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Recommendation for book on doing own accounts as a sole trader

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I am intending to register as a sole trader shortly, and would welcome any recommendations for a book on how to do my own accounts. The business will be a small sewing based business, run from home, and so I doubt that I will make enough to justify paying someone else to do them.
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Comments

  • Bookworm225
    Bookworm225 Posts: 393 Forumite
    100 Posts Name Dropper
    edited 24 May at 12:27PM
    don't get a book, work your way through the LITRG guidance on self employment, how to keep records, and how to do accounts and tax (pay particular attention to choosing to claim the "trading allowance" or actual expenses)

    as a start up business you will also need to master "capital allowances" and " pre trading expenses" for your first tax return. There are sub sections on both topics 

    Self-employment | Low Incomes Tax Reform Group
  • Addiscomber
    Addiscomber Posts: 1,010 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thank you very much. I had never heard of them.
  • Bookworm225
    Bookworm225 Posts: 393 Forumite
    100 Posts Name Dropper
    getting started tip,
    make your "year end" (the so called basis period) the 5th of April so that in future your taxable profit exactly mirrors the tax year 6th April to 5th April. Makes your accounts much easier to do.

    Trading income: basis period reform | Low Incomes Tax Reform Group
  • Mistral001
    Mistral001 Posts: 5,416 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    edited 27 May at 2:31PM
    There is a lot on the internet regarding setting up a sole trader business, but very little on bookkeeping.  A simple book on bookkeeping might be worthwhile getting.

    As has been said, make sure your end of business year is 5th April and not the end of the calendar year.

    Keep it simple.  If you do not have many business transactions, even a couple of simple exercise books is all that is needed to for your "books". 

    Keep all your receipts and copies of your invoices etc. in one place.  If they are in digital form, keep them in a computer and make backups.  I am not sure if you can make backups on a mobile, but if you can, then do it.  If they are in paper form, a drawer or cardboard box is all that is needed to start off with.     
  • Savvy_Sue
    Savvy_Sue Posts: 47,273 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Could see what is in your local library?
    Signature removed for peace of mind
  • Addiscomber
    Addiscomber Posts: 1,010 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Savvy_Sue said:
    Could see what is in your local library?
    Sadly not at the moment!  My ankle fractured in 2 places on 8th February, whilst I was in A & E it was discovered that I had a respiratory issue that is symptom less (until oxygen levels are measured) and I ended up staying for 7 weeks,  bed bound. I am getting more mobile, but cannot leave the house yet.
  • Addiscomber
    Addiscomber Posts: 1,010 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    There is a lot on the internet regarding setting up a sole trader business, but very little on bookkeeping.  A simple book on bookkeeping might be worthwhile getting.

    As has been said, make sure your end of business year is 5th April and not the end of the calendar year.

    Keep it simple.  If you do not have many business transactions, even a couple of simple exercise books is all that is needed to for your "books". 

    Keep all your receipts and copies of your invoices etc. in one place.  If they are in digital form, keep them in a computer and make backups.  I am not sure if you can make backups on a mobile, but if you can, then do it.  If they are in paper form, a drawer or cardboard box is all that is needed to start off with.     
    Thank you. This is what I have found. Everyone seems to assume that one knows what to write in the books!! I haven't got a clue.

    I have sussed out the other stuff, well it is common sense really. 
  • uknick
    uknick Posts: 1,766 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Have a look at Bookkeeping for Dummies

    Bookkeeping and Accounting All-in-One For Dummies - UK, UK Edition : Kelly: Amazon.co.uk: Books

    I've not read it, my go to book was Frank Woods when I started my studies, but the Dummies series of books is generally well thought of.
  • Savvy_Sue
    Savvy_Sue Posts: 47,273 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Savvy_Sue said:
    Could see what is in your local library?
    Sadly not at the moment!  My ankle fractured in 2 places on 8th February, whilst I was in A & E it was discovered that I had a respiratory issue that is symptom less (until oxygen levels are measured) and I ended up staying for 7 weeks,  bed bound. I am getting more mobile, but cannot leave the house yet.
    Ouch! However, if you already have a library card you might find an E-book. Or could you reserve something online and send someone to pick it up? (I hope you have someone who can run errands for you!)
    uknick said:
    Have a look at Bookkeeping for Dummies

    Bookkeeping and Accounting All-in-One For Dummies - UK, UK Edition : Kelly: Amazon.co.uk: Books

    I've not read it, my go to book was Frank Woods when I started my studies, but the Dummies series of books is generally well thought of.
    I almost suggested this, but never having seen this particular book I didn't know if it would be any good or not. However I very much agree with your assessment that the Dummies series is well thought of. 
    Signature removed for peace of mind
  • SVaz
    SVaz Posts: 546 Forumite
    500 Posts First Anniversary
    Open a free Mettle business bank account ( it’s backed by Natwest) and it gives you Free Freeagent accounting software. 
    Couldn’t be easier to use. As long as you put stuff in the correct categories,  it does everything automatically and fills in your tax return as you go.  You upload a picture of a reciept for expenses and match it to the corresponding amount on your linked bank feed or you create an expense if you pay in cash or use paypal etc. 
    Freeagent has an online ‘knowlege base’  that guides you through every step. 
    Even if you don’t expect a large turnover, eventually you will be caught in the ‘ Making Tax Digital’ net so it makes sense to start now. 

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