Book Keeping for the self-employed

If you shop around, you should be able to find an accountant specialising in sole traders for around £250 per annum. Makes life so much easier when it comes to filling out self-assessment forms and no I'm not an accountant. A good accountant will also know what you can and can't get away with and keep up with any changes in the law so you don't have to and can get on with running your business IMHO. Nick For all your Christmas gift ideas try [url]http://www.sendallmyloveuk.co.uk[/url]
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Hi, I don't have an accountant, and I manage fine. I used to use an excel sheet, but no I'm using the NatWest Book Keeper. You can get it at [url]http://www.natwest.com/smallbusiness/services/index.asp?navid=SBS/ACCOUNTS_SERVICES&pid=2[/url]. It's free, and you don't have to be with NatWest to use it! Chris Naylor Wax Sensation

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Originally posted by m0rpheen
Hello, Is it ENTIRELY necessary to get an accountant? I'm not against the idea, but my company is a sole trade, no staff, and probably one or two payments to the company per month. Also, very little overheads, so outgoings will be very minimal. I'm planning on keeping everything itemised on an Excel workbook for the first year to see how things go. Is this a sensible option for a start up? I know accountants would say you need one but I really dont think one is necessary at this early stage of development for the company. Any views would be welcome! Cheers

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If you are not intending to make a profit or your turnover is tiny then a do it yourself job and a self completed tax return is fine. But if you do intend to make a profit, or grow to sustainability level a good accountant will pay for themselves many times over. It really all depends on your own circumstances and someone like James will give you some advice as to what is best for you and then you can decide from then on. To be honest you will find ( contrary to popular belief) that most good professionals will not want to take money from you unless they can improve your situation or protect your business dealings by doing so.
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Lee Schwartz Lime One Ltd www.limeone.com 01244 852550

So long as you keep good records of everything you spend and receive you cant go too far wrong on your own, however when it comes round to tax return time you may well miss a few tricks. The tax return is simplified for turnovers under £15,000 so you can certainly fill it in yourself if you so desire. The time when I would suggest it is fine to do so, is if you have no other income, so are paying no tax in any case. Any mistakes you make will not result in a higher tax bill, and your accountant cant actually save you any money if you pay no tax. My entry level return is £149, which gets offered to the very small business, and at this level it isnt hard to make at least this back for the client in terms of saved tax, not to mention saving the hassle of filling the form in. This tends to actually be the biggest worry for my micro business clients - filling the form in, not what can be claimed. Anyhow im biased! Regards, James Smith Chartered Accountant www.uktaxshop.co.uk 01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

if a company is formed mid december 2003 when would its financial year end be end dec 2004 or some other date thanks

In the early months, you probably do not need to go to an accountant provided you are methodical in your record keeping. You can also take advantage of some (free) software that is available out there, and free courses run by your local inland revenue. However, when things get going with your business, it is helpful o get a professional to focus on the big picture (i.e. look at your tax going forward, not just the tax bill now). Preparing now can save you a lot in the future. There are other issues to consider. For example, if you want to get a mortgage at some point you will need proof of income. If you are self employed this mean self certifying you income (at extra cost on the mortgage rate) or getting this certified by an accountant. Dan Woodruff Independent Financial Adviser http://www.woodruff-fp.co.uk 01206 851112
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Dan Woodruff
Independent Financial Adviser
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