I want to learn to do my accounts!

Northumbrian_2

Hope this is the right place to post this.

I am developing a (very small) business providing IT 'consultancy' to a small number of clients. This means that my tax return at the end of the year will be showing an element of 'self-employed' earnings for the first time.

Thing is, I don't really want to pay several hundred pounds to an accountant when my SE income won't be huge. I have Quickbooks set up nicely for my purposes (by someone who uses it in their workplace, so she showed me around) and I'm wondering if anyone can point me towards a good book/website/resource (so I don't trawl my way through gozillions of possibilities) which will enable me to understand how to best avoid (not evade!) paying tax. I don't really understand the implications (for my accounts) of working here at my desk in the house/buying a new computer/using my phone/travelling in my car to a client's premises etc etc....

I'm looking for a 'Money Diet' equivalent for non-accountants! Thanks

Oh, and another thing: how do I edit this barmy sentence which seems to appear at the bottom of my posts?!

Nelski

lol Northumbrian - I cant help with your book query though I look forward to reading the replies as I am also in business

as for the signature go to user CP in the blue bar above and then click edit signature

Northumbrian_2

Thanks Nelski! Now I've been able to insert a barmy sentence of my own choosing....so, now for the accountancy!

Edinburghlass_2

In fact you should try asking your local Tax Office, they really can be quite helpful

I do not work for the Inland Revenue but have found them helpful in the past regarding what you can and can't claim for as self employed.

Finishrich

Yes I'd agree with Edinburgh Lass - Just back from one of the business gateways networking events and was speaking to an advisor from the Inland Revenue, she was really helpfull and said that they'll even come out to your place of business / home and go over things one to one plus they usually offer free workshops etc via the local business gateway/enterprise company. Definatley worth getting in contact with.

Justin_Credit

I attended a workshop covering self-assessment for the self-employed at the local offices of HMRC a couple of months ago. They were really helpful and the advisors even gave us their direct phone line numbers in case we had queries in the future. I did phone the other day as I had a query, I left a message and was phoned back the next day with the answer. I would suggest making your local Tax office your first port of call when seeking advice.

JC

Northumbrian_2

Blimey, who would have thought that? You mean I can get the information for free?!
Thanks for your experiences...

Splashie

If you want to go even further than that I remember seeing that the OU do courses in accountancy for small businesses - I might look that up my self!

Splashie

flossy_splodge

I also went to a free half day seminar run by the revenue and first class it was too! Answered all questions and very friendly. Also realistic. Pointed out what you would get away with and what not to try!! Also ask at your local Business Link as they run a variety of courses for free. And lastly, just at the moment there is Government money available to small businesses for a variety of trainings. Just need to choose the right avenue according to your type/size of business. Ask Business Link as they are the nominated gateway to access this money. Good luck.

Octavian_2

As a freelance Business Adviser with a Business Link, I would endorse making an approach to them, or a local Enterprise Agency (likely to be free). Their accountancy guides can be found here
http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1073858805&r.s=tl&topicId=1073859158

A nice Mr Barton has also set up a guide here. http://www.nrbarton.co.uk/Bookkeeping/Intro.html

Comprehensive notes come with your Self Assessment return and there are several books around which give you a pointer as to what is acceptable expenditure to reduce your, hopefully high, tax bill (means you've been busy!). :beer: