Tax records/book keeping

[5@MB]

Hello. I am a new business and oy have a handful of clients at the mo. I was just wondering what books you use to record incoming/outgoings? Can you deduct training costs aswell as products, etc? X

 

[ajc69]

If you go in your local wholesalers they should have a standard accounts book that is specialised in salon work which makes it very easy to see the things you can claim for, I use all the time and is so easy and keeps accountants bills down too!!!!

 

[Bluerinse]

My accountant said to use a simple plain book, write everything down, easier to use to reconcile your bank with your months incoming and outgoing

 

[cherrybaby]

I can't recommend the webinars or workshops run by HMRC enough. It is important that you understand what you can and cannot claim for and with all due respect, an accounts book from the wholesalers isn't going to give you the understanding you need. Start by looking through the info on the HMRC website and take it front there. Also, it's worth noting that many accountants will do initial consultations free of charge and all accountancy fees are a deductible expense so if you're not sure, they will almost definitely save you more money than they cost. Good luck.

 

[ajc69]

Sorry wasn't clear there didn't mean not to use an accountant mine is worth his weight in gold but if you collate all your information yourself with a helpful book it reduces your total fees as your accountant hasn't got as much work to do. Also recommend the workshops available very helpful, but wherever we can save money is a bonus

 

[bobbyrazz]

Training costs...I Asked HMRC this question a couple of weeks ago. Although they were generally less than helpful, they did say that you cannot put onto your books any training to get you to a state of self employed.