Self employed book keeping help

Unicorn · 5 Jun 2016 at 14:24

Hi im wondering if anyone has made an excel sheet up for book keeping for there own self employed sole trader business.

Im looking for a little help on it all iv worked out my ammounts, gross, tax and ni etc but i cannot get my spreadsheet to take my taxfree ammount into consideration iv tried formulas like

=SUM(J18:J28)-(F1/52) which should take my tax ammounts stated from J18 to J28 and remove a week of tax free contribution ammount also?

I may be going around this the wrong way but im just trying to get setup to make my own life easier for invoicing the contractor and keeping my books together

Destination · 5 Jun 2016 at 14:25

Why remove a week of tax free contribution?

You submit your taxes annually, so you enter, you complete gross, deduce your expenses, to get you net earnings, then from this you apply whatever tax saving apply to you over the course of the entire year.

Unicorn · 5 Jun 2016 at 14:35

Hikari Kisugi said:
Why remove a week of tax free contribution?

You submit your taxes annually, so you enter, you complete gross, deduce your expenses, to get you net earnings, then from this you apply whatever tax saving apply to you over the course of the entire year.

As i work under the CIS scheme so my Tax and Class 2 gets automatically paid out before i see it and i get CIS slips for my tax return yearly. Its just id like to also note it down my end for keeping track and expense wise

Destination · 5 Jun 2016 at 14:45

Are you purely subcontracting, so someone else is paying you and submitting the CIS paperwork, and you're getting billing in advance, or do have subs who you pay also?

Unicorn · 5 Jun 2016 at 14:52

Hikari Kisugi said:
Are you purely subcontracting, so someone else is paying you and submitting the CIS paperwork, and you're getting billing in advance, or do have subs who you pay also?

Im purely subcontracting for a contractor by myself. I submit weekly invoices for my work at a set rate and they pay class2 + tax through CIS and submit that to HMRC, Yearly i must submit a return with all my figures to make sure they did it correctly and pay my class 4 bill also whilst inputting all my expenses in to reclaim