I need help and I dont know where to start.

slowchimera

My financial affairs are both bizarre and poorly documented and I need help that encompasses company accounts, cryptocurrency and property.

I just dont know where to start.  I've been a sole trader for a number of years doing my own taxes, but everything has become much more complicated of late and I am way out of my depth. I'm worried I'm going to end up in serious trouble if I don't sort it all out. 

Up until 2018/19 my affairs were fairly simply, and then complexities crept up on me.  I've submitted my tax return for 19/20, which I have double checked is correct, but for the last last financial year, I have no clue where to start, my record keeping is shoddy, but can probably be tracked in some way, but I'm already overrun with stuff I need to do without trying to sort this mess out.  

I am solvent, but I have little cash to hand to pay the kinds of five figure sums that I have been quoted by accountants.
Do I just need to bite the bullet?

[Deleted User]

I think you know the answer. You just need to bite the bullet don't you. Take it one step at a time. You kind of have to. In life, there are two groups of people you don't want on your back. One of which is HMRC.
Unless your posterior is on fire, your priority needs to be sorting out HMRC. 

slowchimera

Its just all so daunting. 
For years I had poor people money problems, claiming benefit top-ups, panic when the car MOT was due etc, but I got quite good at dealing with them..  Now that I am not poor anymore I seem to have aquired a whole new set of money problems, but I dont have the skills/confidence/connections to sort it out

MalMonroe

slowchimera said:

My financial affairs are both bizarre and poorly documented and I need help that encompasses company accounts, cryptocurrency and property.

I just dont know where to start.  I've been a sole trader for a number of years doing my own taxes, but everything has become much more complicated of late and I am way out of my depth. I'm worried I'm going to end up in serious trouble if I don't sort it all out. 

Up until 2018/19 my affairs were fairly simply, and then complexities crept up on me.  I've submitted my tax return for 19/20, which I have double checked is correct, but for the last last financial year, I have no clue where to start, my record keeping is shoddy, but can probably be tracked in some way, but I'm already overrun with stuff I need to do without trying to sort this mess out.  

I am solvent, but I have little cash to hand to pay the kinds of five figure sums that I have been quoted by accountants.
Do I just need to bite the bullet?

As you are now solvent, why not hire an accountant just to help you get sorted, as a one-off? Most accountants will do that for you and will be able to advise how to keep records too. I think it'd be worth it. 

lr1277

In terms of tracking I use Home Accountz. With the way I have it setup, I track my cash assets, income, liabilities and expenditures. I setup a new file every year, so when self assessment time comes, I run some reports and I have the figures to enter onto my return, though for the last few years I have provided the figures to my accountant.
Keeping it uptodate requires diligence by entering the data on a daily basis. Right now that might not be a solution for you, but going forward, especially with a new tax year starting in a few days, that might be something to think about. One other advantage of this particular software is that it has an iOS app, so again if things are setup right, you can (only) enter transactions on your mobile. The downside for me is that I have not found a way to keep a track of investment portfolios and trading accounts.
In terms of software packages, there are many available. I believe there are a number of threads on the Savings board and the Budgeting and Bank Accounts board. Packages like MS Money are mentioned. Other software is also mentioned, but I don’t remember their names.