Cash Basis Accounting

Tia1960

Hello. Hoping you can help me out. From tomorrow, I will be self employed. I have one client and we have agreed a monthly cost for my services. I work from home. Looking at HMRC site, I 'think' I should use the Cash Basis Accounting. However, I'm wanting to buy a book to record all income and expenses and, for the life of me, I can't seem to find the necessary product.

I'm also a tad unsure as to what I can/can't, should/shouldn't claim when I complete my self assessment.

I'd be very grateful for any advice.

sequence

You don't really need anything special for cash accounting.
One column for money in, one for money out. Add them up at the end of the year.

Most things that you buy to use directly for your business can be claimed as expenses.

Mistral001

I think even pound shops sell cash books so hardly a specialist item.

PlutoinCapricorn

I use a spreadsheet for self employment income and expenses myself.

If you are newly self employed, 2014/15 will be your first return and you have ample time for research.

Here is a good place to start:
https://www.gov.uk/government/publications/self-employed-expenses-and-allowances

zygurat789

Tia1960 wrote: »

Hello. Hoping you can help me out. From tomorrow, I will be self employed. I have one client and we have agreed a monthly cost for my services. I work from home. Looking at HMRC site, I 'think' I should use the Cash Basis Accounting. However, I'm wanting to buy a book to record all income and expenses and, for the life of me, I can't seem to find the necessary product.

I'm also a tad unsure as to what I can/can't, should/shouldn't claim when I complete my self assessment.

I'd be very grateful for any advice.

You may use either basis.
Do some research and see which is best for you.