Looking for a simple book for accounting

[colin_mckellar]

I am working self employed for about 30 hours per week. All my income will come from one or two customers. I need to collect expenses like mileage and postage and put it into an accounts package.

Does anyone know of a simple, easy to follow book on accounting for a sole trader? I'm not trying to run a government department just trying to get the figures right

 

[MyAccountantOnline]

Hi Colin

Their are so many accounting books on the market that without really knowing what you want to read up on its a bit difficult to suggest something for you.

Are you perhaps really looking for someway of recording your income and expenses so that you can pass the records to an accountant or use them yourself to complete your own tax return and look after your own tax affairs?

 

[KM-Tiger]

It was a good few years back, but I went to my local library and got out about 3 or 4 books on bookkeeping/accountancy. Read enough of all of them over a weekend to understand the basic principles, which was then enough to make a start without making a complete mess of it.

After that it's learn as you go along. This forum is good for specific questions that will arise. And if you can choose software that will easily allow you to correct the mistakes you will inevitably make.

 

[elaine@cheapaccounting]

if you just want to know how to do your accounts for your business and complete your self assessment then I would suggest the free HMRC course on it here:

http://www.hmrc.gov.uk/bst/advice-team-events/work1.htm

This one:

If you are self-employed

If you are newly self-employed, or considering becoming self-employed, we strongly recommend you consider attending a Becoming Self-Employed workshop prior to attending a Self Assessment for the Self-Employed workshop
Becoming self-employed

We cover:

• registering your self-employment
• NICs for the self-employed
• keeping business records for tax/NICs purposes
• tax returns
• partnerships
• Online services

Self assessment for self-employed people

We cover:

• an overview of the tax return
• self-employment pages of the tax return
• Class 2 and Class 4 NICs
• calculating tax and Class 4 NICs
• paying tax and Class 4 NICs
• Online services

good luck

 

[colin_mckellar]

I am also employed as an IT manager within an organisation. I was put onto a 3 day week in August as a "cost saving" measure until further notice. Some of the more cynical people among you might consider that merely a ploy to get me to move onto pastures new without getting a redundancy payment.

I then went out and got a part time job which is self employed hence the need to work out expenses versus income especially as I need to use my car a lot.

I have downloaded Microsoft Accounting Express but was a bit baffled as to how to set up cost centres for things like mileage allowance, postage charges, etc

 

[MyAccountantOnline]

Hi Colin

I think MS Accounting is very hard for someone without accounting experience to use and dont recommend it to my clients. If all you want is something simple just to record in's and out's have a look at VT cashbook - its free and very easy to use http://www.vtsoftware.co.uk/cashbook/index.htm

Do remember to register with the tax office as self employed and bear in mind you will have to complete a tax return. You can have a go yourself or get an accountant to do this for you. I am obviously bias but getting an accountant will save you a great deal of hassle and may well end up saving you money.

 

[colin_mckellar]

Hi Nicola
I did think that MS Accounting seemed a bit of overkill for what I wanted but being a bit of a techie I always like to try and get the best kit/software.

I will try out the alternative software as my requirements are modest.

As for getting an accountant, that will come later as my son is also self employed so will try and get one that suits both of us.

 

[MyAccountantOnline]

Hi Nicola
I did think that MS Accounting seemed a bit of overkill for what I wanted but being a bit of a techie I always like to try and get the best kit/software.

I will try out the alternative software as my requirements are modest.

As for getting an accountant, that will come later as my son is also self employed so will try and get one that suits both of us.

If you want to pay for some software and want something with more traditional accounting features a really good option is Solar accounts - I can highly recommend that, but certainly for free and just to record income and expenses VT takes some beating. If you have any questions or want any help using VT you are welcome to PM me.

 

[FastrackInsurance]

I am working self employed for about 30 hours per week. All my income will come from one or two customers. I need to collect expenses like mileage and postage and put it into an accounts package.

Does anyone know of a simple, easy to follow book on accounting for a sole trader? I'm not trying to run a government department just trying to get the figures right

Have you used sage accounting system it's simple to use and will keep books in order.

 

[elaine@cheapaccounting]

To get started a simple spread sheet would suffice.

Just have the same headings as on the self assessment self employed form you need to complete see here:

http://www.hmrc.gov.uk/forms/sa103s.pdf

Doesn't need to be any more complicated than that really

 

[colin_mckellar]

I've printed off the sheets and will study them later.

I'm just wondering if I am trying to be too fancy.

I'm recording my mileage daily, payments for my computer, phone and postage charges, I know where my money is coming from and going to.

There really isn't much more than that and it will be roughly £10,000 pa part time income unless I change it to be my full time job.

I appreciate everyone's help in this scary part of business life

 

[elaine@cheapaccounting]

My advice - keep it simple and spend the time on your business not the accounts!

It sounds like you have things covered. As I have said already - go on the free HMRC course. It will show you how to complete the forms. Then you really will be sorted!