Administration for Sole Trader

claret73 · Aug 5, 2011

Evening All...
Have been CIS for past 18Months so HMRC Registered and paying own NI. Looking to fill the gaps have decided to put myself about locally within my means. I have a Small Business Accountant for my Tax Return, so advice on book keeping is OK. I'm getting together some layouts for quotes and invoicing at the moment. Hopefully before next Tax Year will go down Quick Books route. Any other forms I would need, receipts etc?

Stationery taken care of as is clothing. Getting more of own tools together at the moment. I do want to progress to 2391, I have 2330 L3 but may do the 2392 just to get more exp as I'm not currently testing every week. Also slowly working towards Part P Scheme.

I have PL to 2Million. I'm unsure of Terms and Conditions I'd need to use, payment terms, any Tools Insurance, Insurance for being off Ill is something I don't have. There's probably more I'll think of, but trying to keep it all simple.
Any advice on what Sole Traders are doing would be helpful.
Thanks
Andy

Octopus · Aug 5, 2011

If you do go down the Quick Books route you can do all your invoices and estimates on it.

Excellent package, today my accountant asked for a copy of my general ledger to go with my books and I created a 24 page PDF at the push of a button and emailed it to him. All done in about 1 minute. Yes the package cost a few quid but its well worth it.

I'd recommend a business back account too!

claret73 · Aug 5, 2011

Thanks Murdoch. Yeah, am aware of the Quickbooks options and the accountant has offered to show me how to get up and running with it. I use it at the moment purely for Invoicing. I'm going to hang on to my personal account at the minute. Unless I become completely full time with it away from subbing, I can do without too much expense...

Richard Burns · Aug 6, 2011

Remember on T&Cs that you now have to put the right to cancel within seven days bit.
Get a clause for payment time (generally EOM following month of invoice) and a clause for interest on unpaid invoices just in case.
Have you got a supply of certificates EIC etc?
I found registering as Part P was very useful because otherwise there are a lot of jobs you can't do (legally), but it may not be worth the cost if you are doing very few jobs.
I sign my invoices "paid" as a receipt (not sure if it is enough but still got the bank account statements).
My car and house insurance covers my tools as I do not have many yet.
Good luck!

claret73 · Aug 6, 2011

Thanks Richard. Will try to dig some Terms & Conditions up, otherwise my Sister's Legal firm may be able to help. I've been using BS7671 Certs for MW and Local Council have said with my C&G & 17th I can provide EIC on jobs where they do not wish to see 1st Fix rather than send out a Contracted Electrician to test & certify.

truckster · Aug 6, 2011

Murdoch said:
If you do go down the Quick Books route you can do all your invoices and estimates on it.

Excellent package, today my accountant asked for a copy of my general ledger to go with my books and I created a 24 page PDF at the push of a button and emailed it to him. All done in about 1 minute. Yes the package cost a few quid but its well worth it.

I'd recommend a business back account too!

Hi Murdoch

Which package do you use, online or desktop and what level? The £99 one looks good enough or do you recommend something else?