Everything you need to do your small business bookkeeping is right here!
- 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.
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Then you’ll need to separate business from personal finances.
Paperwork etc explains what pieces of paper to keep and for how long. - Keep track of paid/unpaid supplier/customer invoices with a simple filing system for invoices.
- 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.
- You’ll also need a way to manage your day to day petty cash expenditure: see Accounting for petty cash.
- And finally, if your business is doing really well, you 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…
See also…
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