help with accounts/books etc

[buttonmoon]

ok, this is my official first day out on my own as self-employed mobile nail tech and i am scared

do i need an accountant?
is it essential?
could i do it myself?
can any1 recommend good SIMPLEaccounts book?
is microsoft money any good (looks confusing to me!)


i was about to write loads more but i just dont kno where to start
any advice appreciated
c
xxx:cry:

 

[Fab Freak]

can any1 recommend good SIMPLEaccounts book?
QUOTE]

WH Smiths sell one but I couldn't tell you the name if it but its all laid out and you just fill in the figures - very staight forward by the looks of it...hth

 

[scattyfox]

wh smiths accounts books are good and if you contact your local business enterprise agency they can give you advice for a small business and what you should and shouldnt be doing. Quick books is a good electronics package, but think a book system will sufice for the begining
HTH

 

[Trinity]

It's not a legal requirement to have an accountant, you can fill in your own tax self assessment form, if you feel able.

I'm fairly clued up on MS Excel and figurework but one look at the self assessment form on the Inland Revenue website made me run for an accountant :lol:

Mine did my 2003/4 accounts for £100+vat - all I did was keep a spreadsheet of spends (referenced back to each receipt) and takings. I gave him a copy and he did the rest - nice and easy, just how I like it!

I'm expecting the same routine come 1st April this year

The Business Link are excellent for info on starting up, they offer free courses and all sorts.

Good Luck

Trin
xx

 

[Trinity]

PS.
I also got one of those Small Business Accounts books from WHSmith - it was easy to use but my accountant said it was too complicated for what I needed so now I don't bother

 

[Karren]

I do this too !

however in the future i may well try and do them myself if not too complicated ! and save myself the money, currently well worth the money and hassel free !

kx

It's not a legal requirement to have an accountant, you can fill in your own tax self assessment form, if you feel able.

I'm fairly clued up on MS Excel and figurework but one look at the self assessment form on the Inland Revenue website made me run for an accountant :lol:

Mine did my 2003/4 accounts for £100+vat - all I did was keep a spreadsheet of spends (referenced back to each receipt) and takings. I gave him a copy and he did the rest - nice and easy, just how I like it!

I'm expecting the same routine come 1st April this year

The Business Link are excellent for info on starting up, they offer free courses and all sorts.

Good Luck

Trin
xx

 

[Sassy Hassy]

I do it myself. All you really need to do is make a note of all your income, and keep all your expenditure receipts. At the end of the financial year (5th April) you do a stock take and log the value of this too.

You also have a capital write down allowance for all fixed assets that have a resale value ie uv lamp, nail stations, chairs, couches etc etc. This is the only really tricky bit of your accounts and as I'm pants at explaining anything I would advise going on one of the inland revenues free workshops for small businesses. It explains how to complete your tax return, what you can and can't claim (interestingly you cannot claim for training for yourself which is a bugger!)

You then have income, less expenditure, less capital allowances plus value of stock take equals your net profit for tax purposes.

I have also chosen to calculate my car allowances by a pence per mile allowance rather than getting into petrol receipts, road fund licence, insurance, value of car etc etc, much easier.

If your turnover is less than £15K (i think) you only have to write your total net profit, with no break down of the accounts.

It really is easy so why give an accountant £200 plus quid for something that you can easily do yourself.

 

[Karren]

yeh sounds easy sass ! NOT !! lol

I think i'll continue wasting my £100 ish for time being ! lol unless you can fit me in for a 1:1 !

Thanks for breakdown though

kx

 

[Sassy Hassy]

Hun it is so easy, I'll show you how if you like. The first year is the worst and then after that it's a doddle, just think of all those choccy bars you could by with that hundred quid!!

 

[Naughtynails]

Good Luck

In manchester we have a manchester business trust
I am sure you will have a business trust that will help you

There is lots of different companies out there that can help you if you look in your local free ad paper.

Also some of the wholesalers for hair and beauty sell accounts books

 

[cuticles]

Hi

Excel is excellent for keeping your accounts, if you can cross reference it even better, open a different account for your business expenses as IR don't like the two mixing, if your business takes off, you will have to do it anyway so start the way you mean to go on. Inform IR within 3 months that you are self employed, they have the right to fine you £100 but to date, I don't think they have but, once again, start on the right foot.

Many financial programs are an overkill and you can get to bogged down by concentrating on how to work the program out and not where you are making the money and spending it. Excel is so flexible, you can analyse your income and expenditure to your hearts content!

Depending on your age, and I am not the expert here, but you may be eligible for help depending on your age via Princes Trust or help via Businesslink depending on your area. Not sure on this so you would have to check this yourself.

Whether you use an accountant or not depends on how you want your business to develop, if you have designs on it, then it is always worth while talking to someone to bounce ideas off. Many accountants offer the first chat for free. My opinion on this is, and it is my own opinion, the accountants are the expert and paid to be up to date and professional, just in the same way, Superdrug DIY kits do not produce the same results in the long termand you yourself can produce.

Cathy

 

[buttonmoon]

i have a loan from princes trust already and have been mobile for two months on a scheme from jobcentre but im out on my own from today!

i am already registered with inland revenue

i have business bank account already (that for last 2 months i couldnt touch as i was still getting benefits and the organisation who were helping me were co-signatories so i had to ask them every time i needed a cheque!).

just wonder how to organise myself and my business in general.

at the mo, got super simple simplex d accounts book and doing fine, just wondered if this was ok or if i would need a better one.

i have car, insurance (monthly), princes trust loan repayment(monthly), petrol, road tax (twice yearly), public liablity insurance (yearly), stock, and probably more to keep business going but ive only just came off benefits today!

thats where i got messy- i wasnt allowed to use business bank money unless it was for business-which i did for stock, car insurance, loan etc
but for petrol and my 'wages' were coming from my benefit

so now my b/f has moved in and we hope to receive some working tax credit but now will also have school dinners and rent/ council tax to pay! (not to mention keeping up with all the house bills!)

so how will i do it?
will i give myself a wage?
does it have to be a set wage?
do i need to count how much petrol i put in car?(how?)
do i need to only use business money for business?

i will probably have to give the inland revenue estimated income for next tax year and i dont kno how!
someone said i should overestimate or i may end up owing them money
im so confused!!

i have accounts since 6th dec, shall i keep these or shall i buy new accounts book and start from my official start date (today?)

and how do u guys keeps all ur records/receipts tidy/organised etc?
and what kinds of stuff do you keep?

argh! im only 21! i shouldnt be worrying about things like this (but then again-my brain would be bored if i didnt!)

god how long is this post- i bet no-one dare read it never mind answer it! lol
sorry :o(

 

[buttonmoon]

and should i do a stock take now?
and what kind of things can you say are for business use-like home computer etc?
x

 

[inspirations]

It is my first year, so I feel like I'm wingin' it a bit. I keep all receipts and invoices and log them in excel with every incoming amount broken down into various categories. I cross reference these and it give me a total profit.

I have had 8 years of running a family firm previously, so I have that advantage and also my uncle is an accountant....Luck of the Irish (well, my name used to be Murphy!!)

 

[cuticles]

Whooa, my brain hurts. Rule off the book and start today afresh. Ring up the bodies thathave given you grants and tell them that you would like to take £xxx per week, does this mean you will be in breach of the terms of the grant? Remember to get the persons name! Also ring your benefits people and explain as fully as you can the situation, also note the name etc.

Check with IR the best way to claim your petrol (they are helpful) They have a department just for people lke you who need a little hand holding and are very aware that you do not want to make mistakes.

Expenses: this is the nice bit about being self-emplolyed, expenses that are wholly incurred in the business are taken into account before you pay any profit! Keep a track and remember to keep the receipts.

Lastly, I am very impressed that you are setting up your own business and although it can seem very daunting at times, you should be very proud and have already completed alot of ground work

Good luck :biggrin:

Cathy
t

 

[buttonmoon]

no, im not with an organisation now- thats why im out on my own-im not getting help from them anymore- i dont get benefits now-just put a claim in to inland revenue today for working tax credit
so i could take whatever i like
theres just so much to do

does any1 have an example of their excel spreadsheet and the kinds of headings etc?

thankyou all for taking time to help me
i kno i'll get there in the end n say -'running a business? -pfff- easy!'
i hope :o
off to bed b4 my brain explodes!
x

 

[buttonmoon]

ps. at mo, owe princes trust £20 a month but that goes up to £70 in june
no-one has a say in whaty i do with business except me
x

 

[Sassy Hassy]

OKay your accounts shouldn't be that difficult if it's just you. What I would whole-heartedly recommend is get in touch with the small business unit at the Inland revenue as they are just fantastic. They either run a lot of free courses, or even better they can arrange for a smal business advisor to come and visit you FOR FREE! They just want you to get it right as it makes their life easier in the long run. It really would be better for you to sit down face to face with someone. I'm sorry I don't have their number, but get in touch with your local IR office and they will know it.

It's very hard to forecast your earnings for the next 12 months for working tax credits, but usually your profit in the first year is very low, even to the point that you could be making a loss, but only becuase you have had to shell out so much in the first place, NOT because you aren't actually making an income.

Don't stress over it hun, just make sure that you keep your receipts together for now and let the experts at the IR help you.

 

[cuticles]

Hi, I'll email over something to you with some headings if you like. It's really not as difficult as you think

Cathy

 

[nu2nails]

Hi,
Not sure if this will be any help as am just starting out my self but I have just signed up with business link to do a course at the end of this month called "making a proper start" it cost me £15 and its for 2 days. the course includes Good marketing, effective selling, create a budget, complete business plan, keeping records, returns required,tax required understanding what, when & why plus other bits as well. There are other courses aswell but the lady at business link advised me that this is the best one to begin with. The site link is http://www.businesslink.gov.uk/bdotg/action/home. If you go to Starting up there is an option in there to check courses in you area. Hope this was of some help.

Laura