Expenses - Mobile S/E

[Lolla]

Hi all

I think I've got this pretty much boxed off but just wanted some final opinions in case I've missed something...

I'm doing a spreadsheet with all my expenses on to keep all my figures straight. It's for me being self employed mobile. Will be doing holistics and nails (inc Acrylic & Gelish). I've listed:

Monthly:
Petrol
Mobile phone bill
Marketing/advertising
Website
Bank charges & interest
My wages
National Insurance
Laundry
Tax
Products
Disposables

One off/Start up costs:
Equipment
Stationary/leaflets
Business Cards
Mobile phone
Public Liability Insurance
Stock & Equipment Insurance
FHT Membership

Anything glaringly obvious that I've missed?
Thanks guys xx

 

[Tomme]

Hi all

I think I've got this pretty much boxed off but just wanted some final opinions in case I've missed something...

I'm doing a spreadsheet with all my expenses on to keep all my figures straight. It's for me being self employed mobile. Will be doing holistics and nails (inc Acrylic & Gelish). I've listed:

Monthly:
Petrol
Mobile phone bill
Marketing/advertising
Website
Bank charges & interest
My wages
National Insurance
Laundry
Tax
Products
Disposables

One off/Start up costs:
Equipment
Stationary/leaflets
Business Cards
Mobile phone
Public Liability Insurance
Stock & Equipment Insurance
FHT Membership

Anything glaringly obvious that I've missed?
Thanks guys xx

Trying to do the same here, not 100% sure if we should charge vat and put that in the list as I'm sure vat goes on services. Xoxo

 

[olabecee]

Thanks

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[jeanettes]

Hi,
Try and book yourselves in for free Business Link and Inland Revenue courses who will talk you through it all. I am under the impression that if you are a sole trader your net profit is classed as your wages and therefore what you are taxed on iykwim.
You only want to go into VAT if you are earning a high enough gross amount (check earnings before VAT is payable on Google, unless someone else wants to step in on the thread with the actual figure). Quarterly returns below this amount are more of a pain and not worth the small reclaim.
Hope this helps - I also stand to be corrected, in other words don't take it from me but do your homework.
Best wishes,
JES X

 

[Miss Pink23]

Trying to do the same here, not 100% sure if we should charge vat and put that in the list as I'm sure vat goes on services. Xoxo

If your mobile you wouldnt been earning enough to be VAT registered and you wouldnt want to be if you dont have to.
x

 

[Lolla]

Thanks for the replies - have been to some sessions with the local business advisors (like Business Link) so that's where I've got my info from. Was talking to my tutor and he says I got everything generic down, but specifically to holistics/nails, he wasn't sure coz they don't specialise...so just really if you guys spend on anything else I haven't mentioned more specific to our industry.

VAT is only applicable over £40k odd (I have the joys of a free accountant - brother-in-law )

 

[airendaie]

The VAT threshold in the UK is currently £73,000 turnover per year, if you are a mobile therapist I wouldn't think you'd quite make it, but you never know

I can't think of anything else than those on your list, looks like you've thought it through well. Good luck!

 

[Lolla]

Thanks for the advice everyone! Much appreciated

 

[toothfairy]

Hi does anyone know what happens if ur outgoings are more than ur incoming for first year of trading. Im looking at being part time mobile, nails and holistics as i have a fulltime job.
When buying startup products they could cost more than what income you get from treatments.

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[Baggybear]

I have just done my accounts for 2010-2011 and I've been using https://mybrightbook.com/ it has made it very easy.

I just create an invoice for each treatment I do then put in a payment for the amount and link the payment to the invoice. This gives you your total earned. Then you move on to the bills and expenses you have, just input each item you have bought or any bills you've paid and choose from the drop down list for which catagory it fits into and the amount you spent, once the bill is paid you click the box. Once all your bills and expenses are input the total you have spent is shown.
The reports section shows you how your doing (loss/profit) and what you spent on what catagory in simple pie charts etc..

It is normal for a business to be working at a loss for a few years and you just start the next year with a negative figure and input all your earnings and any other bills and expenses and hope that by the end of that year your in less of a negative number than you were the year before after a few years hopefully you will start earning a profit and your books will be in positive numbers.

 

[Lolla]

I have just done my accounts for 2010-2011 and I've been using https://mybrightbook.com/ it has made it very easy.

That looks really good Baggy, I've just created an account and having a play. I'm just trying to put a payment through but it doesn't have cash as a payment method. Do you just put it through as something else? x

 

[angelardn]

Oh I like the sound of this. Must check it out once I get home

 

[Baggybear]

That looks really good Baggy, I've just created an account and having a play. I'm just trying to put a payment through but it doesn't have cash as a payment method. Do you just put it through as something else? x

If you click on the thing that looks like a cog next to the REPORT tab then choose ACCOUNT SETTINGS from the drop down list you then have a load of different tabs that you can choose from including IMPORT, EMAILS, PAYMENT METHODS, CURRENCIES, TAX RATES. Choose the tab PAYMENT METHODS & then you can add & remove different options. I added CASH into the payment list

Oh and I found that for your takings to be correct you need to create and invoice for the service and then make the payment and link it to the invoice. A little long winded but quick & easy enough - if anyone finds an easier way to add your takings let me know please.

Hope that helps.
PS.. I don't take credit for this site I found it through another thread on here where another very nice Geek posted it for us all to use.

 

[Lolla]

If you click on the thing that looks like a cog next to the REPORT tab then choose ACCOUNT SETTINGS from the drop down list you then have a load of different tabs that you can choose from including IMPORT, EMAILS, PAYMENT METHODS, CURRENCIES, TAX RATES. Choose the tab PAYMENT METHODS & then you can add & remove different options. I added CASH into the payment list

Hope that helps.
PS.. I don't take credit for this site I found it through another thread on here where another very nice Geek posted it for us all to use.

SWEET - yes that's brill thanks so much! And thanks for sharing, looks like it's gonna be really useful! I wonder if there's an App for it....