bookkeeing methods & advice

[obseen16]

does anyone have a good bookkeeping method they would like to share? or does everyone use an accountant to do it all for them these days?

J

 

[uug197h]

accountant £150 per year well worth it

 

[unguided1]

I agree with uug197h, I used to do all my own books but it can get extremly stressfull trying to understand all the the tax forms I recall many years ago filling in the forms and finding I owed something like ten thousand in tax but I had only earned seven. All I had done was put some figures in the wrong column. so an accountant working for around £150 is well worth it and the cost is set against your tax as well

 

[obseen16]

cheers, think ill think about getting an accountant then, but do i just hand the accountant all my invoices and a pile of reciepts, or is there a way to file them in a nice neat way?????

 

[John t]

First appointment is free (usually, or how will they attract new clients) so go and ask one for advice.

 

[NickH]

The more work you can do on your records the less your accountant will charge you, so at the very least have everything filed in date order, a couple of box files will do it. However, you will pay tax on your NETT profits, thats your GROSS income less your allowable expenses, eg materials, insurance, van etc etc. So if you give your accountant ALL your records you will pay tax on ALL your profits.

 

[obseen16]

ah good stuff, i know an accountant that one of my mates uses, i think ill give him a call. thanks for all your help guys, its very much appreciated, 😉

hope your all keeping busy.

J

 

[justlead1]

Hi. I have used a system "Quick Books"barclays bank offered it to customers (some commission tie in no doubt)but i works for me. Keeps track of invoices, suppliers invoices, vat and who has not paid. As well as allowing cost codes to be set up for fuel, motor expenses, insurance, wages etc. At the end of any time period you just print out profit and loss sheet and let a accountant work out your tax liability. Go Luck

 

[obseen16]

Hi. I have used a system "Quick Books"barclays bank offered it to customers (some commission tie in no doubt)but i works for me. Keeps track of invoices, suppliers invoices, vat and who has not paid. As well as allowing cost codes to be set up for fuel, motor expenses, insurance, wages etc. At the end of any time period you just print out profit and loss sheet and let a accountant work out your tax liability. Go Luck

dont suppose you could send me a blank copy of this sheet could you please?