purchased spread sheet - how to input details

[BB Solutions]

Hi guys,

wonder if you could offer some advice, I'm a sole trader a purchased this spread sheet to help me do my tax returns at the end of year and also see how I'm doing throughout the year at a glance

just wondering how you think it will be best to input the details required

 

[BB Solutions]

wont let me upload links :-(

 

[BB Solutions]

lets see if it lets me do this

 

[Scalloway]

Put in the word dot instead of the . in the URL

 

[BB Solutions]

h t t p : / / flicdotkr/p/q2qhh2

 

[Scalloway]

It is best to use your bank account as the basis for your bookkeeping. List all payments as they are made and income as it is received. Your tax return asks for expenditure to be analysed in the following categories.

• Goods for resale
• Car, van and travel expenses
  
• Wages
• Rent, rates and insurance
• Property repairs
• Accountancy and legal fees
• Bank and credit charges
• Phone, fax, stationery and other office costs

You should also have a category for personal expenditure. Money you withdraw is to pay yourself is called drawings and is not deductible from profits.

You can also keep a separate cash account. Remember to keep receipts.

 

[e-vulture]

Just be aware If you use third party payment systems like paypal, just using your bank figures could lead to errors, since you can spend money before it's withdrawn to your bank, so it will never show on a bank statement.