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Book keeping

Discussion in 'Business Related' started by Garythenab, May 10, 2012.

Discuss Book keeping in the Business Related area at ElectrciansForums.co.uk.

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  1. Garythenab
    Online

    Garythenab Guest

    Just started my own buisness last month. Just wondering the best way to keep my books for tax purposes. Layout etc.

    Manythanks Gary
     
  2. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    I'f you've got some spare cash you could buy a programme such as Intuit Quickbooks Pro. Not only will it keep all you accounts in order it also allows you to create and email estimates and convert estimates to invoices too!
     
  3. Garythenab
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    Garythenab Guest

    Thats the problem at the moment no spare cash lol
     
  4. oldtimer
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    oldtimer Electrician's Arms

    Location:
    Edinburgh
    I just run them on spread sheets and at the end of the month all figures are transferred over and this gives me a good view on what I owe HMRC instead of spending the dosh and then being surprised when the bill comes in
     
  5. Hiddo
    Online

    Hiddo Guest

    The simple way is to put all your receipts, invoices and remittance slips into a plastic wallet per week/month and them write on a blank piece of A4 as you go. Earnings & outgoings. As a small business you aren't required to keep sophisticated books just be sure to list EVERYTHING because if they check you will be in BIG trouble.
     
  6. oldtimer
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    oldtimer Electrician's Arms

    Location:
    Edinburgh
    Yes I totally agree I dont use an accountant because my earnings would not justify it. I keep a thick folder and I file all paperwork in order Every Day ie no looking under Maccy D boxes in the car at the end of the month I also have 5 spread sheets Sales,Purchases,Milage,Bank and end of month totals. I then fill the boxes in on my self assesment form its not hard if you make it easy but it is complicated if you cannot be bothered or are lazy
     
  7. Plonker 3
    Online

    Plonker 3 Guest

    I understand that times are hard and folk don't want to spend money, but if you don't know how to keep books, do tax returns etc then surely a accountant is the way forward. Yes it will cost but if you get a decent one, the amount they save you at the end of the year should easily be repaid.
     
  8. Murdoch
    Offline

    Murdoch Electrician's Arms

    Location:
    Woking
    We al have those problems from time to time, BUT the biggest plus of using business software is that it manages all my clients details, has templates for estimates and invoices built in, and very importantly emails them to my clients

    Its a marketing cost really and yes the latest version cost me £131.00 but spread over 3 years thats less than £1.00 per week and crutially it saves me money when I pass everything to my accountant.
     
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