What's the best way to keep my accounts in order?

[kellyk]

I am due to set my mobile business up in about 2 months time. I have about 3 half grand of equipment and products that i have been buying i have a stack reciepts from sept onwards. Im realy rubbish when it comes to anything like this iv just been filing them in a month order folder for what i buy ? i have got one of them salon account books should i start filling this in when im set up from that day and have the money coming in or from when i started buying even tho i had no money coming in ?
i told you i was really rubbish at this sort thing :green:

 

[collin]

I am due to set my mobile business up in about 2 months time. I have about 3 half grand of equipment and products that i have been buying i have a stack reciepts from sept onwards. Im realy rubbish when it comes to anything like this iv just been filing them in a month order folder for what i buy ? i have got one of them salon account books should i start filling this in when im set up from that day and have the money coming in or from when i started buying even tho i had no money coming in ?
i told you i was really rubbish at this sort thing :green:

Well I for one don't think you are rubbish at all...from what you are saying you are doing you are acting extremely responsibly and thinking "smart"

Go through yellow pages or ask someone you know who is in business and get yourself a small firm of accountants..preferably a one man (or woman) band kind of thing.
The costs you have incurred thus far can be offset nicely against earnings and you are entitled to reclaim ANY expenses you incur when setting up your business..even before trading.
A good accountant will save you considerably more than their fees and keep you out of trouble with the inland revenue.

Well done thus far and good luck with your new venture :hug:

 

[kellyk]

Thank collin for your advice, i will defo look into gettng an accountant :hug:

 

[hippy-chick]

firstly you need to register that you are self employed and have 3 months of trading to do that.

keep all your receipts, buy a pile of envelopes and write down the month on each of them and pop them in their for easy reference.

yes as collin says, you an offset everything to do with starting up the business and claim it back, you may even get a tax rebate at the end of your financial year as you won't be expected to have much earnings the first year.

give tax office a ring and they will send someone out to your premises or your home and they will give you relevant paperwork to calculate your tax, and also give you advice on how to set up and any new laws and legistlation thats happening.

set up a seperate bank account or post office account and get a standing order set up to pay a certain amount of money into it each month for a tax bill, say £75 a month. If you have any surprises at the end of the tax year you will be prepared for it.

write down everything that you spend, even if its 25p for an envelope, 36p for a stamp.

type up an excel sheet with categories and listings that are applicable to you,
eg
week 1 week 2 week 3 week 4 week 5
car expenses
petrol
repairs
insurance
tax
MOT
parking

if you do it on excel it does your calculations for you

 

[Blue Rose]

By far the easiest way is to keep all your receipts and make a note on your bank statements for what any transactions are for, then hand it all over to a book keeper :green:.

I used to do my own book keeping but used to hate it soooo much it would just get left and left and left. I now just hand it all over to my book keeper & then her husband does the actual accounting.

Worth every single penny I pay them as it means I can be doing what I'm good at.

 

[Vanilla Pod]

just read througth this thread, can you claim for courses you have done etc :hug:

 

[user 28883]

To the post above

I guess so, I started a barbering course in January and it cost me £150 I put it through my books, as it is to do with my business.

 

[Purple Rose]

Oo yes I was curious if you could claim for courses. Only as I've just paid out for a lashes course, I've also paid for a skill builder and a CND Spa coversion, so wondered if I could put all these through. xx

 

[hippy-chick]

I put every course I attend through my books, plus travel expenses, food and accomodation if applicable.

 

[Purple Rose]

That is fantastic...... Looks like I'll be going to Leeds every month for all there showcases. xxx

There was so much that I was weary of and what I can put through the books and what I couldn't that I haven't gone mobile yet. That will so change now. xx

 

[Missy G]

Oo yes I was curious if you could claim for courses. Only as I've just paid out for a lashes course, I've also paid for a skill builder and a CND Spa coversion, so wondered if I could put all these through. xx

You cant claim for your first course but any follow up courses to better yourself, you can.HTH.

 

[collin]

just read througth this thread, can you claim for courses you have done etc :hug:

You can claim tax relief by way of offsetting and legitimate work/business related costs/expenditure against future and current earnings weather you are an established business or looking to start one I.E. you can recover all costs you incur in the setting up of your business..this would include courses and even visits to trade shows associated accommodation costs etc as you are exploring possible equipment or business options.

Don't forget that even if you are working from home you can charge yourself rent, electricity etc and offset these against earnings as well.

If you work from home and are also mobile you can charge yourself mileage which can save a considerable sum of tax.

A good accountant is essential in ensuring you are fully informed as to what exactly you can claim so that you mitigate tax liabilities to the max.

If your accountant doesn't save you considerably more than he charges you then its time to change your accountant

 

[Vanilla Pod]

would this also apply, can you claim if you rent a room on a once a week basis :hug:

 

[John Lewis]

you ask advice here ?
I see nail geeks, hair geeks and beauty geeks.... no accountant geeks !!
get proper advice from people that know rather from people that think they do :idea:

 

[kellyk]

you ask advice here ?
I see nail geeks, hair geeks and beauty geeks.... no accountant geeks !!
get proper advice from people that know rather from people that think they do :idea:

I dont mean to sound rude but thats why im on here asking people that understand were im coming from, i dont no about anyone else but iv learnt a few things from the business owners above posts !

 

[Vanilla Pod]

me too, i second that x

 

[John Lewis]

My point was a simple one.... if i want advice on my nails i go to a salon.... i only trust my accountant with the financials of my business ... tis what he does as a profession.... here you will get many offerings of advice, but are they correct ??
recon this is the best advice you will get here......
Chill out

 

[collin]

would this also apply, can you claim if you rent a room on a once a week basis :hug:

of course you can..if this is an operating cost... it doesn't matter if you operate from premises 1 day or 7 days a week....apportion the cost against earnings as all businesses do :hug:

 

[gillian w]

I think it depends how big your business is i would describe myself as part time,part home worker, part mobile .I dont have an accountant.I went to the free workshops that the inland revenue run and they are brilliant.
I keep all my receipts keep a record of all i do, ingoings, outgoings and appointments.I do the 40p a mile thing rather than anything else for car claiming which keeps things simple and do my return online and never had any trouble.Any problems in filling anything in i ring the tax office to explain things and they are very helpful.
If i do have trouble they can look at all my books, receipts,appointments,phonebook everything, ive nothing to hide everything is there to see.
Obviously the more complicated your business the more you need an accountant i dont think having an accountant would keep the tax office off your back though if they decided to delve.
Id definately recommend doing their workshops you can find out about them in your area .
HM Revenue & Customs:Starting in business

 

[Zo Zo]

you ask advice here ?
I see nail geeks, hair geeks and beauty geeks.... no accountant geeks !!
get proper advice from people that know rather from people that think they do :idea:

I have to disagree with you here. There are many very experienced and knowledgeable people on this site, running busineses. To assume that our knowledge is limited to the craft we practise seems to me a little small-minded.