Stupid question from a clueless newbie

[Robbiedaisy]

Firstly, thank you for continuing to read this post - the title says it all!

I am setting up a very small business offering acupuncture. I will only do it on one day a week and will be visiting people's homes.

I've bought a simple book on the internet to do my accounts in - The Best Small Business Accounts Book.

Do I need a seperate bank account? And if not, is this book enough, or do I need to show the corresponding entries on my bank statement?

I hope I am making sense?

Shall I just tell the inland revenue that I need a self assessment form sending now? I will be employed full time by the NHS for 4 days a week, so don't see how I can say I am self employed.

I guess I need to see an accountant as I don't know what to do about claiming mileage for my car?

Many thanks for any replies. Apologies if it's too simple a question for this forum.

RD

[Mpg]

You can be employed by the NHS and self employed at the same time.

I would say yes get a business bank account but get one thats free to use for a couple of years.

mileage can be claimed off your profit @ 40p pm 1st 10k the 25p pm after that keep records of all business journey's

[Geoff T]

Apologies if it's too simple a question for this forum.

RD

RD - if you've looked around enough you'd find WAY simpler questions than yours - don't worry! (Holds his hands up:redface:)

I'd agree with mpg here - the easiest way to keep things separate is to get a separate bank account for the business - something free, and nothing flash (no need for bells and whistles!)...

A book and a spreadsheet would be good enough, but you'll find some accountants will provide a free session for advice - why not try that? OR - you could do some searches on this forum and the rest of the web...

Last - there are many people who will say that your business could be run without advising HMRC (being predominately "cash in hand" I would think), but I'd advise against it! They've got some helplines you can get from their website - call them and take some free advice... from them and from here...

[MyAccountantOnline]

Firstly, thank you for continuing to read this post - the title says it all!

I am setting up a very small business offering acupuncture. I will only do it on one day a week and will be visiting people's homes.

I've bought a simple book on the internet to do my accounts in - The Best Small Business Accounts Book.

Do I need a seperate bank account? And if not, is this book enough, or do I need to show the corresponding entries on my bank statement?

I hope I am making sense?

Shall I just tell the inland revenue that I need a self assessment form sending now? I will be employed full time by the NHS for 4 days a week, so don't see how I can say I am self employed.

I guess I need to see an accountant as I don't know what to do about claiming mileage for my car?

Many thanks for any replies. Apologies if it's too simple a question for this forum.

RD

Not stupid questions at all.:)

If you intend to use an accountant it can help reduce your fees if you keep a seperate bank account for your business - quite simply it reduces the need to wade through lots of private payments.

You can buy a book as you suggest, or look at using software it really depends on how much time you want to spend keeping records etc., and if you even want to do it yourself. Some accountants, myself included, provide an all in one service where you dont need to do your own bookkeeping.

You can indeed be employed and self employed at the same time - many people setting up in busines start this way. You do need to register with HM Revenue & Customs as self employed have a look here -
http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

An accountant can indeed help with your query about mileage - broadly you have a choice claim 40p per mile for each business trip (for the first 10,000 miles pa and then 25ppm thereafter) or claim a percentage of your actual car running costs and capital allowances based on the total mileage you do and the amount which is for business trips. Which one is best depends on the mileage you will be doing, how much your car costs to run and what car you have.

[allina11]

Hello robbiedaisy,
For separate acupuncture business, you need your separate business account for all the transaction, so get it done for you. You have a two option like self employment Or Employment from NHS. If you employed from NHS, then you will get free business account and for self employment, you need contact to the bank official for further discussion.

[elainec100@cheapaccounting]

Hello robbiedaisy,
For separate acupuncture business, you need your separate business account for all the transaction, so get it done for you. You have a two option like self employment Or Employment from NHS. If you employed from NHS, then you will get free business account and for self employment, you need contact to the bank official for further discussion.

This is an old thread so some info out of date e.g. now 45p / mile.

Also just to point out that the answer highlighted contains a lot of misleading info - so please do not rely on info in that post.