown if ever there was a future investigation.  Records such as that need to be kept for seven years (6 + the current one).  I've still got mine going back to 1991 but I'm a horder.  :)


I agree. But surely the accountant will not want to see the breakdown of how each days takings is made up?  My accountant doesnt need that info.    Iains list of customers, when he cleaned & how much would be acceptable for IR if inspected.   Accounts do not need to show that kind of list in such detail.   
I scribbled a quick/easy one for Iain, just for him to know a few basics.....until he goes on a course or has help.

That's what I wrote Lizzy.  The moree detailed list will need to be kept but will only need to be produced if ever there is an enquiry.

Central Window Cleaners

  • Posts: 845
Re: How do you keep books?
« Reply #35 on: June 27, 2006, 11:16:13 am »
I have my business bank account with Abbey, it was easy to setup and there are no charges involved unless you are bank a huge number of cheques per month. Been using them for nearly two years and had no additional charges at all.

I used an accountant to do my first year of accounts monthly but now only use him to do end of year stuff the rest I can manage on my own.

reah

Re: How do you keep books?
« Reply #36 on: June 27, 2006, 04:28:33 pm »
Hey
I am with abbey
Great bank also have my reserve account and personal account.
Can not fault them.
It is so helpfull being able to deposit in the hole in the wall 24hrs a day.

*Chris Browne

  • Posts: 863
Re: How do you keep books?
« Reply #37 on: June 27, 2006, 06:34:20 pm »
First thing to do is to register with the inland revenue, they will send you a starter pack explaining everything you need to do in simple terms ;D



chris



www.scsf.co.uk

dave0123

  • Posts: 3553
Re: How do you keep books?
« Reply #38 on: June 28, 2006, 06:45:03 pm »
Why dont you download George www.georgesystems.co.uk this keeps record of all work done money owned colected expenses proft loss etc. aslong as u input every expence keep all the recipts etc you shud be fine then print all your details out it should be all clear. also keep your recipets in order and seprate ie petrol in one say evenliope or what ever u use then say cleaning equipment in another.

just as simple as that really.
Dave.

tatman

  • Posts: 354
Re: How do you keep books?
« Reply #39 on: June 28, 2006, 07:26:50 pm »
I went to a tax semiar at the local tax explained everything in half a day showed me all the in and outs of self employed and was free. Just ring up and registar