Bookkeeping - how hard is it really?

[hctinks]

I'm looking to start mobile however I really wouldn't be able to afford an accountant, so I just wondered what the ins and outs of doing it myself were?
Even the slightest insight would be tremendous, I just can't seem to find anything that helpful online elsewhere!

 

[waxingmodel]

You might be interested in this:

http://www.sage.co.uk/software-and-...4kK1ST3TTtGFefosklCjb5zPJo6EFPv5z2BoCuqvw_wcB

 

[hctinks]

You might be interested in this:

http://www.sage.co.uk/software-and-services/accounting-and-finance/sage-50-accounts-essentials?utm_source=Google&utm_medium=Paid-Search&utm_campaign=UK|GOOGLE|ACCFIN|Brand_50Essentials-Instant(E)|GBR&utm_term=sage-instant-accounts&gclid=CjwKEAjwsuK_BRDD9ISR1bawwUwSJACbOiixzX7Y1394kK1ST3TTtGFefosklCjb5zPJo6EFPv5z2BoCuqvw_wcB

Do you use this? Is it just yourself? It says business size to be 5-20 employees.
Would it be advised to use this straight off or can I just do it myself for the first couple of months as I imagine I'll be quite quiet to begin with!
xx

 

[waxingmodel]

I have no personal experience of starting up a business, I just did a short bookkeeping course (aimed at starting up your own business) at Chichester College of Technology a few years ago that used this software (Sage Instant Accounts at the time) - many of the worked examples in the coursework involved a nail tech starting up. The software is for small businesses (5-20 employees) and start-ups like yourself.

P.S. I still have the course materials which I could scan and send to you xx

 

[hctinks]

I have no personal experience of starting up a business, I just did a short bookkeeping course (aimed at starting up your own business) at Chichester College of Technology a few years ago that used this software (Sage Instant Accounts at the time) - many of the worked examples in the coursework involved a nail tech starting up. The software is for small businesses (5-20 employees) and start-ups like yourself.

P.S. I still have the course materials which I could scan and send to you xx

Ooh, how much and how long was the course?? Chi is really close to me!!
Oh brilliant, so I could use it for just myself then as a single employee?

If you really wouldn't mind doing so? That would mean a lot!! xx

 

[squidgernetball]

Bookkeeping for a sole trader, especially starting out, is super easy. You basically note all your incomings, all your out going and show a profit or loss. Any profit is yours. If your profit is over £10800.00 you pay tax on it. If it isn't, you don't.

Vic x

 

[BannerPenguin]

Sage is the industry standard for accountants to use and is good however unforgiving at times.
You could try something better like Quickbooks or we use Kashflow ourselves. Set it up correctly, enter in your bits and pieces and you can submit your tax return at the click of a button. Costs about £12 a month. Well worth it - http://kf.cm/YQJHaw

 

[waxingmodel]

Ooh, how much and how long was the course?? Chi is really close to me!!
Oh brilliant, so I could use it for just myself then as a single employee?

If you really wouldn't mind doing so? That would mean a lot!! xx

I did the course (IAB Level 1 Computerised Bookkeeping) a few years ago; it was 2 days a week over 12 weeks and it was free of charge (although I did pay £30 for the Sage practise software) as I was unemployed at the time and it was arranged through my job centre. Just had a peek at the college website and it seems the current courses covering similar ground would involve starting with Introduction to Sage: Do Your Own Bookkeeping Part 2 (https://chichester.ac.uk/course/bus542), then, if you wanted to take things further, followed by AAT Level 1 Award in Computerised Accounting (https://chichester.ac.uk/course/bus597) and, or, AAT Level 1 Award in Book-Keeping (https://chichester.ac.uk/course/bus673).

Yes, you could use it for yourself as a single employee (I’m sure college staff would advise to confirm). And I’ll PM you soon with the course materials (2 Work Books, test papers and so on) xx

 

[hctinks]

Bookkeeping for a sole trader, especially starting out, is super easy. You basically note all your incomings, all your out going and show a profit or loss. Any profit is yours. If your profit is over £10800.00 you pay tax on it. If it isn't, you don't.

Vic x

Oh! I was hoping to do something like that to begin with. So until I make over 10k I have nothing to worry about?? Just keep everything written down and keep on track of it??
And I'm sure that'll take me a long while!
Xx

 

[hctinks]

Sage is the industry standard for accountants to use and is good however unforgiving at times.
You could try something better like Quickbooks or we use Kashflow ourselves. Set it up correctly, enter in your bits and pieces and you can submit your tax return at the click of a button. Costs about £12 a month. Well worth it - http://kf.cm/YQJHaw

Ah that's brilliant thank you. Would you say that where I am just starting I may just be better doing it all myself in books to begin with until business picks up and then use one of those??
Xx

 

[CFBS]

Quickbooks - I think this might suit you.

 

[waxingmodel]

You might be interested in this:

http://www.sage.co.uk/software-and-services/accounting-and-finance/sage-50-accounts-essentials?utm_source=Google&utm_medium=Paid-Search&utm_campaign=UK|GOOGLE|ACCFIN|Brand_50Essentials-Instant(E)|GBR&utm_term=sage-instant-accounts&gclid=CjwKEAjwsuK_BRDD9ISR1bawwUwSJACbOiixzX7Y1394kK1ST3TTtGFefosklCjb5zPJo6EFPv5z2BoCuqvw_wcB

Actually, a more suitable Sage product for a sole trader like yourself:

http://shop.sage.co.uk/sageonestart.aspx

...might be worth considering as well as Quickbooks and Kashflow xx

 

[blossom]

I prefer a little accounts notebook and pen

As has been said, note date, amount of money in or money out, at returns time tot up both and subtract the expenditure from the income and voila there's your profit

I've been doing mine this way for 13 years, ok I am a slight technophobe but just can't be ar5ed when I can grab my book at the end of the week and update it

Book = 65p
Pen = 35p. [emoji23]

 

[rippersroo]

I prefer a little accounts notebook and pen

As has been said, note date, amount of money in or money out, at returns time tot up both and subtract the expenditure from the income and voila there's your profit

I've been doing mine this way for 13 years, ok I am a slight technophobe but just can't be ar5ed when I can grab my book at the end of the week and update it

Book = 65p
Pen = 35p. [emoji23]

I do mine like this too. I have a question blossom-do you write your profit after each day of work?
I write my customers name and cost of service in a book and the date. E.g. 10/10/16 Mrs smith nails £22. Do you write this much detail or just the date and profit? Thankyou x

 

[blossom]

Just name and amount, but then I only do nails lol

 

[rippersroo]

Just name and amount, but then I only do nails lol

Thankyou, I may start changing then. The other info of what treatment they've had is not necessary then? Thankyou

 

[CFBS]

I give each client a receipt which shows what treatments they had with the final amount. The receipts are dated, numbered and duplicate so I have a copy.

Then, on my spreadsheet, I enter date, receipt number, client name, account or till paid into and the amount.

Retail sales are logged separately to monitor them against stock .

 

[RiaSarr]

Simple list on a spreadsheet (so it calculates the end profit figure for you) or a simple book is enough for self employed nail technician


I am a tax accountant, qualified financial accountant and also mobile nail tech as second job/hobby

The first year of trading you will be able to make claims for start up costs so remember to keep a list of any equipment that you buy too and include this on your tax return. You can also claim an Element of use of home as office...insurance etc... so keep a list of all these too

 

[hctinks]

Hello all! I stopped receiving notifications from this?! So sorry!!! Thought it'd be worth checking once more as I am now set up and lo and behold there are more replies.

Again, I do apologise.

This is what I've done, thus far. I have a book in which I've written all of my expenses down (date, what item/product, postage, single cost, total cost) and then for my clients/earnings I think I'll write date, who, treatment, cost.

Is this enough???

And then please what do I do at the end of the tax year? Am I meant to be working that out, and how??

Many thanks for any help on that, I'll keep checking regardless if emails are sent or not this time!! xxx

 

[RiaSarr]

That will be fine. Have you registered as self employed and do you have a UTR number?

You can fill in your return via the paper method or online. When you fill in your tax return online HMRC will calculate the tax for you but I can help with an estimated tax liability if you know your income and expenses for the year x the paper method needs to be completed by October so online method gives you until the end of January following the tax year xx

Also hVe you chosen an accounting period? Mine is in line with the tax year which is easier.

In simple steps

1.register as self employed with hmrc
2. Record all transactions income and expenditure.
3. Receive. Notice to file a tax return from hmrc
4. Complete tax return
5. Pay tax/or receive repayment

Alternatively an accountant can do all the above for you x I do everything from start to finish for my clients but it is quite simple once you get into good habits xx