MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Hey guys I dont want to shell out for an accountant yet as its only the real simple stuff but I wouldn't mind a little helping hand
ok so this is what I do so far.
1, invoice with date
2, receive cash into a current account (used solely for business)
3, print off a copy of the invoice, mark date paid
4, every month print off statement of said account
5, any cash that leaves the business account (expenses keep receipts and write on, keep in a poly pocket per month)
6, what do I do with cash I want to take out and put into my other current account, should I just take it out and say "wage to self" or doesn't that matter so much as im self employed and not ltd?
with any hope I can manage my expenses so I dont end up paying much or any tax after the year but I dont want to get in a fuddle now 🙂
any experience greatly welcomed 🙂 also an idea of an accountants cost on a self trader with a small turnover per year?
I do have a savings account that I could use to put money I think is for tax if thats a good idea? so if I take £400 out in cash put £80 in the tax account? if thats right, I dont even know if tax is 20%?
Also national insurance payments, Im suprised after registering a few weeks ago that I havent heard about payments for this? I thought it was monthly or something? anyone I can ring about this?
could probably do with talking to an accountant (i'm not one) my mum is though, and she looks after my brother in lasw company, that started as ebay sales then went a bit bigger. just helps to know you're doing things right when its small and easy, so if business picks up there's less nasty suprises waiting
any benefit in having a local accountant or would someone like your mum be suitable for me ? 😀
Have a look at Sage's free "Sage Invoicing". I'm a self employed race mechanic and is spot on for me.
I would find a good accountant, get them to fix their fee's up front. I have a good one, they save my company 10 times what they cost. I used to think I could do all these things myself but the accountants know all the tricks.
Get an accountant or you'll waste time that could be spent on sales/work.
HMRC (Local Business Centres) run courses on self assessment, becoming self employed etc. which tell you what paperwork they want you to keep if you want to do it yourself.
Usually the courses are about 3 hours long - they used to even give you a coffee and biscuit but cutbacks may have stopped this perk!