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Accounts

mark2788

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How does everyone do there accounts? I thought keeping receipts and using bank account statements to do tax returns was enough but I'm finding its not? Do you just write it in a book and any examples would be greatly appreciated

 
We usually use our statements as it shows every in and out of the business when doing tax, weve found it to be easier as you can't forget or mistype a wrong entry that way?

 
Yep just use bank statements. Only thing that gets paid into business bank account is money from business sales so I know whatever has come in that year is my income plus any cash jobs that I count up from my invoice book.

As for expenses I keep all receipts and check my statements over for business expenses. Anything that doesn't have a physical receipt I find the online transaction.

Then I calculate my mileage and home use and add everything together. Last year it took me a full day about 8 hours to do my tax return from start to finish. That's double checking everything and getting it all in order etc. I also like to print everything out and put it in a binder rather than just have digital records so I know I've got a physical copy of that years return

 

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