Confusion...self employed

fgh001

I'm a bit confused as to what I should and how I should be keeping records.
I have one bank account that everything goes into and goes out of...
Saying I get paid cash one week but wait to cash the money until the end of the month along with other cash I have earned do I just keep a note of how much I put in and what date?

Also invoices...I give the customer a copy and I keep a copy and write at the bottom when it was paid and how it was paid? Then file it?

If I buy say new gloves that I need for my work...I keep the receipt and put the details into some kind of spreadsheet?

At the moment I have work with one person who is going to pay me every week for my services in that week. So I invoice him every week and he usually pays me that week. Is that ok?

Do I need to keep monthly logs of what I've earned?
If so then how do I do that when the month change falls mid week?

Apologies for all the questions

ThemeOne

Everything you're proposing sounds fair enough to me.

The exact details of how you record your incomings and outgoings are for you to decide, but the important thing is when you come to do your tax return you're able to accurately report them. You do not have to submit the records or paperwork with the tax return, but need to keep them should HMRC ever want to inspect them (very rare, as far as I know).

In time you might find it more convenient to have a separate bank account for the business, but you don't have to.

I'm assuming you're self-employed, rather than running a company, and that you've also informed HMRC that you are self employed.

fgh001

ThemeOne wrote: »

Everything you're proposing sounds fair enough to me.

The exact details of how you record your incomings and outgoings are for you to decide, but the important thing is when you come to do your tax return you're able to accurately report them. You do not have to submit the records or paperwork with the tax return, but need to keep them should HMRC ever want to inspect them (very rare, as far as I know).

In time you might find it more convenient to have a separate bank account for the business, but you don't have to.

I'm assuming you're self-employed, rather than running a company, and that you've also informed HMRC that you are self employed.

Thankyou
Yes I'm self employed, I have recently informed hmrc about this

Savvy_Sue

fgh001 wrote: »

Do I need to keep monthly logs of what I've earned?
If so then how do I do that when the month change falls mid week?

No, you don't need to keep a monthly log. However I'd recommend keeping your spreadsheet up to date AT LEAST monthly, and checking that all the invoices you have issued have been paid. I know you get paid weekly and promptly from you current activity, but I think you're expecting this to increase, and do other jobs for other people.