Book keeping

[te1fer]

Hi Guys

Its been a while but am back.

Av been mobile since March now and have no filling system or records of where i'v earned me money whether it be from facial's manicures, spray tans ect

Any help on the easiest way to record these sort of things is much appriciated.

Also i currently have a part time job in a call centre which covers my car insurance, tax, test n things do you think i should claim these expenses through the business????????? will this reduce the amount of tax i pay?????

Really any advice is good x

 

[loubylou]

You must keep a record of all earnings and outgoings other wise it will be just guess work at the end of the tax year and the tax man will not be happy,
just get a small note book and keep a day to day record of all treatments you do and how much you have charged,
keep receipts for everything you spend in monthly folders,
this will make it so much easier for you or an accountant to do your books at the end of the tax year,
and yes as you work mobile you can put the receipts from your car through too,
you need to keep a note of the mileage you have used for your working hours as you will use your car for pleasure too,
hth :hug:

 

[te1fer]

Thanks for that

 

[Ruth Mills]

For mileage, if you are using your own car (as opposed to a company car), you can claim 40p per mile for the first 10,000 business miles per tax year, and 25p per mile for any mileage in excess of 10,000 miles in a given tax year. So you should always keep a mileage log of where you have been and how far you have travelled. The tax man may ask to see this if performing an investigation.
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