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A Guide To Keeping Basic Accounts

Discussion in 'Money, Accounts & Finance' started by ladyvgw, Oct 7, 2010.

  1. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    They are classed as a purchase and yes you need to keep a record.
  2. Cataclyst

    Cataclyst

    Joined:
    Oct 10, 2010
    Messages:
    248
    I'm still unsure as to whether I want to become a sole trader or register as an LLC. If I opt for being self employed at first, is it easy to 'switch' to an LLC later on?

    Again thanks for the help.

    edit: kinda in the wrong thread, lol. Still slightly related...
    Cody likes this.
  3. Kell

    Kell

    Joined:
    Jul 20, 2009
    Messages:
    675
    You would be much better starting off as a sole trader, rather than complicating matters by registering as a limited company straight away. Yes, you can easily register as a limited company later on.

    The links below answer similar questions about limited companies.

    http://www.thewholesaleforums.co.uk.../98621-new-starter-help-creating-company.html

    http://www.thewholesaleforums.co.uk...es-setting-up-ltd-company-affect-my-paye.html



  4. QualityControl

    QualityControl

    Joined:
    Jan 18, 2011
    Messages:
    33
    Thank you for this information!

    Quality Control
  5. NORN-IRON

    NORN-IRON

    Joined:
    Aug 22, 2011
    Messages:
    19
    Hi LadyVGW, thanks for such an informative and helpful post.

    Can I just ask a few questions. Regarding postage; for an item sold, do you record the selling price separate as income and then on the expenses sheet list the postage costs, you do not tie the two of these together then on the income sheet?

    Second question, if I buy something for resale via ebay, I take it you list the price of both the item and postage & packing prices incurred as the one. For example a pair of shoes bought for resale at £9 + £3 postage and packing, this I take it would be recorded as a purchase on my expenses sheet at £12

    Finally do you know if there is a section on ebay to find monthly postage costs, ie the total amount of postage paid, just the same way as there is for monthly fees invoices? Or will each sales postage have to be entered into spreadsheet?

    Thanks again,
    N-I
  6. saliviya jonath

    saliviya jonath Banned Member

    Joined:
    Sep 13, 2011
    Messages:
    9
    Hi,
    These tips are really informative and your presentation also very nice. I will follow these tips and I hope I can get success through these.
  7. BGD

    BGD

    Joined:
    Jul 22, 2009
    Messages:
    81
    Hello, not sure this is the best place for the question, but going on the suggestions above of accounting software, which is the best one for those moving from Excel? I am not so keen to pay a large annual subscription to Sage, is there a more competitive, smaller business alternative, that might pay itself back in reduced accountants fees and general time saving?

    I am accounts averse, remembering every receipt, payment etc A simple programme <<hopefully!>> might help me with this blind spot ;D
  8. welshwizard

    welshwizard

    Joined:
    Jun 24, 2009
    Messages:
    33
    Vicky you are an Angel.

    Thank you very much. As long as you have the patience, I will have the questions for you. :)
  9. junipaire2009

    junipaire2009

    Joined:
    Jul 24, 2009
    Messages:
    181
    Wow what a great post and thanks so much Vicky for all these accounting thread you made, very informative and put into a wasy to understand way, often tax an accounting articles can be hard to understand and get your head around but I found your articles to really break down what the most important essential info for people in a really easy format, so well done and thanks.
    ladyvgw likes this.
  10. Mckergan

    Mckergan

    Joined:
    Feb 13, 2012
    Messages:
    154
    A great post Vicky, well worth the read especially for "the select few" just starting out on their adventure!

    So, thank you :)
    ladyvgw likes this.
  11. Parkers22

    Parkers22

    Joined:
    Apr 3, 2010
    Messages:
    202
    I now have a shop and use a till to take cash and give receipts. What records do I need to keep in terms of sales. Can I just record down on a spreadsheet what I have taken for each day?

    For example: can i use Sage One Cashbook and record the days takings as one transaction?

    Obviously I keep all expenditure receipts like till receipt rolls e.c.t :)
  12. seamo44

    seamo44

    Joined:
    Jul 4, 2012
    Messages:
    17
    Exactly what I have been looking for, great info, thank you.
    Martin
  13. kskadian

    kskadian

    Joined:
    Jul 12, 2012
    Messages:
    12
    Hi Vicky,

    How are you?

    When you say claim, do you mean that a business can have the amount paid for the good/service claimed back? Or, it is just for the VAT?
  14. vapd

    vapd

    Joined:
    Oct 2, 2012
    Messages:
    4
    Unless I've miss understood this HMRC document it is allowed to keep digital records. You do not have to print everything out! See top of page 5. Document title if link does not work is: 'A general guide to keeping records for your tax return'. hmrc.gov.uk/sa/rk-bk1.pdf

    <mod edit: displayed link>
  15. afroza begum

    afroza begum

    Joined:
    Jul 29, 2012
    Messages:
    47
    i live in 2 bedrooms house and 1 bedrooms use for stock and all sorts of business items. basicly use that room for business purposes. i spent quite a lot of time in that rooms and use heating and electricity... can i still claim few percentage of the bills?
  16. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    Yes you can :) but you can only claim a small amount, say £3 or £4 per week. Google 'Use of home as office allowance' and it should tell you everything you need to know. If you claim too much then they could turn round and say you should be paying business rates.
    afroza begum likes this.
  17. Horatio

    Horatio

    Joined:
    Feb 27, 2013
    Messages:
    1
    Quite informative post, its really very important to have all records maintained which can make working easy.

    <MOD EDIT : URL REMOVED>
  18. hobnobs

    hobnobs

    Joined:
    Apr 30, 2015
    Messages:
    4
    Thanks for this helpful post, ladyvgw. I'm in the process of completing my first tax return as an online sole trader. Could you let me know a reasonable percentage to claim for broadband use as this is difficult to measure.
  19. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
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    It depends really on what you do. If you run a web based business from home and use the internet a lot then I would say you can claim for 50% of the bills. If you just use it for the odd email the maybe reduce it down to 25%.
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