Home salon accounts

[vitality]

Hi I was wondering if any mobile,home based and table renting therapists do there own accounts and to which extent. I understand accountants can save you money on tax return and would be greatly beneficial to salons in particular with a high capital turnover, but with a micro business and low start up costs I would think money could be better spent with marketing to build the business and if it grows to a certain degree then consider getting an accountant.

Do any of you geeks do balance sheets, T accounts, Profit and loss and income statements, and work out asset depreciation and capital allowances? Do you find it too time consuming. I'm just not sure whether to wait until I am busier to get and accountant. I've searched and found threads of geeks doing their own bookkeeping but I would like to know to what extent?:?::?:

Thanks in advance

 

[Jack Dunn]

Hi I was wondering if any mobile,home based and table renting therapists do there own accounts and to which extent. I understand accountants can save you money on tax return and would be greatly beneficial to salons in particular with a high capital turnover, but with a micro business and low start up costs I would think money could be better spent with marketing to build the business and if it grows to a certain degree then consider getting an accountant.

Do any of you geeks do balance sheets, T accounts, Profit and loss and income statements, and work out asset depreciation and capital allowances? Do you find it too time consuming. I'm just not sure whether to wait until I am busier to get and accountant. I've searched and found threads of geeks doing their own bookkeeping but I would like to know to what extent?:?::?:

Thanks in advance

I keep all my paperwork and complete a monthly speadsheet, which I email to the accountant and they do they return..
The tax return always looks a bit daunting.. and I have never attempted to complete one. The fees vary , but I find that my accountant seems to know whats hes doing and has come up with savings that I would not have known about. See what other home therapists have to say...
Jack

 

[bombini]

I think it depends how confident you are keeping your books.

I have had an accountant for the last two years and it has been much less stressful. My accountant charges £200 for the tax return and I haven't got to worry about working out percentages of electricity, heating, water, laundry that ive used.

 

[tenorcutie]

Im with malewaxer in this one. I keep a spreadsheet with bank lodged, bank paid etc and then just send it to the accountant when they ask for it. Its fairly simple (if i can do it anyone can!). I dont think id venture much passed this, i have filed returns for my husbands business but, its much easier letting the accountants so what they do so it frees me up for making people look pretty!!!

 

[Sharkster]

I do my own as I have the time at the moment as I've only been trading a few years and am still building up my business (and turnover!). It helps that I'm a qualifed book-keeper too!

It's not rocket science though and when you've just started out and have a fairly low turnover then it could pay to do them yourself. The inland revenue have free workshops called 'Becoming Self Employed' and a 'Self Assessment for the Self Employed' (or something along those lines). They are very helpful and explain what you can and can't claim for and how to do it.

You can also get a small accounting software package like Quickbooks (about £100) which will help if your not that savvy with spreadsheets.

x

 

[vitality]

Thanks, I know how to do financial accounting as it is part of my business degree and my sister has an accountancy degree which could be helpful to begin with,it's interesting to see what involvement people have in their businesses with a small budget and the best way to use it.