Bookkeeping, internet or accountant?

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BeccaHolly

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Hello, I have just started my own business and I am keeping everything on spread sheets and I have been approached by someone telling me the internet ones ate better, such as quick books, clear books and xeros. What does everyone else do? Thanks becca
 
Spread sheets are fine as long as you're recording everything.

I'd spend the money on a good accountant & insurance against tax investigation instead.
 
It depends on what your turnover is. Don't spend money on anything if you're taking less than about £12,000 per year and it's your only job x
 
I've always previously posted to encourage the use of an accountant but just recently I've decided to do my own tax return from now on.
Why?
My accountant of many years is retiring
Didn't like the heavy formality of the new person
Their bills seem to go up a lot each year
I do all the sums which they then just upload - and charge me
From next year we'll have to submit quarterly figures

Yes, I'm a bit nervous of doing it for the first time myself but having looked at the forms there seems to be a help sheet for every box.

Now I just need a quiet day to sit down and concentrate on it but these flippin' clients will keep booking in!!!
[emoji4][emoji12]
 
Is that because your business structure has changed or is it every self employed person?

I'd heard hmrc wanted everyone submitting quarterly returns but I thought it was dropped.
 
Over past couple of months, I've trialled pretty much every Accounting system on the market. What I do with it is quite advanced with online integrations etc. so people might not necessarily need that.

If you want cheap and simple - Kashflow - http://kf.cm/YQJHHL
If you want middle of the road and fairly easy to use - QuickBooks
If you want real advanced - Xero (this is what I've just moved to). It's more expensive but does a lot however the User Interface isn't as nice as I'd like.
 
Is that because your business structure has changed or is it every self employed person?

I'd heard hmrc wanted everyone submitting quarterly returns but I thought it was dropped.

I've just been on the HMRC site again to check the current status. Apparently the Spring Budget 2017 stated that non-VAT businesses could now delay start to 2019. So this might be what you heard.

Quote from HMRC site:
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital


"These changes are therefore being introduced gradually, starting in 2018 with Income Tax for businesses, self-employed people and landlords with annual turnover above the VAT threshold. In 2019-20 we will extend the Income Tax elements of Making Tax Digital to all businesses, self-employed people and landlords with annual turnover above £10,000. We will then move on to VAT (2019) and Corporation Tax (2020). We will thoroughly pilot these changes with businesses from April, starting slowly and ramping up to hundreds of thousands, before rolling them out. This will ensure the software is user friendly and gives individuals and businesses time to prepare and adapt. Free software will also be available for businesses with straightforward tax affairs."

Either way, the changes are coming, so the sooner I can get to grips with the process, the better.
 
I am business of just me. I'm renting a room
 
Either way, the changes are coming, so the sooner I can get to grips with the process, the better.

You're correct fluffycloudland. HMRC want to get what they call "Making Tax Digital" MTD through. This will mean all business needing to keep their book-keeping in an electronic format and submitting 5 returns per year. Not fun stuff, but there are advantages.

Currently, the plan is for businesses who are over the VAT registration limit needing to start reporting this way from April 2018 and those below it starting from April 2019. Limited companies to follow those in 2020.

There are income limits under which businesses will not need to report via MTD, but these limits are very low. So we're all going to get caught sooner or later. Gone will be the days of hand written book-keeping!
 
Last edited:
Just thought I'd add a little update...

Feeling well chuffed with myself as I successfully managed to complete my tax return on line for the first time yesterday!
It wasn't anywhere near as difficult as I thought it would be.
[emoji4][emoji122][emoji122][emoji122]
 
Over past couple of months, I've trialled pretty much every Accounting system on the market. What I do with it is quite advanced with online integrations etc. so people might not necessarily need that.

If you want cheap and simple - Kashflow - http://kf.cm/YQJHHL
If you want middle of the road and fairly easy to use - QuickBooks
If you want real advanced - Xero (this is what I've just moved to). It's more expensive but does a lot however the User Interface isn't as nice as I'd like.

Can second that - Xero is really good. You can also integrate other Apps with it as you expand, like Vend POS for example (which is also really good).
 
Can second that - Xero is really good. You can also integrate other Apps with it as you expand, like Vend POS for example (which is also really good).
I really like it. For me I can integrate any e-commerce site I build for my business as well as Stripe & GoCardless. Handles my international payments like a breeze too. Really happy with it.
 

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