Small business bookkeeping how-to

Everything you need to do your small business bookkeeping is right here!

  1. First you must register as self employed with HMRC and start paying Class 2 National Insurance Contributions: for more info see Self employed NIC's.
  2. Then you’ll need to separate business from personal finances.
    Paperwork etc explains what pieces of paper to keep and for how long.
  3. Keep track of paid/unpaid supplier/customer invoices with a simple filing system for invoices.
  4. You’ll need a simple bookkeeping system capable of analysing your expenses into the categories used on the self assessment form. No (allowable) expense spared covers those expense categories and includes a detailed look at what you can and cannot claim for.
  5. You’ll also need a way to manage your day to day petty cash expenditure: see Accounting for petty cash.
  6. And finally, if your business is doing really well, you’ll need to periodically check your turnover to see if you are getting close to the VAT threshold: see Should I VAT register?

Download bookkeeping spreadsheets and stationery etc…

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