Any self-employed people here?

[Ice Rich]

Hello,

Are there any self employed people that sell on the internet?

If so how do you record all your transactions? Is a table in excel the best?
Will be needed to use for my TAX return next year.

Thanks

 

[gord]

Do you not use invoices? They will give a record of all your transactions wont they?

Then again, your use of the word transaction is a bit ambiguous, what transactions?

 

[Ice Rich]

Hi,

Sorry if I was not clear.

I do have invoices of all my tranactions (when people buy from me). However, at the end of the year it will be really hard for me to go through them all and work out the required information for my tax. Would prefer something I can do on the computer which will work out the calculations for me as I input data.

A table in excel is possible the best option. Although I would like to hear from other people in the same position as me.

Hope it makes sense.

Thanks

 

[Shifter_Hull]

i pay accountant he only chagers me around £25 a month give him paymnet ever quater
and imo worth every pennie save loads of hassle with V.A.T and so on

 

[Ice Rich]

Im just starting out and dont really require an account yet.

 

[Shifter_Hull]

yer if your just starting out a accountant can get you all your Tax you paid to the goverment for the year as long as you quit your paid it lol
id check around your area accountants are worth there wait in gold
saved me thousands

 

[blueboy2001]

My advice would be to invest in a basic copy of Sage Instant Accounts and use that. It may be a bit overkill for a very small business, but I've always used it from starting out and it's worth its weight in gold now my business is very busy and I'm dealing with lots of customers and suppliers. I can keep on top of my all my accounts in about half an hour a day, if I didn't use it I'd probably have to employ someone to do the accounts. It also helps keep in with suppliers because its easy to see when invoices are due for payment. You can move you data across into the bigger versions very easily as your business gets bigger.

 

[Adz]

Im just starting out and dont really require an account yet.

That's a fallacy. From personal experience, having an accountant from the outset is the best thing to do - they'll save you far more money than they cost you (their fees are of course tax deductible!) and will take all of the hassle/worry away, leaving you free to get on with what you're good at, running your business!

We pay £75/month exc. VAT for an all inclusive service and that's an SME with very complicated accounts. Book keeping is extra of course - look through your local paper and you'll find plenty of fully accredited book keepers charging < £20/hour.

Good luck with the business .