what records do you keep for your business???

[aliceellen1974]

hi geeks

what records do you all keep for your business??

i am keeping records in a spread sheet form like:
date, treatment carried out, client, price paid (cheque/ cash)

also keeping same information on what i am purchasing including receipts...

is this ok???

i have called the Inland Revenue to register and although helpful i just need to know i am keeping the right information

many thanks xxxxxxxxx

 

[naturalnails]

Basically you need to keep records of everything in and out of your business - everything you buy and everything you sell (retail and treatments).

If you are working from home then you need also to keep a note of household bills as part of this can go down against your business expenses. If you are mobile you need to make sure you have business insurance and keep all car bills as they can also be taken as part business expenses.

Check with a business adviser also for help.

 

[aliceellen1974]

thanks hun

i am too small to consider being "VAT registered" so do i need to log my milage as well?

i havent got a business account either as i only earn about 50-60 a week

xxxxx

 

[naturalnails]

VAT registered is something else entirely - you need to turnover way in excess of 50k before you have to be VAT registered.

I dont have a business account, only a separate credit card and separate current account in my name.

One thing you could do is try and find an accountant who specialises in self employed people - my one is great and not much cost over the year. They will be able to keep you right on what you need to keep, record wise.

 

[bombini]

thanks hun

i am too small to consider being "VAT registered" so do i need to log my milage as well?

i havent got a business account either as i only earn about 50-60 a week

xxxxx

Yes you still need to log mileage. Also if you are keeping clients details on a computer i believe you need to register with the data protection act.

I have a business account with abbey as its free

 

[bubbabinks]

Yes you still need to log mileage. Also if you are keeping clients details on a computer i believe you need to register with the data protection act.

I have a business account with abbey as its free

I think you also need the clients permission as well and it also has to be a computer that only you have access to for work.

 

[aliceellen1974]

thanks geeks

no i dont keep clients details on computer i print off blank sheets and write on them keeping them in a folder

thanks for all your help xxxxx