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amyloutay

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I am really sorry if this has already been answered, I have tried looking but cannot find the specific answer.

I have just finished my full time job and next week I start renting a room in a hair/beauty salon mon tues and sat doing nails and will work in a pharmacy wed thurs fri.

I went for a free consultation with an accountant and she fille dout the tax forms I needed (but this was when I was going to be working full time and doing nails 1 day) should I have recieved a ocnfirmation from the inland revenue of my declaring myself self employed? and do i need to ammend the form now that I will be paying less NI through the employed work???

The acountant said I should keep all my reciepts and rite them in a book, and that dividing it into catagories would help, how much do i need to break things down? products/disposables/cleaning/uniform/equipment/stationnary/training/travel
??? how much do you break down your receipts?

and with the takings I have bought myself a book with collumns so i can keep note of how much I make on each area, but do I really need that for tax purposes? (as i can seemyself not wanting to be bothered every day to fill it in after a few months!)

how do you record your takings? just 1 colomn? and daily or weekly? Is it a good idea to bank everything so that I have a bank statement to back myself up? so even if i need £5 for loo roll for example, should I pay it into the bank and then pay on card? I know it's not essential but would that be sensible or am I over complicating things?

I hope I have made sence!

Thanks for any advice! xXx
 
I do mine in an excel spreadsheet, so it adds all my columns up for me. I only enter one figure for income per week.

For outgoings I have quite a lot of columns such as, advertising, training, car expenses, insurance, stock purchases, capital purchases etc

Each of these i fill in one figure (if any) for each week and then file the corresponding receipts in date order. I dont have a business bank account and only take cash.

HTH
 
Did you design your own spreadsheet or did you have a template? Its been a long time since I did spreadsheets so a but rusty! x
 
Hi! Thanks for a great thread!

This is something that confuses me also!

Can someone explain a bit more about their spreadsheets- exactly what columns you have and also do you pay all money in the bank or just make a note of them!

I am repeating the first question... Sorry! It's just confusing...

It's hard to be a newbie :(
 
I use a spreadsheet too....sheet 1 has my outgoings (plenty of them!) and totals them, sheet 2 has my incomings (I list each job) and totals them. Then sheet 3 takes the two totals and tells me my overall profit / loss.

A friend of mine did my tax return as she does it for a living, and my spreadsheet had everything she needed.

Hope that makes sense!
 
You don't need to pay everything into a bank account, you can keep a cash float.

You will need to note separate the transactions operating through the "cash float" e.g. money in and money spent.
 
Thank you all for your replies! It all starts to make a bit more sense :)
 
I use a spreadsheet too....sheet 1 has my outgoings (plenty of them!) and totals them, sheet 2 has my incomings (I list each job) and totals them. Then sheet 3 takes the two totals and tells me my overall profit / loss.

A friend of mine did my tax return as she does it for a living, and my spreadsheet had everything she needed.

Hope that makes sense!

Very cheeky I know but any chance you would email me a template of your spreadsheet Been a long time since I last did one and I have forgotten how you do it! x
 

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