Thought excel is used to record data
Quicken always used to be good for many financial tasks but not sure how relevant it is these days.
Comment deleted by Site Moderator
use excel
word is useless
packaged software too complicated 9/10 times
you can easily download your bank stmts into excel/csv and then just flag each entry into buckets. 15 mins a week tops but keep on top of it.
Excel. Very flexible. Word waste of time
Get yourself a good accountant
Good luck and hope things go well for you
I use Hiveage. Nice online billing/invoicing system. You can set up all your details and clients etc so its saves a bunch of time. It also shows your earning, best clients with some nice graphs. Support is fast too. Check it out
Use excel for Incomings and Outgoings
Use cards whenever possible so you have statements to rely on
Keep all receipts
Define categories - Travel/Telephone/Professional &Legal,etc.
Enter all costs and earnings monthly
Sign up with a good accountant who will tell you what is required at tax-year end and will submit Tax Return at end of tax year (cost varies but about £300 should do it)
Excel isn't a bad shout
Also have you considered becoming a Director of your own limited company? You'll legally save a tonne on taxes and it's a lot easier than most people realise.
So excel it is. Thanks team.
I have not considered becoming a director of your own limited company. What are the requirements? I fit the definition of sole trader perfectly.
If you form a limited co you pay yourself mainly thru dividends and end up paying less tax
and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there
but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)
If you are just starting out then I would say stay as a sole trader you can then create a company later.
Just remember you will need to complete annual returns and file accounts if you are a company ( however, under small company exemption they are particularly nothing). It's all simple stuff you can do online at Companies House. If you forget you get fined, so its down to you to remember.
comment by The Kaiser's Trainers (U5676)
posted 31 minutes ago
If you form a limited co you pay yourself mainly thru dividends and end up paying less tax
and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there
but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)
-----------------------------------------------
it is only beneficial, if your T/O is over £70k per annum
otherwise more headache than it's worth
Depends really on your investment - you could always buy software that makes it easier but if you've only just started as you mentioned I'd stick to excel. Very basic and easy to use. It can be created to suit your own needs far better than some think.
As for sole traders there really isn't as much red tape or detailed submission of accounts as there would be for a company. A simple tax self assessment at the end of the year does usually suffice. (I'm an accountant )
why is my hiveage suggestion being snubbed? Its really easy to use and its free?
Worth a try at least. https://www.hiveage.com/
hiveage looks quite good
they didn't show much on the expense/banking management side of things in the video though so it's hard to judge overall
I use a program my dad created years ago on Microsoft access so access if it's still about is worth a shout but for an easier version use excel.
Apple products are poor compared to Microsofts IMO.
Comment deleted by Site Moderator
Why a sole trader? A limited company makes so much more sense If you're married make your wife a director...Then find a good accountant , also remember that as a sole trader you're liable for all debt the company racks up should it all go tlts up. With a Ltd Company all debt dies with the company.
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posted on 5/5/15
Thought excel is used to record data
posted on 5/5/15
Quicken always used to be good for many financial tasks but not sure how relevant it is these days.
posted on 5/5/15
Comment deleted by Site Moderator
posted on 5/5/15
use excel
word is useless
packaged software too complicated 9/10 times
you can easily download your bank stmts into excel/csv and then just flag each entry into buckets. 15 mins a week tops but keep on top of it.
posted on 5/5/15
Excel. Very flexible. Word waste of time
posted on 5/5/15
Declare nothing
posted on 5/5/15
Get yourself a good accountant
Good luck and hope things go well for you
posted on 5/5/15
I use Hiveage. Nice online billing/invoicing system. You can set up all your details and clients etc so its saves a bunch of time. It also shows your earning, best clients with some nice graphs. Support is fast too. Check it out
posted on 5/5/15
Use excel for Incomings and Outgoings
Use cards whenever possible so you have statements to rely on
Keep all receipts
Define categories - Travel/Telephone/Professional &Legal,etc.
Enter all costs and earnings monthly
Sign up with a good accountant who will tell you what is required at tax-year end and will submit Tax Return at end of tax year (cost varies but about £300 should do it)
posted on 5/5/15
Excel isn't a bad shout
Also have you considered becoming a Director of your own limited company? You'll legally save a tonne on taxes and it's a lot easier than most people realise.
posted on 5/5/15
So excel it is. Thanks team.
I have not considered becoming a director of your own limited company. What are the requirements? I fit the definition of sole trader perfectly.
posted on 5/5/15
If you form a limited co you pay yourself mainly thru dividends and end up paying less tax
and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there
but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)
posted on 5/5/15
If you are just starting out then I would say stay as a sole trader you can then create a company later.
Just remember you will need to complete annual returns and file accounts if you are a company ( however, under small company exemption they are particularly nothing). It's all simple stuff you can do online at Companies House. If you forget you get fined, so its down to you to remember.
posted on 5/5/15
comment by The Kaiser's Trainers (U5676)
posted 31 minutes ago
If you form a limited co you pay yourself mainly thru dividends and end up paying less tax
and if you've got a spouse you can pay them basically poverty wages as your admin/secretary and get a tax break there
but you'll really need an accountant as stated above. few hundred a year roughly but you'll save way more than that in taxes (99% of the time)
-----------------------------------------------
it is only beneficial, if your T/O is over £70k per annum
otherwise more headache than it's worth
posted on 5/5/15
Depends really on your investment - you could always buy software that makes it easier but if you've only just started as you mentioned I'd stick to excel. Very basic and easy to use. It can be created to suit your own needs far better than some think.
As for sole traders there really isn't as much red tape or detailed submission of accounts as there would be for a company. A simple tax self assessment at the end of the year does usually suffice. (I'm an accountant )
posted on 5/5/15
why is my hiveage suggestion being snubbed? Its really easy to use and its free?
Worth a try at least. https://www.hiveage.com/
posted on 5/5/15
hiveage looks quite good
they didn't show much on the expense/banking management side of things in the video though so it's hard to judge overall
posted on 5/5/15
I use a program my dad created years ago on Microsoft access so access if it's still about is worth a shout but for an easier version use excel.
Apple products are poor compared to Microsofts IMO.
posted on 5/5/15
Comment deleted by Site Moderator
posted on 5/5/15
Why a sole trader? A limited company makes so much more sense If you're married make your wife a director...Then find a good accountant , also remember that as a sole trader you're liable for all debt the company racks up should it all go tlts up. With a Ltd Company all debt dies with the company.
Page 1 of 1