Bookeeping

[amyloutay]

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

 

[ajshard]

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

 

[pinkies&tooties]

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

 

[sunshineinme]

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

 

[Puffle]

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!

 

[Curlywurly82]

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.

 

[sunshineinme]

Thank you all for your replies! It all starts to make a bit more sense

 

[pinkies&tooties]

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